Management Consulting in Canada - Market Research Report (2014-2029)
New York, United States
Last Updated: August 2024
NAICS 54161CARevenue
$22.8bn
Past 5-Year Growth
Profit
$X.Xbn
Employees
154k
Businesses
88,704
Wages
$X.Xbn
Management Consulting in Canada industry analysis
Management consultants in Canada displayed some revenue growth during the current period but were subject to a fair amount of volatility. COVID-19 hindered demand for the industry’s services from many businesses since corporate profit plunged. Despite this, the economic downturn caused some customers to invest in countercyclical services such as restructuring, cost-cutting and risk management advice. As a result, revenue crept upward in 2020. The industry didn’t perform too well in 2021 despite the Canadian economy’s recovery from the pandemic since spending on countercyclical services lapsed. Revenue grew again in 2022 and 2023 as higher corporate profit and nonresidential construction spurred downstream demand for the industry’s services. These trends have also helped profit creep upward since 2020. More recently, rising interest rates have enhanced recessionary fears and caused businesses to cut back on management consulting services, inducing a 0.4% drop in revenue in 2024. Overall, revenue for management consultants in Canada is anticipated to creep upward at a CAGR of 0.3% during the current period, reaching CA$22.8 billion in 2024.
Trends and Insights
- Revenue will increase slightly during the current period, but the industry will be subject to some volatility. Management consultants in Canada have been negatively impacted by declines in demand for countercyclical services and recessionary fears.
- Management consultants provide a wide range of services to other businesses to help improve performance. Consultants draw upon high levels of education and experience in relevant industries to advise on best practices and organizational change.
- The geographic distribution of establishments in the Canadian Management Consulting industry is highly correlated with that of businesses in general. For this reason, most players are located in big provinces such as Ontario, Quebec and British Columbia.
- Small providers dominate the industry because of their focus on niche markets. By specializing in specific geographic areas or industries, these small businesses build customer loyalty and fend off competition from larger companies.
Industry Overview
Market size and recent performance (2014-2029)
Industry revenue has grown at a CAGR of 0.3 % over the past five years, to reach an estimated $22.8bn in 2024.
Trends and Insights
Corporate profit significantly influences Canadian management consultants
- Higher corporate profit typically enables more businesses to afford management consulting services. This often leads to increased revenue in the consulting industry because of heightened demand for expertise in boosting business operations. Since this driver has a big impact on the industry, shifts in corporate profit have significantly influenced revenue growth during the current period.
- Additional trends and insights available with purchase
Source: IBISWorld
Industry outlook (2024-2029)
Market size is projected to grow over the next five years.
Trends and Insights
Steady economic growth will foster increased demand for management consultants
- Despite challenges related to high inflation, rising interest rates and recessionary fears, the Canadian economy is expected to perform well during the outlook period.
Biggest companies in the Management Consulting in Canada
| Company | Market Share (%)
2024 | Revenue ($m)
2024 | Profit ($m)
2024 | Profit Margin (%)
2024 |
|---|---|---|---|---|
Accenture plc | 1,458.0 | 213.7 | 14.7 | |
Boston Consulting Group | 536.6 | N/A | N/A | |
McKinsey & Company | 287.5 | N/A | N/A |
To view the market share and analysis for all 4 top companies in this industry, view purchase options.
Products & Services Segmentation
Source: IBISWorld
Industry revenue is measured across several distinct product and services lines, including Strategic management consulting services, Financial management consulting services and Marketing management consulting services. Strategic management consulting services is the largest segment of the Management Consulting in Canada.
Trends and Insights
Strategic management consulting services are the most in demand
- Strategic management includes advice on general growth strategy, leadership development, performance improvement, mergers and acquisitions and corporate portfolio design. In leadership development, consultants view employee engagement as a potential source of competitive advantage. These services tend to be demanded by many different businesses, so this segment comprises nearly one-third of revenue.
- More insights available in the full report
Widen you competitive advantage with related industries
Competitors
- Accounting Services in Canada
- IT Consulting in Canada
- HR Consulting in Canada
- Environmental Consulting in Canada
Complementors
- Commercial Banking in Canada
- Real Estate Investment Trusts in Canada
International industries
- Global Management Consultants
- Management Consulting in the US
- Occupational Health & Workplace Safety Services in the US
- Healthcare Consultants in the US
- Marketing Consultants in the US
Table of Contents
About this industry
Industry definition
Management consultants in Canada advise businesses, nonprofit organizations and public sector agencies in several areas, which include organizational design, corporate strategy, marketing and sales, financial advisory and logistics.
What's included in this industry?
Providing strategic management consulting servicesOffering financial management consulting servicesProviding marketing management consulting servicesOffering operations and supply chain management consulting servicesProviding human resources management consulting servicesEconomic and social research servicesCompanies
Accenture plcBoston Consulting GroupMcKinsey & CompanyPurchase this report to view all 4 major companies in this industry.
Related Terms
MANAGEMENT CONSULTANTHUMAN RESOURCES CONSULTINGSTRATEGIC CONSULTINGIndustry Code
NAICS 54161 - Management Consulting in Canada
Performance
Get an indication of the industry's health through historical, current and forward-looking trends in the performance indicators that make or break businesses.
Analyst insights
Revenue will increase slightly during the current period, but the industry will be subject to some volatility. Management consultants in Canada have been negatively impacted ...
In this chapter (4)
- Current Performance
- Outlook
- Volatility
- Life Cycle
Key metrics
- Annual Revenue, Recent Growth, Forecast, Revenue Volatility
- Number of Employees, Recent Growth, Forecast, Employees per Business, Revenue per Employee
- Number of Businesses, Recent Growth, Forecast, Employees per Business, Revenue per Business
- Total Profit, Profit Margin, Profit per Business
Charts
- Revenue, including historical (2014-2023) and forecast (2024-2029)
- Employees, including historical (2014-2023) and forecast (2024-2029)
- Businesses, including historical (2014-2023) and forecast (2024-2029)
- Profit, including historical (2014-2024)
- Industry Volatility vs. Revenue Growth
- Industry Life Cycle
Detailed analysis
- Trends in supply, demand and current events that are driving current industry performance
- Expected trends, economic factors and ongoing events that drive the industry's outlook
- Key success factors for businesses to overcome volatility
- How contribution to GDP, industry saturation, innovation, consolidation, and technology and systems influence the industry's life cycle phase.
Products and Markets
Learn about an industry's products and services, markets and trends in international trade.
Analyst insight
Management consultants provide a wide range of services to other businesses to help improve performance. Consultants draw upon high levels of education and experience in rele...
In this chapter
- Products & Services
- Major Markets
Key metrics
- Largest market segment and value in 2024
- Product innovation level
Charts
- Products & services segmentation in 2024
- Major market segmentation in 2024
Detailed analysis
- Trends impacting the recent performance of the industry's various segments
- Innovations in the industry's product or service offering, specialization or delivery method
- Key factors that successful businesses consider in their offerings
- Buying segments and key trends influencing demand for industry products and services
Geographic Breakdown
Discover where business activity is most concentrated in an industry and the factors driving these trends to find opportunities and conduct regional benchmarking.
Analyst insights
The geographic distribution of establishments in the Canadian Management Consulting industry is highly correlated with that of businesses in general. For this reason, most pl...
In this chapter (1)
- Business Locations
Charts
- Share of revenue, establishment, wages and employment in each province
- Share of population compared to establishments in each region in 2024
Tables
- Number and share of establishments in each province in 2024
- Number and share of revenue each province accounts for in 2024
- Number and share of wages each province accounts for in 2024
- Number and share of employees in each province in 2024
Detailed analysis
- Geographic spread of the industry across North America, and trends associated with changes in the business landscape
- Key success factors for businesses to use location to their advantage
Competitive Forces
Get data and insights on what's driving competition in an industry and the challenges industry operators and new entrants may face, with analysis built around Porter's Five Forces framework.
Analyst insights
Small providers dominate the industry because of their focus on niche markets. By specializing in specific geographic areas or industries, these small businesses build custom...
In this chapter (4)
- Concentration
- Barriers to Entry
- Substitutes
- Buyer & Supplier Analysis
Key metrics
- Industry concentration level
- Industry competition level and trend
- Barriers to entry level and trend
- Substitutes level and trend
- Buyer power level and trend
- Supplier power level and trend
Charts
- Market share concentration among the top 4 suppliers from 2019-2024
- Supply chain including upstream supplying industries and downstream buying industries, flow chart
Detailed analysis
- Factors impacting the industry’s level of concentration, such as business distribution, new entrants, or merger and acquisition activity.
- Key success factors for businesses to manage the competitive environment of the industry.
- Challenges that potential industry entrants face such as legal, start-up costs, differentiation, labor/capital intensity and capital expenses.
- Key success factors for potential entrants to overcome barriers to entry.
- Competitive threats from potential substitutes for the industry’s own products and services.
- Key success factors for how successful businesses can compete with substitutes.
- Advantages that buyers have to keep favorable purchasing conditions.
- Advantages that suppliers have to maintain favorable selling conditions.
- Key success factors for how businesses can navigate buyer and supplier power.
Companies
Learn about the performance of the top companies in the industry.
Analyst insights
Established in 1989, Accenture PLC (Accenture) is a consulting and technology company headquartered in Dublin, Ireland. The company's services are vast, providing business st...
In this chapter
- Market Share Concentration
- Companies
- Company Spotlights
Charts
- Industry market share by company in 2020 through 2024
- Major companies in the industry, including market share, revenue, profit and profit margin in 2024
- Overview of Accenture plc's performance by revenue, market share and profit margin from 2018 through 2024
- Overview of Boston Consulting Group's performance by revenue, market share and profit margin from 2018 through 2024
- Overview of McKinsey & Company's performance by revenue, market share and profit margin from 2018 through 2024
- Overview of revenue, market share and profit margin trend for one additional company
Detailed analysis
- Description and key data for Accenture plc, and factors influencing its performance in the industry
- Description and key data for Boston Consulting Group, and factors influencing its performance in the industry
- Description and key data for McKinsey & Company, and factors influencing its performance in the industry
- Description, key data and performance trends for one additional company
External Environment
Understand the demographic, economic and regulatory factors that shape how businesses in an industry perform.
Analyst insights
The industry is subject to very light levels of regulation. The handful of rules the industry is subject to include data protection and certification.
In this chapter
- External Drivers
- Regulation & Policy
- Assistance
Key metrics
- Regulation & policy level and trend
- Assistance level and trend
Charts
- Regulation & Policy historical data and forecast (2014-2029)
- Assistance historical data and forecast (2014-2029)
Detailed analysis
- Demographic and macroeconomic factors influencing the industry, including Regulation & Policy and Assistance
- Major types of regulations, regulatory bodies, industry standards or specific regulations impacting requirements for industry operators
- Key governmental and non-governmental groups or policies that may provide some relief for industry operators.
Financial Benchmarks
View average costs for industry operators and compare financial data against an industry's financial benchmarks over time.
Analyst insights
Cost structure varies between small and large companies in the industry. The largest players tend to be more profitable because of the breadth of services they offer.
In this chapter
- Cost Structure
- Financial Ratios
- Key Ratios
Key metrics
- Profit margin, and how it compares to the sector-wide margin
- Average wages, and how it compares to the sector-wide average wage
- Largest cost component as a percentage of revenue
- Industry average ratios for days' receivables, industry coverage and debt-to-net-worth ratio
Charts
- Average industry operating costs as a share of revenue, including purchases, wages, depreciation, utilities, rent, other costs and profit in 2024
- Average sector operating costs as a share of revenue, including purchases, wages, depreciation, utilities, rent, other costs and profit in 2024
- Investment vs. share of economy
Data tables
- Liquidity Ratios (2017-2022)
- Coverage Ratios (2017-2022)
- Leverage Ratios (2017-2022)
- Operating Ratios (2017-2022)
- Assets (2017-2022)
- Liabilities (2017-2022)
- Cash Flow & Debt Service Ratios (2014-2029)
- Revenue per Employee (2014-2029)
- Revenue per Enterprise (2014-2029)
- Employees per Establishment (2014-2029)
- Employees per Enterprise (2014-2029)
- Average Wage (2014-2029)
- Wages/Revenue (2014-2029)
- Establishments per Enterprise (2014-2029)
- IVA/Revenue (2014-2029)
- Imports/Demand (2014-2029)
- Exports/Revenue (2014-2029)
Detailed analysis
- Trends in the cost component for industry operators and their impact on industry costs and profitability
Key Statistics
Industry Data
Data Tables
Including values and annual change:
- Revenue (2014-2029)
- IVA (2014-2029)
- Establishments (2014-2029)
- Enterprises (2014-2029)
- Employment (2014-2029)
- Exports (2014-2029)
- Imports (2014-2029)
- Wages (2014-2029)
Methodology
How are IBISWorld reports created?
IBISWorld has been a leading provider of trusted industry research for over 50 years to the most successful companies worldwide. With offices in Australia, the United States, the United Kingdom, Germany and China, we are proud to have local teams of analysts that conduct research, data analysis and forecasting to produce data-driven industry reports.
Our analysts start with official, verified and publicly available sources of data to build the most accurate picture of each industry. Analysts then leverage their expertise and knowledge of the local markets to synthesize trends into digestible content for IBISWorld readers. Finally, each report is reviewed by one of IBISWorld’s editors, who provide quality assurance to ensure accuracy and readability.
IBISWorld relies on human-verified data and human-written analysis to compile each standard industry report. We do not use generative AI tools to write insights, although members can choose to leverage AI-based tools within the platform to generate additional analysis formats.
What data sources do IBISWorld analysts use?
Each industry report incorporates data and research from government databases, industry-specific sources, industry contacts, and our own proprietary database of statistics and analysis to provide balanced, independent and accurate insights.
Key data sources in Canada include:
- Statistics Canada
- Industry Canada
- Canadian Business Patterns
Analysts also use industry specific sources to complement catch-all sources, although their perspective may focus on a particular organization or representative body, rather than a clear overview of all industry operations. However, when balanced against other perspectives, industry-specific sources provide insights into industry trends.
These sources include:
- Industry and trade associations
- Industry federations or regulators
- Major industry players annual or quarterly filings
Finally, IBISWorld’s global data scientists maintain a proprietary database of macroeconomic and demand drivers, which our analysts use to help inform industry data and trends. They also maintain a database of statistics and analysis on thousands of industries, which has been built over our more than 50-year history and offers comprehensive insights into long-term trends.
How does IBISWorld forecast its data?
IBISWorld’s analysts and data scientists use the sources above to create forecasts for our proprietary datasets and industry statistics. Depending on the dataset, they may use regression analysis, multivariate analysis, time-series analysis or exponential smoothing techniques to project future data for the industry or driver. Additionally, analysts will leverage their local knowledge of industry operating and regulatory conditions to impart their best judgment on the forecast model.
IBISWorld prides itself on being a trusted, independent source of data, with over 50 years of experience building and maintaining rich datasets and forecasting tools. We are proud to be the keystone source of industry information for thousands of companies across the world.
Learn more about our methodology and data sourcing on the Help Center.
Frequently Asked Questions
Unlock comprehensive answers and precise data upon purchase. View purchase options.
What is the market size of the Management Consulting industry in Canada in 2024?
The market size of the Management Consulting industry in Canada is $22.8bn in 2024.
How many businesses are there in the Management Consulting in Canada industry in 2024?
There are 88,704 businesses in the Management Consulting industry in Canada, which has grown at a CAGR of 1.1 % between 2019 and 2024.
Has the Management Consulting industry in Canada grown or declined over the past 5 years?
The market size of the Management Consulting industry in Canada has been growing at a CAGR of 0.3 % between 2019 and 2024.
What is the forecast growth of the Management Consulting industry in Canada over the next 5 years?
Over the next five years, the Management Consulting industry in Canada is expected to grow.
What are the biggest companies in the Management Consulting market in Canada?
The biggest companies operating in the Management Consulting market in Canada are Accenture plc, Boston Consulting Group and McKinsey & Company
What does the Management Consulting in Canada include?
Providing strategic management consulting services and Offering financial management consulting services are part of the Management Consulting industry.
Which companies have the highest market share in the Management Consulting in Canada?
The company holding the most market share in Canada is Accenture plc.
How competitive is the Management Consulting industry in Canada?
The level of competition is high and increasing in the Management Consulting industry in Canada.
