With worldwide revenues of $300 Billion, it can be assumed that the average revenue per consultant is $300,000 – this means that there are over 1 million management consultants in the world.
The US consulting services industry includes just over 250,000 companies with combined annual revenue of nearly $400 billion. Major companies include Accenture, Deloitte, EDS, IBM, and McKinsey. The industry is highly fragmented: the top 50 companies account for around 25 percent of total industry revenue. The average firm has fewer than 10 employees and annual revenue under $1 million; 75 percent of firms are one- or two-person operations.
Services includes IT, management, and outsourced payroll services. The industry doesn’t include companies that primarily provide labor or staffing solutions to other companies.
Demand is driven by corporate profitability and the overall health of the US economy. The profitability of individual companies depends largely on the special expertise the firm provides to clients. Large firms have advantages in the range of services offered, which often span across all three major disciplines. Small firms can compete effectively by specializing in new technologies or niche industries. The industry is labor-intensive, particularly for payroll services. Average annual revenue per employee is around $100,000.
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