Top 25 Consulting Firms Plus 10 Boutique Firms to Watch

Looking for the top consulting firms in the US? Here are 25 with more than $250 million in revenue. Plus, get a closer look at the 10 largest firms as well as 10 boutique firms to watch.
September 27, 2022
|
18
min read

Consulting firms helps 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 modeling, 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 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 on 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

7. McKinsey & Company

  • Focus Areas: Management
  • Revenue: $10 billion

8. BCG (Boston Consulting Group)

  • Focus Areas: Strategy, Management
  • Revenue: $8 billion

9. Booz Allen Hamilton

  • 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

14. Alvarez & Marshal

  • 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

19. PA Consulting Group

  • 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

23. Gallup Consulting

  • Focus Areas: Human Resources
  • Revenue: $403 million

24. Simon-Kucher & Partners

  • Focus Areas: Strategy, Marketing, Pricing, Sales
  • Revenue: $359 million

25. L.E.K. Consulting

  • 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); metaverse; 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; industrial; 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 defense; 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 its 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 defense 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; defense; 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 modeling; 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 defense; 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 aren’t quite big enough to make our list of the largest consulting firms, but their work and growth is 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. 

1. OC&C Strategy Consultants

  • Focus Areas: Strategy
  • Revenue: $79 million

2. Trinity Life Sciences

  • Focus Areas: Life Sciences
  • Revenue: $63 million

3. Insight Sourcing Group

  • Focus Areas: Sourcing, Procurement
  • Revenue: $43 million

4. The Cambridge Group

  • Focus Areas: Strategy
  • Revenue: $36 million

5. ghSMART

  • Focus Areas: Management
  • Revenue: $27 million

6. Putnam Associates

  • Focus Areas: Strategy
  • Revenue: $23 million

7. Kaiser Associates

  • Focus Areas: Strategy
  • $20 million

8. Blue Matter Consulting

  • Focus Areas: Life Sciences
  • Revenue: $13 million

9. DayBlink Consulting

  • 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.

In just one year of using Mosaic, a company of 100 people will save 4,000 hours and make an extra $1,230,000. Sounds like a recipe for scale. Learn more in a personalized product demonstration, which you can schedule here.

Ari Goldstein

Marketing Manager
view all posts
Related Articles