Scientific & Economic Consulting in the US - Market Research Report (2014-2029)
New York, United States
Last Updated: July 2024
NAICS 54169Revenue
$49.5bn
Past 5-Year Growth
Profit
$XX.Xbn
Employees
313k
Businesses
177k
Wages
$XX.Xbn
Scientific & Economic Consulting in the US industry analysis
The Scientific and Economic Consulting industry has succeeded as business confidence has slipped during the economically difficult years from 2018 to 2023. The industry provides consulting services to a diverse range of markets with varying degrees of specialization in products and services, which has helped generate countercyclical demand that saved consultants during the worst of COVID-19. Consulting's highly specialized workforce is also very experienced in touting the financial benefits of consulting for business revenue for targeted clients, which helped retain nervous clients. Overall, scientific and economic consulting expanded an estimated 3.0% to $48.6 billion over the five years to 2023, including a 1.8% boost in 2023 alone, when profit reached 8.2%. Scientific and economic consulting sets itself apart from the rest of the economy by leaning on highly trained employees, earning many government contracts and leveraging countercyclical demand. Consultants earn their reputation with both traditional and continuing education; this costs consultants large sums, but pays back overall with the enormous per-hour fees charged by consultants to clients. Employees can then provide huge value to unique clients, including lawmakers and military contractors, which are more accepting of high consulting costs. Government contracts combined with legal advisory services and services for struggling companies give consulting a moderate countercyclical revenue stream, which lowers revenue volatility dramatically.Improving economic conditions are expected to provide specialized consultants with some growth through to 2028. Specialized areas of consulting, such as genomics and pharmaceuticals, are likely to be a source of strong growth for consultants in the industry, though these benefits will be most available to resourced consultants. In addition, industry operators are expected to achieve strong profit, which will attract new companies to the industry. Larger consulting companies are expected to pursue mergers and acquisitions to increase their market share; however, the industry will remain highly fragmented due to the continually falling barriers to nonemployer entry. Over the five years to 2028, industry revenue is expected to increase an annualized 1.8% to $53.3 billion.
Trends and Insights
- Consulting companies center around their employees. Wages represent the single largest cost, by far, with additional lavish spending on continued education, transportation and augmentative technology.
- Consulting services are necessarily diverse, catering to various business needs. Consultants tend to avoid crossing expertise boundaries without extensive investments in new talent.
- Consultant locations attempt to match the spread of business concentration in the United States. Smaller consultants tend to locate in areas with lower living costs.
- Low barriers to entry help consulting match demand with supply. Alternatively, small consultants can create demand by identifying solutions to business problems.
Industry Overview
Market size and recent performance (2014-2029)
Industry revenue has grown at a CAGR of 1.0 % over the past five years, to reach an estimated $49.5bn in 2024.
Trends and Insights
COVID-19 hit consulting with much-weakened effects
- Consulting's indirect effects on the economy and clear added value to corporations protected most consultants from significant losses in 2020.
- Additional trends and insights available with purchase
Source: IBISWorld
Industry outlook (2024-2029)
Market size is projected to grow over the next five years.
Trends and Insights
Consulting's diversity protects it from the worst economic downturns
- The diversity and countercyclicality of the Scientific and Economic Consulting industry will continue to be crucial to its performance and protect operators from significant economic downturns.
Biggest companies in the Scientific & Economic Consulting in the US
| Company | Market Share (%)
2024 | Revenue ($m)
2024 | Profit ($m)
2024 | Profit Margin (%)
2024 |
|---|---|---|---|---|
Engie | 1,405.1 | 85.7 | 6.1 | |
Baker Tilly Virchow Krause, Llp | 909.5 | 55.5 | 6.1 | |
J.F. Ahern Co. | 679.0 | 41.4 | 6.1 |
To view the market share and analysis for all 35 top companies in this industry, view purchase options.
Products & Services Segmentation
Source: IBISWorld
Industry revenue is measured across several distinct product and services lines, including Energy, mining and geological consulting services, Agricultural, fisheries and biological consulting services and Economic consulting services. Energy, mining and geological consulting services is the largest segment of the Scientific & Economic Consulting in the US.
Trends and Insights
Food safety and ethics concerns push agriculture clients to hire consultants
- Agricultural and food scientists, which include professionals in animal science, agronomy and crop science, demand consulting at a relatively high rate.
- More insights available in the full report
Widen you competitive advantage with related industries
Competitors
- Environmental Consulting in the US
Complementors
- Engineering Services in the US
- Management Consulting in the US
International industries
- Scientific & Economic Consulting in Canada
- Environmental Science Services in Australia
- Consultant Engineering Services in the UK
- Consultant Engineering Services in Ireland
Table of Contents
About this industry
Industry definition
Companies in this industry provide advice and assistance to businesses and other organizations on scientific and technical issues. The industry includes a range of specialist consulting activities, primarily in the areas of economic, energy and mineral, security and agricultural analysis. This industry excludes establishments that derive their revenue primarily from environmental consulting and remediation, geophysical surveying and mapping or oil and gas exploration.
What's included in this industry?
Economic consulting servicesAgricultural, agrology and agronomy consulting servicesBiological consulting servicesScientific (i.e. physics/chemistry) consulting servicesEnergy consulting servicesHorticultural consulting servicesLivestock breeding consulting servicesNuclear energy consulting servicesSafety consulting servicesSecurity consulting servicesCompanies
EngieBaker Tilly Virchow Krause, LlpJ.F. Ahern Co.Purchase this report to view all 35 major companies in this industry.
Related Terms
PRIVATE AND PUBLIC LITIGATIONAGRONOMYRESEARCH AND DEVELOPMENT (R&D)SEQUESTRATIONIndustry Code
NAICS 54169 - Scientific & Economic Consulting in the US
Performance
Get an indication of the industry's health through historical, current and forward-looking trends in the performance indicators that make or break businesses.
Analyst insights
Consulting companies center around their employees. Wages represent the single largest cost, by far, with additional lavish spending on continued education, transportation an...
In this chapter (4)
- Current Performance
- Outlook
- Volatility
- Life Cycle
Key metrics
- Annual Revenue, Recent Growth, Forecast, Revenue Volatility
- Number of Employees, Recent Growth, Forecast, Employees per Business, Revenue per Employee
- Number of Businesses, Recent Growth, Forecast, Employees per Business, Revenue per Business
- Total Profit, Profit Margin, Profit per Business
Charts
- Revenue, including historical (2014-2023) and forecast (2024-2029)
- Employees, including historical (2014-2023) and forecast (2024-2029)
- Businesses, including historical (2014-2023) and forecast (2024-2029)
- Profit, including historical (2014-2024)
- Industry Volatility vs. Revenue Growth
- Industry Life Cycle
Detailed analysis
- Trends in supply, demand and current events that are driving current industry performance
- Expected trends, economic factors and ongoing events that drive the industry's outlook
- Key success factors for businesses to overcome volatility
- How contribution to GDP, industry saturation, innovation, consolidation, and technology and systems influence the industry's life cycle phase.
Products and Markets
Learn about an industry's products and services, markets and trends in international trade.
Analyst insight
Consulting services are necessarily diverse, catering to various business needs. Consultants tend to avoid crossing expertise boundaries without extensive investments in new ...
In this chapter
- Products & Services
- Major Markets
Key metrics
- Largest market segment and value in 2024
- Product innovation level
Charts
- Products & services segmentation in 2024
- Major market segmentation in 2024
Detailed analysis
- Trends impacting the recent performance of the industry's various segments
- Innovations in the industry's product or service offering, specialization or delivery method
- Key factors that successful businesses consider in their offerings
- Buying segments and key trends influencing demand for industry products and services
Geographic Breakdown
Discover where business activity is most concentrated in an industry and the factors driving these trends to find opportunities and conduct regional benchmarking.
Analyst insights
Consultant locations attempt to match the spread of business concentration in the United States. Smaller consultants tend to locate in areas with lower living costs.
In this chapter (1)
- Business Locations
Charts
- Share of revenue, establishment, wages and employment in each state
- Share of population compared to establishments in each region in 2024
Tables
- Number and share of establishments in each state in 2024
- Number and share of revenue each state accounts for in 2024
- Number and share of wages each state accounts for in 2024
- Number and share of employees in each state in 2024
Detailed analysis
- Geographic spread of the industry across North America, and trends associated with changes in the business landscape
- Key success factors for businesses to use location to their advantage
Competitive Forces
Get data and insights on what's driving competition in an industry and the challenges industry operators and new entrants may face, with analysis built around Porter's Five Forces framework.
Analyst insights
Low barriers to entry help consulting match demand with supply. Alternatively, small consultants can create demand by identifying solutions to business problems.
In this chapter (4)
- Concentration
- Barriers to Entry
- Substitutes
- Buyer & Supplier Analysis
Key metrics
- Industry concentration level
- Industry competition level and trend
- Barriers to entry level and trend
- Substitutes level and trend
- Buyer power level and trend
- Supplier power level and trend
Charts
- Market share concentration among the top 4 suppliers from 2019-2024
- Supply chain including upstream supplying industries and downstream buying industries, flow chart
Detailed analysis
- Factors impacting the industry’s level of concentration, such as business distribution, new entrants, or merger and acquisition activity.
- Key success factors for businesses to manage the competitive environment of the industry.
- Challenges that potential industry entrants face such as legal, start-up costs, differentiation, labor/capital intensity and capital expenses.
- Key success factors for potential entrants to overcome barriers to entry.
- Competitive threats from potential substitutes for the industry’s own products and services.
- Key success factors for how successful businesses can compete with substitutes.
- Advantages that buyers have to keep favorable purchasing conditions.
- Advantages that suppliers have to maintain favorable selling conditions.
- Key success factors for how businesses can navigate buyer and supplier power.
Companies
Learn about the performance of the top companies in the industry.
Analyst insights
Major consulting companies are split into many unique sectors with little overlap, lowering market concentration. Economic, scientific, engineering and biology consultants do...
In this chapter
- Market Share Concentration
- Companies
- Company Spotlights
Charts
- Industry market share by company in 2020 through 2024
- Major companies in the industry, including market share, revenue, profit and profit margin in 2024
- Overview of Engie's performance by revenue, market share and profit margin from 2018 through 2024
- Overview of Baker Tilly Virchow Krause, Llp's performance by revenue, market share and profit margin from 2018 through 2024
- Overview of J.F. Ahern Co.'s performance by revenue, market share and profit margin from 2018 through 2024
- Overview of revenue, market share and profit margin trend for 32 additional companies
Detailed analysis
- Description and key data for Engie, and factors influencing its performance in the industry
- Description and key data for Baker Tilly Virchow Krause, Llp, and factors influencing its performance in the industry
- Description and key data for J.F. Ahern Co., and factors influencing its performance in the industry
- Description, key data and performance trends for 32 additional companies
External Environment
Understand the demographic, economic and regulatory factors that shape how businesses in an industry perform.
Analyst insights
The consulting industry is rarely regulated directly. Instead, consulting companies reach for external certifications to add value for clients whose products are more often t...
In this chapter
- External Drivers
- Regulation & Policy
- Assistance
Key metrics
- Regulation & policy level and trend
- Assistance level and trend
Charts
- Regulation & Policy historical data and forecast (2014-2029)
- Assistance historical data and forecast (2014-2029)
Detailed analysis
- Demographic and macroeconomic factors influencing the industry, including Regulation & Policy and Assistance
- Major types of regulations, regulatory bodies, industry standards or specific regulations impacting requirements for industry operators
- Key governmental and non-governmental groups or policies that may provide some relief for industry operators.
Financial Benchmarks
View average costs for industry operators and compare financial data against an industry's financial benchmarks over time.
Analyst insights
Consultants spend lavishly on employees, legal and other expenses. After the pandemic, many smaller consultants adopted the work-from-home trend to reduce rent spending.
In this chapter
- Cost Structure
- Financial Ratios
- Key Ratios
Key metrics
- Profit margin, and how it compares to the sector-wide margin
- Average wages, and how it compares to the sector-wide average wage
- Largest cost component as a percentage of revenue
- Industry average ratios for days' receivables, industry coverage and debt-to-net-worth ratio
Charts
- Average industry operating costs as a share of revenue, including purchases, wages, depreciation, utilities, rent, other costs and profit in 2024
- Average sector operating costs as a share of revenue, including purchases, wages, depreciation, utilities, rent, other costs and profit in 2024
- Investment vs. share of economy
Data tables
- Industry Multiples (2017-2022)
- Industry Tax Structure (2017-2022)
- Income Statement (2017-2022)
- Balance Sheet (2017-2022)
- Liquidity Ratios (2017-2022)
- Coverage Ratios (2017-2022)
- Leverage Ratios (2017-2022)
- Operating Ratios (2017-2022)
- Cash Flow & Debt Service Ratios (2014-2029)
- Revenue per Employee (2014-2029)
- Revenue per Enterprise (2014-2029)
- Employees per Establishment (2014-2029)
- Employees per Enterprise (2014-2029)
- Average Wage (2014-2029)
- Wages/Revenue (2014-2029)
- Establishments per Enterprise (2014-2029)
- IVA/Revenue (2014-2029)
- Imports/Demand (2014-2029)
- Exports/Revenue (2014-2029)
Detailed analysis
- Trends in the cost component for industry operators and their impact on industry costs and profitability
Key Statistics
Industry Data
Data Tables
Including values and annual change:
- Revenue (2014-2029)
- IVA (2014-2029)
- Establishments (2014-2029)
- Enterprises (2014-2029)
- Employment (2014-2029)
- Exports (2014-2029)
- Imports (2014-2029)
- Wages (2014-2029)
Methodology
How are IBISWorld reports created?
IBISWorld has been a leading provider of trusted industry research for over 50 years to the most successful companies worldwide. With offices in Australia, the United States, the United Kingdom, Germany and China, we are proud to have local teams of analysts that conduct research, data analysis and forecasting to produce data-driven industry reports.
Our analysts start with official, verified and publicly available sources of data to build the most accurate picture of each industry. Analysts then leverage their expertise and knowledge of the local markets to synthesize trends into digestible content for IBISWorld readers. Finally, each report is reviewed by one of IBISWorld’s editors, who provide quality assurance to ensure accuracy and readability.
IBISWorld relies on human-verified data and human-written analysis to compile each standard industry report. We do not use generative AI tools to write insights, although members can choose to leverage AI-based tools within the platform to generate additional analysis formats.
What data sources do IBISWorld analysts use?
Each industry report incorporates data and research from government databases, industry-specific sources, industry contacts, and our own proprietary database of statistics and analysis to provide balanced, independent and accurate insights.
Key data sources in the US include:
- US Census Bureau
- US Bureau of Labor Statistics
- US International Trade Commission
Analysts also use industry specific sources to complement catch-all sources, although their perspective may focus on a particular organization or representative body, rather than a clear overview of all industry operations. However, when balanced against other perspectives, industry-specific sources provide insights into industry trends.
These sources include:
- Industry and trade associations
- Industry federations or regulators
- Major industry players annual or quarterly filings
Finally, IBISWorld’s global data scientists maintain a proprietary database of macroeconomic and demand drivers, which our analysts use to help inform industry data and trends. They also maintain a database of statistics and analysis on thousands of industries, which has been built over our more than 50-year history and offers comprehensive insights into long-term trends.
How does IBISWorld forecast its data?
IBISWorld’s analysts and data scientists use the sources above to create forecasts for our proprietary datasets and industry statistics. Depending on the dataset, they may use regression analysis, multivariate analysis, time-series analysis or exponential smoothing techniques to project future data for the industry or driver. Additionally, analysts will leverage their local knowledge of industry operating and regulatory conditions to impart their best judgment on the forecast model.
IBISWorld prides itself on being a trusted, independent source of data, with over 50 years of experience building and maintaining rich datasets and forecasting tools. We are proud to be the keystone source of industry information for thousands of companies across the world.
Learn more about our methodology and data sourcing on the Help Center.
Frequently Asked Questions
Unlock comprehensive answers and precise data upon purchase. View purchase options.
What is the market size of the Scientific & Economic Consulting in the US industry in United States in 2024?
The market size of the Scientific & Economic Consulting in the US industry in United States is $49.5bn in 2024.
How many businesses are there in the Scientific & Economic Consulting in the US industry in 2024?
There are 177k businesses in the Scientific & Economic Consulting in the US industry in United States, which has grown at a CAGR of 2.9 % between 2019 and 2024.
Has the Scientific & Economic Consulting in the US industry in United States grown or declined over the past 5 years?
The market size of the Scientific & Economic Consulting in the US industry in United States has been growing at a CAGR of 1.0 % between 2019 and 2024.
What is the forecast growth of the Scientific & Economic Consulting in the US industry in United States over the next 5 years?
Over the next five years, the Scientific & Economic Consulting in the US industry in United States is expected to grow.
What are the biggest companies in the Scientific & Economic Consulting in the US market in United States?
The biggest companies operating in the Scientific & Economic Consulting market in United States are Engie, Baker Tilly Virchow Krause, Llp and J.F. Ahern Co.
What does the Scientific & Economic Consulting in the US in United States include?
Economic consulting services and Agricultural, agrology and agronomy consulting services are part of the Scientific & Economic Consulting in the US industry.
Which companies have the highest market share in the Scientific & Economic Consulting in the US in United States?
The company holding the most market share in United States is Engie.
How competitive is the Scientific & Economic Consulting in the US industry in United States?
The level of competition is high and increasing in the Scientific & Economic Consulting in the US industry in United States.
