CLEVELAND, May 8, 2019 /PRNewswire/ -- Revenues for management consulting services are forecast to advance 4.7% per year in nominal dollars to 2023, according to Management Consulting Services: United States, a report recently released by Freedonia Focus Reports. Providers of management consulting services are expected to benefit from gains in nonresidential fixed investment, in turn propelled by continued growth in consumer spending and increased business profits after taxes. Companies will continue to use these profits to invest in new projects, which will spur demand for consulting to advise on these projects and improve market outcomes.
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Clients will also be incentivized to spend on consultant services due to ongoing challenges and opportunities, such as cybersecurity, intensifying international regulations, data privacy, the advancement of internet-of-things devices into the workplace, big data, and strained global supply chains. Clients will continue to rely on consultants to create and implement solutions to these complex challenges, supporting demand. However, faster increases will be constrained by competition from internal corporate resources, as company officers face a choice between hiring consultants and using company personnel.
These and other key insights are featured in Management Consulting Services: United States. This report forecasts to 2023 US management consulting services revenues in nominal US dollars. Total revenues are segmented by service in terms of:
- information technology
- human resources
- operations and supply chain
- other consulting services, such as design, sustainability, and resource productivity
- other sources of revenues, such as implementation services not combined with consulting
To illustrate historical trends, total revenue, the various segments, and industry data (employer firms, establishments, and employment) are provided in annual series from 2008 to 2018.
This report represents employer and nonemployer revenues. With the exception of actuarial consulting services, the discrete consulting segments include the provision of advice and implementation thereof. This report excludes industries such as private equity, portfolio management, investment advice, professional and management development training, executive search, and market research. Also excluded are environmental and other scientific and technical consulting services (e.g., agricultural, economic, and security consulting).
About Freedonia Focus Reports
Each month, The Freedonia Group – a division of MarketResearch.com – publishes over 20 new or updated Freedonia Focus Reports, providing fresh, unbiased analysis on a wide variety of markets and industries. Published in 20-30 pages, Focus Report coverage ranges from raw materials to finished manufactured goods and related services such as freight and construction. Additional Services & Industries reports can be purchased at Freedonia Focus Reports or MarketResearch.com.
Analysis is intended to guide the busy reader through pertinent topics in rapid succession, including:
- total historical market size and industry output
- segmentation by products and markets
- identification of market drivers, constraints, and key indicators
- segment-by-segment outlook in five-year forecasts
- a survey of the supply base
- suggested resources for further study
SOURCE The Freedonia Group