Impact of COVID-19 on Global Consulting Industry Size, Share, Growth, Research and Forecast 2019-2025

 

The global consulting industry is at moving at a stagnant pace or rather seeing a downfall during this coronavirus outbreak. However, the industry will project a considerable growth rate in the upcoming few months; post the end of the pandemic situation. Consulting is a people-based business and travel-heavy industry; owing to which the industry is experiencing a tumble, as the coronavirus safety model doesn’t blend well with the consulting industry requirements. The consultants spend over 80% of their working lives by living away from home and dealing with overseas clients, and the impose of the travel ban is limiting the traveling of consultants at the current situation. This is considerably hampering the growth of the global consulting industry. However, the industry will gain a significant focus once the outbreak gets over across the globe, as the need for management and financial advisory consultancy will grow among enterprises.

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The global consulting industry report is segmented based on the consulting types, including strategy consulting, management consulting, operations consulting, financial advisory consulting, HR consulting, and others. Amid these consulting solutions, management consulting is expected to get considerably impacted by this pandemic situation. After the end of this outbreak, the enterprises will definitely consult management consultants for the proper execution of tasks and management of data and workforce. Similarly, the financial advisory consulting will get a thrust after the end of this situation, as the enterprises coping with the loss occurred due to this outbreak will consult financial advisory consultants to upheaval with the circumstances.

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In addition, the effect of COVID-19 on the consulting industry is analyzed from a geographical standpoint by including North America, Europe, Asia-Pacific, and Rest of the World in the report. Asia-Pacific and European countries are majorly impacted nations in the consulting market during this pandemic situation. China, Italy, Spain, Germany, UK, and France have been experiencing damage in the economy due to the rapid spread of the coronavirus. China, on being one of the largest industry-driven countries, will relatively need the consulting firms for the management of resources.

Verticals Affected Most

• Strategy Consulting
• Management Consulting
• Operations Consulting
• Financial Advisory Consulting
• HR Consulting
• Others (IT Consulting)

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Impact of COVID-19 on major economies

North America          

• United States
• Canada

Europe

• Germany
• United Kingdom
• France
• Spain
• Italy
• Rest of Europe

Asia-Pacific   

• China
• Japan
• India
• Rest of Asia-Pacific

Rest of the World

• Middle East & Africa
• Latin America

Company Profiles

• A.T. Kearney Inc.
• Accenture PLC
• Bain and Co.
• Booz Allen Hamilton Corp.
• Boston Consulting Group, Inc.
• Deloitte Consulting LLP
• Ernst & Young LLP
• IBM Corp.
• KPMG International Cooperative
• L.E.K. Consulting LLC
• McKinsey & Co.
• Oliver Wyman Inc.
• PricewaterhouseCoopers International Ltd.

 

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