The US Consulting Market in 2021

March 2021 EXTRACT

Market Trends Programme Cybersecurity consulting Risk & ﬁnancial management HR, change & people strategy Operations Strategy Technology & innovation

6 7 8 9 5 10 4 11 3 12 2 13 1 14

Q P O N M L K J I H G F E D C B A A B C D E F G H I J K L M N O P Q 28 15

27 16 The US Consulting Market in 2021 26 17 25 18 24 19 23 22 21 20

What’s included in this report

Our reports offer a wealth of market sizing, growth, and forecast data alongside engaging, in-depth analysis of the trends that matter. Using our highly flexible, multidimensional model we provide firms with robust, trusted data to make informed decisions about strategic investments and plan for the future.

2 3

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F E D C B A A B C D E F

9 5

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Geography model

Region in this report Regions in other reports

Albania Canada Germany Kenya North Macedonia Saudi Arabia Tanzania Sector model Algeria Chile Ghana Kuwait Norway Serbia Thailand Angola China Greece Lebanon Oman Singapore Tunisia Sectors Cybersecurity consulting Sub-sectors Argentina Colombia Hong Kong Libya Pakistan Slovakia Turkey 1 Energy & resourcesRisk & ﬁnancial management1 A Energy Australia Côte d'Ivoire Hungary Luxembourg Papua New Guinea Slovenia UAE 2 Financial servicesHR, change & people strategy1 B Primary resources Austria Croatia India Malaysia Peru South Africa Uganda 3 Healthcare 1 C Utilities Bahrain Cyprus Indonesia Mexico Philippines South Korea Ukraine 4 ManufacturingOperations 2 A Banking Belarus Czech Republic Iran Morocco Poland Spain United Kingdom 5 Pharma & biotechStrategy 2 B Capital markets Belgium Denmark Iraq Mozambique Portugal Sri Lanka United States 6 Public sector 2 C Insurance Bosnia Egypt Ireland Myanmar Qatar Sudan Venezuela Technology & innovation 7 Retail 2 D Investment and wealth Brazil Ethiopia Israel Netherlands Romania Sweden Vietnam 8 Services management Bulgaria Finland Italy New Zealand Russia Switzerland Zambia 9 Technology, media & telecoms 2 E Private equity Cameroon France Japan Nigeria Rwanda Taiwan 3 A Healthcare 4 A Aerospace 4 B Automotive 4 C Construction 4 D Consumer electronics 4 E Consumer packaged goods 4 F Industrial products 5 A Pharma 6 A Defence 6 B Education 6 C Not-for-profit 6 D Public sector 7 A Retail 8 A Business services 8 B Leisure 8 C Logistics 8 D Real estate 8 E Transportation 9 A High-tech 7 8 6 9 9 B Media 5 10 9 C Telecoms 4 11 3 12 2 13 1 14

Q P O N M L K J I H G F E D C B A A B C D E F G H I J K L M N O P Q The revenue-earning model

28 15 1 Consulting 2 Managed service 3 27 16 3 Contingent fees 26 17 25 18 24 19 23 22 21 20 2 Line of business model

Market segments 1

Cybersecurity consulting Risk & financial management HR, change & people strategy Operations Strategy Technology & innovation

Line of business Capabilities 1 Cybersecurity 1 A Cybersecurity advice 7 D IT training 11 G Market analysis & strategy 14 A Purpose-led strategy & change 2 Risk 1 B Cybersecurity incident response 7 E Programme management 11 H Policy formulation 14 B Resource-efficiency implementation 3 Forensic 1 C Penetration testing & wargaming 7 F Vendor selection 11 I Pricing 14 C Resource-efficiency strategy 4 Financial management 2 A Technology & security risk services 11 J Strategic sourcing/offshoring services 14 D Social impact & trust 5 Design & UX 8 A Advanced analytics 2 B Operational risk 12 A Corporate, occupier services & facilities 14 E Sustainable workforce 6 Innovation 8 B Data visualisation, business 2 C Programme risk management 14 F Sustainable supply chain 7 Technology intelligence & semantic layer 2 D Responding to regulation 12 B Integrated real estate developer services 14 G Clean technology 8 Data & analytics 9 A Customer feedback 2 E Risk management 12 C Real estate deal/transaction services 14 H Green IT 9 Research 9 B Customer segmentation 12 D Real estate strategy 10 Deals 3 A eDiscovery 9 C Employee feedback 15 A Benefits, compensation & pensions, 11 Strategy 3 B Forensic accounting 9 D Environmental & social impact research 13 A Benchmarking excluding actuarial & investment advice 12 Real estate 4 A Budgeting/financial planning process 9 E Macro/microeconomic research 13 B Business continuity & recovery 15 B Change management 13 Operations 4 B Debt advisory 9 F Market research 13 C Cost cutting 15 C Diversity & inclusion 14 Sustainability 13 D Customer service 15 D Employee engagement 4 C Finance function 10 A Capital allocation strategy 15 HR & change 13 E DevOps 15 E Governance & board effectiveness 4 D Financial advisory 10 B Commercial due diligence & valuation 16 Architecture 13 F Distribution strategy 15 F HR strategy & effectiveness 4 E Financial restructuring & insolvency 10 C Financial due diligence 17 Audit & assurance 13 G Lean & Six Sigma 15 G Leadership 5 A Corporate identity 10 D M&A transaction strategy 18 Business process outsourcing 13 H Operational review 15 H Organisational design & culture 5 B Customer journey & UX benchmarking 10 E Operational due diligence 19 Civil engineering 13 I Outsourcing advice 15 I Organisational training & development 5 C Graphic & UI design 10 F Portfolio & investment strategy 20 Legal 13 J Post-M&A integration 15 J Outplacement 5 D UX & service design 10 G Public-private partnerships 21 Litigation 13 K Process design, re-engineering 15 K Pension fund evaluation & advice 10 H Technology due diligence 22 Marketing & creative 6 A Ideation & automation 15 L Performance management 23 Network engineering 6 B Innovation management 11 A Business & financial modelling 13 L Procurement/purchasing 15 M Stakeholder management 24 Product engineering & R&D 6 C Innovation strategy 11 B Category management 13 M Property & estate management 15 N Talent management 25 Recruitment 6 D Strategies for growth from innovation 11 C Channel management 13 N Sales & distribution planning 15 O Team effectiveness & collaboration 26 Software engineering 7 A Cloud advice 11 D Corporate recovery & turnaround 13 O Sales force effectiveness 27 System integration 7 B ERP consulting 11 E Corporate restructuring 13 P Supply chain management 28 Tax 7 C IT strategy, planning & review 11 F Corporate strategy 13 Q Target operating model

Contents

Market overview

Explores the key trends that were front of mind for consulting firms in this market in 2020.

The US consulting market in numbers 4 The US consulting market in 2020 6 Market segments 9 Sectors 9 1 The client perspective

What clients tell us about their plans for the year—and where they’ll be asking consultants for help.

Looking beyond short-term challenges, clients see long-term opportunities 10 The desire to keep the best changes emerging from the crisis will reshape clients’ priorities in 2021 16 Clients will make more use of consulting support in 2021, but what they buy and how much they’re prepared to pay for it will change 20 We’ve identified five key actions US consulting firms should take in 2021, ranging from being able to lead with data and expertise to the importance of having a social purpose 229 Insights from consultants The US consulting market in 2021

The views of consulting leaders in the US. Our forecasts for growth through the end of 2021. Interviews with consulting leaders3 36 Forecast for 2021 465 About this report

Our report draws on four main sources: - Our global data model covering the professional services market - Our annual global client perception survey of senior end-users of consulting firms - Our interviews with senior management consultants from a range of consulting firms - Our in-depth desk research on the market

A detailed view of our methodology and more information about Source can be found below:

Methodology 66 Definitions of sectors and market segments 69 5 Contributors 71 About the authors 72 Programme schedule for 2021 73 Our custom work 74 About us 75

The US Consulting Market in 2021

The US consulting market in 2020

After a promising start to 2020, the US consulting market was unable to maintain that momentum in the wake of a pandemic that severely hampered economic activity for much of the year. Add in a hugely consequential November election that had some clients adopting a wait-and-see posture, and it’s little surprise that US consultants1 found themselves in rough waters. As a result of the very challenging year, consulting revenues in the US fell 12.5% in 2020, having grown 7.4% the previous year.

Many of the worst blows consulting suffered happened in the earliest days of the pandemic hitting the US, when many clients put spending on hold as they dealt with the immediate impact of the virus and waited to see how long the pandemic would last and what the longer-term implications would be. While some elements of broader digitization and technology work continued—often with a focus on helping companies operate through a variety of lockdown scenarios—the vast majority of consulting work deemed non-essential was paused if not shuttered. By late summer, however, it was clear that COVID-19 was here to stay—at least for a while—and clients who figured they couldn’t wait around forever started to dip their toes back in the consulting waters. By winter, firms were seeing a solid wave of clients ready to dive back in.

As demand picked up in the second half of the year, clients increasingly focused on accelerating broader transformation initiatives in an effort to come out of the pandemic in the best possible organizational and financial shape. Work that had been planned for 2021 or even 2022 was suddenly on the agenda for 2020, often with some revisions to account for the challenges of the pandemic and a growing emphasis on diversity and inclusion. And as clients accelerated their transformation plans, consultants found themselves under growing pressure to As demand picked deliver results at a quicker pace. Indeed, in some cases, clients eager up in the second to advance to the next stage of transformation were asking firms to half of the year, complete work that would’ve previously taken six months in only six clients increasingly weeks. Despite a slight slowdown in the autumn as some clients waited focused on on election results to inform their decision-making, demand was accelerating broader largely on the up going into 2021. transformation In terms of where consultants saw that end-of-year uptick in demand, initiatives in an it’s unsurprising that much of it came from the technology line of effort to come out business—one of only two lines of business to grow in the US market of the pandemic in last year. The need to rapidly deploy new hardware and software the best possible solutions to facilitate the shift to working from home was a key driver organizational and in the early months of the pandemic, and as the year progressed, firms financial shape. saw growing demand from clients wanting to refine their hastily rolled-

The US Consulting Market in 2021

out solutions to make them fit for long-term use. Companies also sought support to shift more operations to the cloud and upgrade their existing technology estates—including ERP systems—to create more agile organizations ready for the post-pandemic world.

The US Consulting Market in 2021

The client perspective

Looking beyond short-term challenges, clients see long-term opportunities

Details of our survey methodology are here. Please note that we had a relatively small number of respondents from the pharma and 2 energy & resources sectors, both of which are highly consolidated markets dominated by a small number of large organizations, and from the government and public sector. We included data from these sectors in the charts in this section as a point of comparison, but it should be regarded as directional only.

It will come as no surprise to any consultant that the impact of the pandemic on client organizations has varied hugely

While our client survey indicates that just over half (51%) of organizations were negatively impacted by the pandemic, 41% of clients had—at least from a purely commercial point of view—a good 2020. That only 8% of organizations were unaffected is a reminder— should we ever need one—of just how tumultuous a year 2020 was. Large organizations (those with 5,000+ employees) were worse hit than upper-mid-sized ones (with between 1,000 and 4,999 employees): Fifty-eight percent of large organizations said that the impact had been negative, compared to 44% of upper-mid-sized clients, perhaps a testimony to the extent to which slightly smaller organizations can be nimbler in a crisis and are better able to quickly reconfigure their business models.

For the US businesses that were badly affected, the biggest problems were compromised supply chains and falling sales, but the difficulty of choosing investments amid so much uncertainty also made its mark. Around a quarter of organizations struggled to work remotely. For the US Among the 41% of organizations for whom the impact of the crisis businesses that were was positive—and the 24% for whom it was very positive—66% saw badly affected, the demand for their products or services increase, and 54% experienced biggest problems increased loyalty from their customer base. New sources of private or were compromised non-government funding were cited as a positive by 41% of clients— supply chains and something that was more marked in some sectors (such as healthcare) falling sales. than others.

Figure 4

The main reasons why the crisis had a negative impact on US clients

Note: Respondents were asked to select all the statements they agreed with You’ve told us that the COVID crisis has had a negative impact on your organisation. Please select all the statements you agree with.

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The main reasons why the crisis had a positive impact on US clients

Note: Respondents were asked to select all the statements they agreed with You’ve told us that the COVID crisis has had a positive impact on your organisation. Please select all the statements you agree with.

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The US Consulting Market in 2021

Insights from consultants

Interviews with consulting leaders

At Source, we have always believed that the only way to truly understand a consulting market is to have real conversations with the consultants who are on the ground working in that market, serving3 their clients day in and day out. Below, you’ll find condensed versions of our most recent discussions with US consultants, as they reflect on 2020, tell us how the previously unimaginable events of last year are reshaping the market, and in the case of a few brave souls, venture a guess as to what comes next.

The US Consulting Market in 2021

Cory Gunderson, Executive Vice President, Protiviti

How did 2020 and COVID play out for Protiviti? client's business and run them for a while. It also helps that, with our parent company Robert Half, we have We feel very fortunate to have had a very strong access to millions and millions of people on demand. It's year. We've grown by double digits overall with good another arrow in our quiver, because we can scale and strength across our main offerings, most of which blend with clients old and new in a way that not many of have also grown by double digits. The areas that we've our competitors can. invested in heavily over the past couple of years have certainly paid off. We made a conscious decision at the end of 2017 into 2018 to really double down on the technology space, and that's done really well for us, Have you seen any change in clients' even though we might have felt that we were a little expectations around price? behind. Business is absolutely booming any way you I think clients will always pay for value, so it's look at it, and we're very bullish. incumbent on us to show them that value. We try very hard not to be the low-cost provider—we've walked away in situations when we felt that the market was That investment is clearly paying off. Would you getting fixated on pricing. We're also starting to move put your success down to any other factors? our position in the market. Historically, we've been the people you call once you set your strategy. We've been We're very appreciative of our team members' ability incredibly good at that, but now we're moving on to try to be ultra-resilient in the face of challenge after to be in the conversation earlier. challenge. I think our structure really helped: We're one firm rather than a collection of partnerships. We went remote over a weekend in March and, being global, our Asian colleagues were already well ahead of the curve. How are you managing conversations with We've got a very collaborative mindset that starts with clients—old and new—now that so much is the CEO, and we feel we've done a good job of getting remote? our best talent from around the world onto problems without having to sacrifice time for travel. We're using thought leadership and our existing contacts, but in terms of new business, we're finding that blind RFPs and other calls are suiting us really well. We're winning work with totally new clients. We How would you characterize the pattern of last might not be able to walk the halls, but neither can year? Was there a dip and then a very strong our competitors, so pitches have to be about better recovery? execution or better value. On top of that, we've been working hard to make remote pitches more engaging Frankly, we never stopped. We didn't cut salaries or and interesting—no one can stay awake though a 50- make lay-offs—in fact we hired. There was no bounce, page deck at the moment—so we're looking at animation because we just stayed strong, and then as the wider and video. market saw a bounce, we were able to build on an already-strong position.

Does this mean that you're thinking about the

Have you seen much variation in appetite for kind of talent that you need differently? support across your sectors? It's certainly evolving the capabilities that we're looking for, but I think that talent is talent. We hire Financial services is our biggest sector, and that's bright people, but we're also now working to develop remained fairly consistent throughout. The government their creativity. Design thinking is now part of our space is one that stands out as growing rapidly: We've practice, and we're seeing people who would deny that really expanded because of the unprecedented demand they're creative come up with incredibly innovative surges we've seen at all levels—federal, state, and local. solutions. It really fosters more engagement across the business and around the world.

How have you kept up with such a surge in demand?

We've invested very heavily in our managed solutions business, so we're set up to take over entire units of a

The US Consulting Market in 2021

About this report

Methodology Sources

Megamodel: our global data model not seek or be able to compete in this part of the market. 5 The quantitative market data in this report comes from our unique model of the global professional All of the data in the model is calibrated through services market. extensive interviews with, and surveys of, professional services firms and their clients, Rather than making high-level assumptions, this allowing us to discuss broader trends in the model has been built from the bottom up, sizing market alongside detailed dimensions such as the market capability by capability—assessing headcount. These interviews and surveys are how much work a firm earns delivering each supplemented with desk research, which allows professional capability within each sector and us to assess the impact of wider macroeconomic country. This results in a robust view of the size trends on professional services. This, combined of the supply-side market, which can then be with our detailed modeling, results in a long-term broken down to view the size of the market by view of the market that is able to support both country, sector, line of business, capabilities, and historic and forecast data. market segments. All figures given in this report are in US dollars. This year’s model has been expanded, with a For reference, Source is using the following new capability taxonomy and a much broader exchange rates in its reports this year: range of professional services firms included— all of which reflects convergence and other US dollar to British pound US$1 = £0.78 changes we see in the industry. For the purposes US dollar to euro US$1 = €0.87 of this report we’ve focused on types of firm and market segments that broadly equate to traditional definitions of consulting. As a result of these changes to our methodology, there are changes to our market sizing data, which take into account that conventional consulting firms now compete in many non-consulting markets—in essence that their addressable market is larger. Historic data has been restated to match our new definitions, but the inclusion of new types of firm and additional services may also have an impact on growth rates.

Alongside this market segmentation, we also limit our market sizing and analysis to what we at Source call “big consulting”—work done by mid- and large-sized firms (those with more than 50 people). Please note that we don’t track the long, thin tail of work done by contractors and very small firms, as most readers of this report would

The US Consulting Market in 2021

Client perspective

We carry out a client survey to help us build a rich picture of how different trends in the US are affecting clients’ organizations and their use of consulting. This survey focuses on trends in the US, providing detailed insights into the nuances of the market. For this, we surveyed 100 senior clients of consulting firms from across the US, all of whom work in organizations with more than 1,000 employees. This survey focuses on the following areas:

- How they expect to use consultants during 2021 and the first half of 2022 - Factors that affect the way clients work with consulting firms - The ways consulting firms market themselves to clients and the impact this has on client decision-making

Figure 32

Respondents by sector

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Respondents by organization size Respondents by function

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Interviews with senior consultants Definitions of sectors and market segments

In addition to our quantitative research, we Our definition of management consulting interviewed 17 very senior consultants in the includes a broad range of business advisory US, representing most of the leading consulting services, but excludes: firms in the geography and many smaller local - tax advisory specialists to understand more about how the - audit consulting market is performing and the major trends, changes, and challenges consultants and - the implementation of IT systems their clients face. Throughout the year, Source - the delivery of outsourced/offshored services analysts remain plugged into the global consulting - HR compensation/benefits administration and market through our bespoke research and technology consulting projects, adding further depth to our understanding of the consulting industry. Where mergers and acquisitions work is concerned, consulting on deals is included (under In-depth desk research strategy), but corporate finance fees on deals themselves are generally not included, although it We also conducted a thorough PEST analysis on is not always straightforward to separate the two. the US that drills down into finer macroeconomic details on a holistic and sector-by-sector basis For more information about how we classify and allows us to fit our research into a wider consulting services and sectors, please see macroeconomic picture. “Definitions of sectors and market segments”.

The US Consulting Market in 2021

Definitions of sectors and market segments Sectors Energy & resources Pharma & biotech Energy Includes research into and the production of Includes the exploration and production drugs, biological products, medicinal chemicals, of energy, including oil, gas, coal, and and life sciences. renewables. Utilities Healthcare Includes the delivery of electricity, gas, Includes private and publicly-funded healthcare, water, sanitation, and other related hospitals, laboratories, and medical equipment. services. Primary resources Public sector Includes agriculture, chemicals and Government chemical products, commodities, forestry, Includes federal/national, state/regional, local fishing, metals, mining, and plastics. government, emergency services, justice, social services, public transport, and conservation. Financial services Education Banking Includes public and private schools, universities, Includes retail banking, commercial and libraries. banking, and lending. Defence Insurance Includes national security and consulting around Includes general insurance (e.g., motor, defence issues. home, pets, health—anything on an annual Not for profit contract), life insurance, pension products, Includes non-commercial research and retirement planning. organizations, religious, political and Private equity professional membership organizations, trusts, Includes both consulting work for private labour unions, and business associations. equity firms and consulting work with private equity portfolio businesses. Retail Capital markets Includes the selling of clothes, food, consumer Includes investment banking, trading of goods, and automobiles. stocks and financial products, corporate finance, and broking. Services Investment and wealth management Logistics Includes private banking, high net-worth Includes warehousing, storage, packing and banking, investment management, trust crating, and distribution including cargo, freight, funds, the management of pension funds, and haulage. and asset management. Business services Includes services relating to law, accountancy, Manufacturing IT maintenance, security systems, advertising, Aerospace employment agencies, and vehicle leasing. Includes space research and technology, Leisure the manufacture of aircraft, aircraft parts, Includes museums, art galleries, theatre, golf rockets and other space equipment, and courses, hotels, hospitality, travel agencies, tanks and ammunition. restaurants, and bars. Automotive Real estate Includes the manufacture of motor vehicles, Includes estate agencies and operators of industrial vehicles, and vehicle supplies and residential and commercial buildings. parts. Transportation Construction Includes private and people-related Includes surveying, architectural, and transportation, including airlines, airport engineering services, heavy construction, management, train operators, rail infrastructure house building, and the building of management, water transportation, courier infrastructure. services, and private bus services. Consumer packaged goods Includes the manufacture of clothes, Technology, media & telecoms foods, alcohol, tobacco, furniture, home Telecoms furnishings, cleaning products, small arms, Includes telephone, mobile, digital, and other children’s toys, and sports equipment. communication services. Consumer and industrial electronics High-tech Includes electrical components, household Includes IT-related devices, computer and computer- and industrial appliances, commercial and related devices, audio and video equipment, professional equipment. broadcasting and communication equipment. Industrial products Media Includes industrial machinery, steel and Includes radio, television, and digital broadcasting metal products, and plastic products. stations and services as well as printing and publishing of newspapers, periodicals, and books.

Market segments

We’ve taken the lines of business and capabilities from our taxonomy that broadly align with traditional definitions of consulting and divided them into market segments that include the following. Please note that for some lines of business, for example, forensics, we’ve taken a subset of the relevant capabilities and excluded others.

Technology & innovation HR, change, & people strategy Ideation, Innovation management, Innovation Benefits, compensation & pensions, strategy, Strategies for growth from excluding actuarial & investment advice, innovation, Cloud advice, ERP consulting, Change management, Diversity & inclusion, IT strategy, planning & review, IT training, Employee engagement, Governance & board Programme management, Vendor selection, effectiveness, HR strategy & effectiveness, Clean technology, Green IT, Corporate Leadership, Organisational design & culture, identity, Graphic & UI design, UX & service Organisational training & development, design, Customer journey & UX benchmarking, Outplacement, Pension fund evaluation & Data visualisation, business intelligence & advice, Performance management, Stakeholder semantic layer. management, Talent management, Team effectiveness & collaboration, Resource- efficiency strategy, Purpose-led strategy & Strategy change, Resource-efficiency implementation, Capital allocation strategy, Commercial due Social impact & trust. diligence & valuation, Financial due diligence, M&A transaction strategy, Operational due diligence, Portfolio & investment strategy, Operations Public-private partnerships, Technology due Benchmarking, Business continuity & recovery, diligence, Business & financial modelling, Cost cutting, Customer service, DevOps, Category management, Channel management, Distribution strategy, Lean & Six Sigma, Corporate recovery & turnaround, Corporate Operational review, Outsourcing advice, restructuring, Corporate strategy, Market Post-M&A integration, Process design, re- analysis & strategy, Policy formulation, Pricing, engineering & automation, Procurement/ Strategic sourcing/offshoring services, Real purchasing, Property & estate management, estate strategy, Environmental & social impact Sales & distribution planning, Sales force research, Macro/microeconomic research, effectiveness, Supply chain management, Market research, Customer feedback, Target operating model, Sustainable supply Customer segmentation, Employee feedback, chain, Corporate, occupier services & facilities Advanced analytics, Sustainable investment. management, Integrated real estate developer services, Real estate deal/transaction services. Cybersecurity consulting Cybersecurity advice, Cybersecurity incident Risk & financial management response, Penetration testing & wargaming, Operational risk, Programme risk, Responding Technology & security risk services. to regulation, Risk management, Budgeting/ financial planning process, Debt advisory, Finance function, Financial advisory, Financial restructuring & insolvency, eDiscovery, Forensic accounting.

The US Consulting Market in 2021

Contributors

We are extremely grateful to all the people we spoke to for making this report possible. Below is a list of individuals who have contributed (excluding those consultants who wished to remain anonymous).

Name Job title Organization Rob Asen North America Advisory Lead Avanade

Alex Bombeck Managing Director and Group President North Highland

Bill Boyle Chief Client Officer Kincentric, part of Spencer Stuart

Lisa Caldwell EY Americas Central Region Consulting EY Managing Partner

Carl Carande Global Head of Advisory, KPMG International KPMG LLP & US Advisory Vice Chair

Paul Greenall Chief Transformation Officer Prophet

Cory Gunderson Executive Vice President Protiviti

Rob Henske US Managing Partner Roland Berger

Jenny Koehler US Deputy Advisory Leader and US Advisory PwC Industrial Products & Services Leader

Thomas Mataconis SVP, FSI Business Consulting NTT DATA Consulting, Inc.

Steve Payne EY Americas Vice Chair – Consulting EY

Albert Rees SVP Head of Business Consulting, EPAM Systems North America

Kyle Robichaud CIO Advisory Leader Cognizant

Robert Rourke Managing Director and President of the L.E.K. Americas Region

Jill Steele Partner – Corporate Strategy Prophet

Kerry Stover COO Pariveda

Andrew Zimmerman President frog, part of Capgemini

The US Consulting Market in 2021

About the authors

Ashok Patel Fiona Czerniawska

Ashok is a writer and editor at Source A Co-founder and Managing Director of Source, in our Market Trends team. He is an Fiona is one of the world's leading commentators on experienced writer, editor, and analyst, the management consulting industry. Since founding providing insights into the latest trends Source in 2007, she has been bringing this expertise to bear on our clients’ most pressing strategic projects and developments across the professional and business issues. Fiona has published a dozen books services market. He has been quoted by on consulting topics, including two for The Economist: a variety of trade publications and has Business Consulting: A Guide to How it Works and How to previous experience in Source’s Client Make it Work and Buying Professional Services. Perception Programme. Prior to joining Source, Ashok was an editor and consultant She has more than 20 years’ experience as a management consultant, working primarily in the in the commodities market, as well as areas of marketing and strategy. She was previously in working in the UK automotive industry. charge of strategic planning for EY in the UK and has worked in the consulting practice of PwC. Fiona also has a PhD in 17th-century French art and lives in hope that it will be of practical use in business someday.

Ashok Patel Fiona Czerniawska [email protected] [email protected]

REPORT EXTRACT: non-exclusively licensed for internal use only Contents

The US Consulting Market in 2021

Programme schedule for 2021

Reports Market Trends Client Perception Emerging Trends 2021 Programme Studies Programme

Forecasts for 2021 UK January US US GCC UK Germany Q1 February Nordics Financial Services DACH Healthcare & Pharma Canada March GCC Buying and Selling France France

Nordics South America Energy & Resources April Australia Technology, Media China & Telecoms Japan

South East Asia China Q2 May Beyond Digital Benelux Japan India Southern Europe June Eastern Europe & Russia

July

Africa Perceptions of Risk Firms Q3 August Energy & Resources Investing for Growth Perceptions of Tax Firms Financial Services

Perceptions of Audit September Firms

Building a Trusted October The Global Tax Advisory Market Brand The Global Risk & Cybersecurity Services Market Q4 November Healthcare & Pharma Technology, Media & Telecoms Consumer Products & Retail December Planning for Growth in 2022

Please note that with the purchase of all Market Trends reports in 2021, you will also gain access to a monthly video summary on the global market, presented by Fiona Czerniawska.

White A powerful research tool that allows subscribers to keep up to date with the Space latest content being produced and maximize their return on investment. A series of reports that analyze the quality and effectiveness of thought leadership are published throughout the year.

In addition to our report programmes, we also provide custom advice and research-led consulting services to the world’s biggest and most successful professional services firms, helping them identify the best areas for investment and plan their strategic responses.

Among other things, our work includes:

– Deep market and competitor analysis – Acquisition strategy – Proposition strategy and development – Brand and client sentiment analysis – Thought leadership and content strategy, development, and review

For more information about any of these, please visit our website or get in touch.

REPORT EXTRACT: non-exclusively licensed for internal use only About us

Source analyses the way in which economic, business, behavioural, and technology change drives how organisations use professional services, and the implications that has for professional services firms.

Since its inception in 2007, Source has invested in sophisticated, proprietary research techniques that not only provide unique insights on current and future trends in the market, but also provide a better and faster solution than you would be able to reach yourself.

Our analysis and recommendations are derived from data and experience, and we use our team’s extensive knowledge of the industry to provide actionable and clear conclusions on the best course of action for you and your firm. Our insights have underpinned some of the biggest strategic investment decisions made by professional services firms around the world.

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