Module 05 Business Plan Project - Financial Plan

Industry Analysis

Name: Rodney Wheeler

Institution: Rasmussen College

Course: B324/ENT3281 Section 01 Business Innovation: Best Practices in New Business Development

Date: 10/12/17

The consulting industry has been growing with time. It has become a business that is being developed by many people. For example, the US consulting industry in the year 2016 received a growth of 7.1% which made it attain a value of $58.72 billion. This means that there has been a great transformation in the consulting industry that played a big role in the growth that it made. They have been trying to change their brands by increasing their skills in digital and design services. In addition to that, they have been coming up with creative division’s access the digital agencies. The trends that have been happening in consultancy industry have been positive. Based on the research that has been done by the U.S Department of Labor and Statistics, the consulting industry in the US is responsible for a lot of jobs (Bernan, 2008). In addition to that, the research also indicated that the whole industry offers about 50% of the accounting services. This shows that the industry has grown with a big margin hence helps in generating revenue. Consulting industry has also adopted the trend of providing cloud-based solutions that offer a number of services to the clients through a single platform.

There are some statistics that prove the growth of the consulting industry. In 2013, the consulting industry generated $ 415 billion. Based on the fact that the trend of the consulting industry has been positive based on the growth, it was expected to grow to over $350 billion globally and by $175 in the United States alone. Another trend is that most economies are extending into the consulting industry. There is also the growth in the freelance based consulting model. Therefore, such freelance based consultants will obtain their work via online portals which will connect them with their interested clients as well as other people who need consultant’s services. Basically, in 2017, the industry is expected to grow potentially and also to increase the profit margin (Plunkett, 2017). The role of the consulting industry is changing, driven by clients, employees as well as technology which has encouraged the freelance consultancy. There is a possibility of boundless expansion of the consulting industry this year.

References

Bernan. (2008). Career guide to industries. Washington, D.C: U.S. Dept. of Labor, Bureau of Labor Statistics.

Galal, K. (2014). Strategic positioning in the consulting industry: an emperical analysis of strategic groups and performance. Lohmar: Eul-Verl.

Plunkett, J. (2017). Plunkett's Consulting Industry Almanac 2017: Consulting Industry Market Research, Statistics, Trends & Leading Companies. Place of publication not identified: Plunkett Research, Limited Plunkett Research, Ltd.