• U.S. consulting market grows 7.1 per cent to $58.7bn in 2016

• Cyber-attacks force U.S. companies to ramp up spending on cybersecurity consultants to $7bn

• Federal procurement keeps a tight grip on consulting spending

As the strain of regulation lessened across the U.S. financial services industry, financial institutions nevertheless increased their consulting spending by more than $1bn in 2016—a 8.3 per cent increase to a total value of $14.8bn—as they sought to implement new technologies, such as regtech, AI, cognitive computing, and robotics. Financial services outperformed the wider U.S. consulting market, which grew 7.1 per cent to $58.7bn in 2016.

Robotics provided consulting firms in the U.S. financial services industry with the most tangible opportunities, with the automation of simple processes forming the bedrock of this work.

These findings are published today (23rd May 2017) in a new report from the leading research and strategy firm for the global management consulting industry, Source Global Research. The report also revealed that an explosive digital transformation market played a big role in wider consulting market growth, as did a hot demand for cybersecurity work (up 30 per cent to over $7bn), as clients made steps to safeguard their digital empires.

Fiona Czerniawska, Director of Source Global Research said:
“2016 was a strong year for the U.S. consulting market, with a direct link between digital transformation and the best performing industries, as clients’ desire to get ahead of their competition fueled demand in financial services, retail, and TMT. A tougher year was had by those consulting to the public sector, where a challenging procurement landscape put pressure on fees and made winning work difficult.”

Other key findings from the 2017 Source U.S. Consulting Market report include: