When it comes to strategy development, consultants can’t afford to focus exclusively on their clients. In today’s highly competitive business landscape, you need a clear view of competitive intelligence for consultants too. Our latest trend report focuses how the consulting industry is changing. Take a closer look below.
For a decade, the U.S. consulting industry has enjoyed unprecedented growth. The Top 10 firms alone raked in more than $132 billion in consulting revenue in 2018.1 But will the consulting industry stay the course in 2019?
Industry analysis and expert predictions can help identify some of the trends that will be influencing—and sometimes slowing— growth in the coming year.
The Gig Economy is Changing the Consulting Landscape
Like Uber’s impact on taxis services, the gig economy is also disrupting the consulting industry. Patty Wood, Senior Editor of the InfoDesk Consulting Industry Blog, writes, “Today, online marketplaces of readily available experts can be accessed with a few clicks of a mouse. Clients now have a multitude of options when seeking advice.”2
And it’s not just because experienced consultants are striking out on their own. The internet has been a great equalizer. As one article on the future of management consulting notes, “Historically, the tools, models, and templates of consultants are regarded as intellectual capital. The democratization of management knowledge will soon provide anyone with access to apply the best trade secrets on their own.”3
Increased market competition because of the gig economy and self-service tools means consultants need to reconsider their fee structures and focus more on proving ROI. Mainstream consulting firms will increasingly see competition from boutique firms, as well as generalist and specialized freelance consultants.
Get more consulting intelligence from our trend report
Download the trend report for details on:
- How economic and political volatility might impact consulting
- What technologies are growth leaders
- Why are consultants adopting new service models
- What is behind the increased competition for consulting talent
Fill out the form at the right to access your free copy of our 2019 Consulting Industry Trend Report.
1 “The Top 50 Consulting Firms In 2018,” Consulting.com. Accessed at: https://www.consulting.com/top-consulting-firms
2 Wood, Patty. “Key Trends in 2019 for the Consulting Industry,” InfoDesk Consulting Industry Blog. January 17, 2019. Accessed at: http://www.infodesk.com/consulting-industry/key-trends-in-2019-for-the-consulting-industry
3 Caroll, Judy. “The Management Consulting Industry in 2019 and Beyond,” Business2Community.com October 22, 2018. Accessed at: https://www.business2community.com/strategy/the-management-consulting-industry-in-2019-and-beyond-02127403