Acenture PLC and Deloitte Touche Tohmatsu Limited led the ranking of the world’s largest consulting firms in 2019, according to information from the United States International Trade Commission (USITC).
First, Accenture PLC, from the United States, registered an annual revenue of $ 24.2 billion during 2018-19.
For its part, Deloitte Touche Tohmatsu Limited, from the United Kingdom and the United States, reported an income of 18.7 billion dollars, also in the 2018-19 period.
Management consulting services provide advice to businesses, public sector entities and non-profit organizations in a variety of operational functions, such as organizational design and strategy, human resources, marketing, logistics and distribution, and data analysis.
Global management consulting: Top five firms by revenue, 2019
Management consulting services overlap with other services such as accounting, investment planning and information technology (IT) and computer systems design, and face stiff competition from these specialist consultancies, which are not classified by the North American Industry Classification System (NAICS) as management consultants.
Many of the consulting firms specialize in particular consulting areas, and the overall global industry is characterized by being fragmented.
However, according to the USITC, the world’s leading management consulting firms provide full-service advice on a wide range of topics to their corporate, government and non-profit clients.
Although industries such as manufacturing generate significant demand for consulting services, the majority of management consulting revenue is derived from service industries.
Global management consulting firms’ revenue was $ 680 billion in 2019, with the world’s top five companies accounting for around 12.4% of total revenue.
Meanwhile, US-based companies accounted for four of the top five leading companies by revenue in 2019.
China and India
In general, however, the industry is not concentrated, and the majority of the world’s consultants are comprised of small vendors, including many sole proprietorships, providing management advice in “every niche and expertise imaginable.”
The USITC indicated that the United States is the largest management consulting market, accounting for 40% of global revenues.
Strong demand from US companies has been fueled in recent years by significant growth in the US economy since the 2008 financial crisis.
During this period, US companies have increased their demand for advisory services to navigate new financial regulations, develop strategic plans, and seek operational assistance with emerging technologies.
Globally, there has also been strong demand for these services in fast-growing markets, particularly China and India.
Other notable companies were PricewaterhouseCoopers, KPMG International and McKinsey & Company.