We're all facing unprecedented challenges in the next few weeks and months, in our daily lives, in our communities, and in our businesses. But we're already seeing evidence of how, if we work together, we can make a difference, an article from Source Global Research...
It's in that spirit of collaboration that Source has put together an estimate of the impact we think COVID-19 will have on the global consulting industry during the course of 2020. We're very grateful to the input of a wide range of firms from around the world, who've helped us do this, providing up-to-the minute information on how we should adjust our existing model of the industry.
While based on the best information we have at the time of writing, our forecast and commentary are intended to be directional, providing guidance for future planning. In an environment where everything is changing very quickly, our predictions will inevitably change. Over the coming months, we will be updating the forecast on a weekly basis. For more information on our data and methodology, please see the end of this bulletin.
Please help us to help you: We've only been able to pull this forecast together so quickly because of the input of the hundreds of firms from all over the world who responded to our initial survey. Please help us by sending us your updates week by week, by following this survey link. Every single one of these responses helps us improve our forecasting.
Summary: 27th March
We estimate that COVID-19 virus could reduce the size of the consulting industry by 20%, from $160bn in 2019 to $129bn in 2020, slightly worse than we were forecasting last week. However, despite a deteriorating picture in the US and already severely compromised pipelines, demand for technology consulting is holding up relatively well.
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