Consulting firms help businesses solve their biggest challenges. The US management consulting market reached $329 billion in 2021—more than $100 billion growth in the last decade. This momentum is driven by consultants’ irreplaceable knowledge.
Enterprise and startup organizations alike turn to these firms for their expertise in areas like strategy, finance, technology, management, and operations. Consultants develop strategic roadmaps, assess problems, and devise and implement solutions, all in the name of helping companies grow.
Consulting services can be broken down into 5 main categories: strategy and management, technology, accounting and finance, human resources, and specialty boutique services. Many of the larger consulting firms’ capabilities span several (sometimes all) of these disciplines.
- Strategy and Management: Strategy and management consulting groups help businesses set their strategic direction; plan growth, sales, and marketing strategies; build pricing structures; optimize operations; improve customer experiences; and more.
- Technology: Technology and IT consultants work with organizations to harness the power of technology. This includes everything from conceptualizing cloud-based and proprietary solutions to advising on cybersecurity and compliance strategies.
- Accounting and Finance: Accounting firms advise on tax, compliance, mergers and acquisitions, business modelling, risk assurance, and more. The largest accounting consulting firms are known as the Big Four: Deloitte, PwC, EY, and KPMG (more on them below).
- Human Resources: HR consultants advise businesses on compensation and benefits strategies, recruiting practices, and DEI initiatives. Organizations also turn to HR consultants for guidance in assimilating new workforces as part of mergers and acquisitions.
- Boutique: Boutique consulting firms tend to be smaller groups with more specialized areas of focus. In some cases, they serve only one industry. In others, they concentrate on one practice area, like sales and marketing strategies.
25 of the Largest Consulting Companies
IBIS World says there are more than 1.1 million consulting businesses in the US, up 6.7% in the last year. They range from global enterprises to independent consultants.
Here are 25 of the world’s largest consulting firms, all generating more than $300 million in annual revenue, according to Zoominfo. We’ve included each firm’s earnings and primary focus areas.
1. Accenture
- Focus Areas: Technology, Strategy
- Revenue: $59 billion
2. Deloitte
- Focus Areas: Management, Accounting
- Revenue: $50 billion
3. PwC (PriceWaterhouseCoopers)
- Focus Areas: Accounting, Technology
- Revenue: $45 billion
4. EY
- Focus Areas: Accounting, Technology, Strategy
- Revenue: $40 billion
5. Capgemini
- Focus Areas: Technology
- Revenue: $19 billion
6. Cognizant
- Focus Areas: Technology
- Revenue: $19 billion
- Focus Areas: Management
- Revenue: $10 billion
8. BCG (Boston Consulting Group)
- Focus Areas: Strategy, Management
- Revenue: $8 billion
- Focus Areas: Management, Technology
- Revenue: $8 billion
10. KPMG
- Focus Areas: Accounting
- Revenue: $7 billion
11. Mercer
- Focus Areas: Human Resources
- Revenue: $4 billion
12. Bain & Company
- Focus Areas: Management
- Revenue: $4 billion
13. Gartner
- Focus Areas: Technology
- Revenue: $4 billion
- Focus Areas: Accounting, Management
- Revenue: $1 billion
15. Baker Tilly
- Focus Areas: Accounting
- Revenue: $1 billion
16. Grant Thornton
- Focus Areas: Accounting
- Revenue: $1 billion
17. Oliver Wyman
- Focus Areas: Strategy, Management
- Revenue: $1 billion
18. Kearney
- Focus Areas: Management
- Revenue: $887 million
- Focus Areas: Technology
- Revenue: $650 million
20. Roland Berger
- Focus Areas: Accounting, Operations
- Revenue: $537 million
21. Forrester
- Focus Areas: Strategy, Management, Operations
- Revenue: $505 million
22. Wavestone
- Focus Areas: Technology
- Revenue: $497 million
- Focus Areas: Human Resources
- Revenue: $403 million
- Focus Areas: Strategy, Marketing, Pricing, Sales
- Revenue: $359 million
- Focus Areas: Strategy, Management
- Revenue: $334 million
A Closer Look at the 10 Biggest Consulting Firms
The 10 largest consulting firms on this list each generate more than $5 billion a year. They have teams of people that run into the tens (or hundreds) of thousands and offer broad capabilities to dozens of industries.
One interesting note is that some of these firms, like Deloitte, are actually brand umbrellas that are comprised of many independent firms, giving them a much larger presence.
Let’s take a closer look at what these 10 largest consulting companies do and for whom.
1. Accenture
Accenture is a global professional services company that offers strategy, technology, and operations consulting services for more than 40 industries. It employs 710,000 people worldwide who leverage human ingenuity to deliver on the promise of technology.
Revenue
$59 billion
Focus Areas
Technology, Strategy, and Operations
Capabilities
Application services; artificial intelligence; automation; business process outsourcing; business strategy; change management; cloud; customer experience; data and analytics; digital commerce; digital engineering and manufacturing; ecosystem services; finance consulting; infrastructure; marketing; mergers and acquisitions (M&A); met-averse; operating models; security; supply chain management; sustainability; technology consulting; technology innovation; zero-based transformation
Industries
Aerospace and defense; automotive; banking; capital markets; chemicals; communications and media; consumer goods and services; energy; health; high tech; industrials; insurance; life sciences; natural resources; public service; retail; software and platforms; travel; US federal government; utilities
2. Deloitte
Deloitte is a global network of independent business management, consulting, and professional services firms. More than 330,000 team members represent the Deloitte name across 150 countries. It’s the first of the Big Four firms on this list.
Revenue
Although ZoomInfo lists Deloitte’s revenue at $50 billion, the Deloitte website states earnings are $23.9 billion annually.
Focus Areas
Management, Accounting
Capabilities
Tax; consulting; audit and insurance; M&A and restructuring; risk and financial advisory; artificial intelligence and analytics; cloud; diversity, equity, and inclusion
Industries
Consumer; energy, resources, and industrials; financial services; government and public services; life sciences and healthcare; technology, media, and telecommunications
3. PwC (PriceWaterhouseCoopers)
PwC, another Big Four firm, is focused on two things: building trust in society and solving important problems. Its professional services offerings are organized around two segments to reflect this focus: Trust Solutions and Consulting Solutions. It has a global network of more than 327,000 professionals in 155 countries.
Revenue
$45 billion
Focus Areas
Accounting and Technology
Capabilities
Audit and assurance; alliances and ecosystems; board governance issues; cloud and digital; consulting; cybersecurity, risk, and regulatory; deals; digital assets and crypto; digital assurance and transparency; ESG; financial audits; managed services; tax services; transformation
Industries
Consumer markets; energy, utilities, and resources; financial services; health industries; industrial products; technology, media, and telecommunications
4. EY
EY, Ernst & Young Global Limited, is a global consulting firm that provides assurance, tax, and transaction services. As a mission-focused accounting firm, it aims to build trust and confidence in capital markets and economies around the world.
Revenue
$40 billion
Focus Areas
Accounting
Capabilities
Assurance; tax; transactions and corporate finance; legal; people and workforce; technology; sustainability; strategy; managed services; customer experience; cybersecurity, compliance, and resilience; digital transformation; risk management; supply chain and operations
Industries
Advanced manufacturing; consumer products and retail; energy and resources; financial services; government and public sector; health sciences and wellness; private equity; real estate, hospitality, and construction; technology, media, and telecommunications
5. Capgemini
Capgemini provides consulting, technology, and outsourcing services. It partners with 85% of the 200 largest public companies to transform their businesses by unlocking the value of technology. Independent research firms consistently rank Capgemini as a top firm for thought leadership and ethics.
Revenue
$19 billion
Focus Areas
Technology
Capabilities
Cloud; customer-first; cybersecurity; data and artificial intelligence; enterprise management; intelligent industry; sustainability
Industries
Aerospace and defense; automotive; banking and capital markets; consumer products; energy and utilities; healthcare; high-tech; hospitality and travel; insurance; life sciences; manufacturing; media and entertainment; public sector; retail; telecommunications
6. Cognizant
Cognizant provides IT, operations, and technology consulting and infrastructure to help clients stay ahead in a fast-paced world. It’s ranked 194 on the Fortune 500 and has more than 340,000 team members worldwide.
Revenue
$19 billion
Focus Areas
Technology
Capabilities
Application services and modernization; artificial intelligence; business process services; cloud solutions; core modernizations; digital experience; digital strategy; enterprise services; infrastructure services; intelligent process automation; quality engineering and assurance; security; software product engineering; sustainability
Industries
Automotive; banking; capital markets; communications, media, and technology; consumer goods; education; healthcare; information services; life sciences; manufacturing; oil and gas; retail; transportation and logistics; travel and hospitality; utilities
7. McKinsey & Company
McKinsey & Company is a worldwide management consulting firm that advises businesses, governments, and institutions. It works with organizations across private, public, and social sectors to help solve their biggest challenges.
Revenue
$10 billion
Focus Areas
Management
Capabilities
Digital; growth, marketing, and sales; implementation; mergers and acquisitions, operations, people and organizational performance; risk and resilience; strategy and corporate finance; sustainability; transformation
Industries
Advanced electronics; aerospace and defense; agriculture; automotive and assembly; chemicals; consumer packaged goods; education; electric power and natural gas; engineering, construction and building materials; financial services; healthcare systems and services; life sciences; metals and mining; oil and gas; paper, forest products, and packaging; private equity and principal investors; public and social sector; real estate; retail; semiconductors; technology, media and telecommunications; travel, logistics and infrastructure
8. BCG (Boston Consulting Group)
BCG is a global management consulting firm that services clients in the private, public, and non-profit sectors. Organizations have seen BCG as a leader in business strategy since its founding in 1963.
Revenue
ZoomInfo shows BCG’s annual revenue is $8 billion, but the company website reports earnings of $11 billion annually.
Focus Areas
Management
Capabilities
Business and organizational purpose; business transformation; climate change and sustainability; corporate finance and strategy; customer insights; digital, technology, and data; diversity, equity, and inclusion; innovation strategy and delivery; international business; manufacturing; marketing and sales; M&A, transactions, and PMI; operations; organization strategy; people strategy; pricing and revenue management; risk management and compliance; social impact; zero-based budgeting
Industries
Aerospace and defence; automotive industry; consumer products; education; financial institutions; health care; industrial goods; insurance; oil and gas; power and utilities; principal investors and private equity; public sector; retail; technology, media, and telecommunications; transportation and logistics; travel and tourism
9. Booz Allen Hamilton
Booz Allen Hamilton has been providing a wide range of management and technology consulting services to military, government, and business leaders for more than 100 years. Organizations turn to their experts in analytics, digital, engineering, and cyber security for transformational insights.
Revenue
$8 billion
Focus Areas
Management and Technology
Capabilities
Management consulting; human capital planning; strategic communications; acquisition, program management, and logistics; artificial intelligence; AI/ML operations; quantum computing; healthcare analytics; digital customer experience; software development; data management; system engineering and platform integration; radio-frequency engineering; rapid prototyping; cyber defence operations; zero trust solutions; weapon systems cybersecurity; 5G and Next G security; operational and industry control systems; data-driven cybersecurity
Industries
Civil government; cyber fusion centers; cybersecurity strategy; incident response; defence; energy, resources, and utilities; health; homeland security and law enforcement; intelligence; space; transportation
10. KPMG
KPMG is the fastest-growing Big Four accounting firm, providing audit, tax, and advisory services to organizations around the world. It has 75 offices and more than 40,000 employees and partners across the US.
Revenue
$7 billion
Focus Areas
Accounting
Capabilities
Accounting; corporate compliance and transformation; economic and statistical consulting; global mobility; global reward services; intellectual property consulting; mergers and acquisitions; tax consulting; valuations and business modelling; value chain management; audits; digital transformation; customer experience and engagements; performance improvement; workforce strategies; data and analytics; risk assurance; risk and compliance; cyber security services
Industries
Aerospace and defence; alternative investments; asset management; automotive transportation; banking and capital markets; building, construction, and real estate; consumer and retail; energy and chemicals; financial services; government and public sector; healthcare and life sciences; industrial manufacturing; insurance; media and entertainment; private equity; private enterprise; public investment management; sports; technology; telecommunications
10 Boutique Firms to Watch
A handful of companies hit our radar that isn't quite big enough to make our list of the largest consulting firms, but their work and growth are noteworthy. These boutique groups offer a refined scope of services to one, or a handful, of industries. Their specialized focus allows them to create big client wins with smaller teams.
Here are 10 specialized consulting firms to pay attention to over the coming years.
- Focus Areas: Strategy
- Revenue: $79 million
- Focus Areas: Life Sciences
- Revenue: $63 million
- Focus Areas: Sourcing, Procurement
- Revenue: $43 million
- Focus Areas: Strategy
- Revenue: $36 million
5. ghSMART
- Focus Areas: Management
- Revenue: $27 million
- Focus Areas: Strategy
- Revenue: $23 million
- Focus Areas: Strategy
- $20 million
- Focus Areas: Life Sciences
- Revenue: $13 million
- Focus Areas: Strategy
- Revenue: $16 million
10. LeapPoint
- Focus Areas: Finance, HR, Technology, Marketing
- Revenue: $11 million
Scaling a Consulting Firm to $100M
Consulting firms need to do a few things really well to scale from $10 million to $100 million. It boils down to service, talent, and profitability.
- Client satisfaction: Top-tier consulting firms deliver wins for their customers. They build repeatable playbooks that allow them to deliver exceptional solutions on time and on budget.
- Talent: Every consultancy has a team of sharp strategists and problem solvers. The best ones not only have the right talent; they also have tools and processes in place that make it easy to allocate the right people to the right projects at the right time.
- Profitability: The average profit margin for professional services firms is 20%, compared to 36% for other industries. Improving profitability is a major key to growth. There are a few levers that will help firms win the profitability game: maximizing productivity, improving efficiency, increasing utilization, and controlling scope.
Several business consulting tools can help firms improve in these areas. Specifically, resource management software, like Mosaic, enables consultancies to balance workload, optimize project budgets, and increase utilization, while reducing overtime and scope creep. Coupled with AI-driven hiring suggestions, project and profit analysis, and workforce reporting, firms get everything they need to build more efficient and profitable organizations.
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