Marketing Consultants in the US - Market Research Report (2014-2029)
New York, United States
Last Updated: June 2024
NAICS OD5848Revenue
$87.7bn
Past 5-Year Growth
Profit
$X.Xbn
Employees
596k
Businesses
365k
Wages
$XX.Xbn
Marketing Consultants in the US industry analysis
Demand for marketing consultants has been very strong during the current period despite significant volatility. COVID-19 hindered corporate profit and advertising expenditure, hindering the industry’s performance. Despite this, spending on sales management and development consulting services rose as economic uncertainty caused businesses to seek more advice on managing their sales departments, contributing to a modest increase in revenue in 2020. Demand for marketing consulting services surged in 2021 and 2022 as the pandemic recovery caused corporate profit to skyrocket. Business income has declined over the past couple of years as rising interest rates have induced recessionary fears, contributing to a modest drop in revenue in 2023. Consultants are somewhat confident that rate cuts in 2024 will lessen recessionary fears, boost corporate profit and cause demand for their services to recover. Overall, revenue for marketing consultants is anticipated to expand at a CAGR of 4.0% during the current period, reaching $87.7 billion in 2024. This includes a 1.3% jump in revenue in that year.
Trends and Insights
- Businesses flush with excess profit are more inclined to experiment with marketing strategies and hire consultants, creating a steady revenue stream for the industry. Over the couple of years, recessionary fears reduced corporate profit and led many companies to cut back on marketing consulting services.
- Marketing strategy and market development consulting services rake in the most revenue. These consultants offer expert advice on planning, competitive analysis and market evaluation to help businesses and governments seize opportunities and combat challenges.
- The Southeast's big population fuels hefty demand for marketing consultants. States such as Florida and Georgia create a bustling market for goods and services, attracting over a quarter of the nation's marketing consultants.
- With minimal legal requirements and affordable start-up costs, new marketing consultants can enter the industry relatively easily. This leads to a competitive market with many small firms.
Industry Overview
Market size and recent performance (2014-2029)
Industry revenue has grown at a CAGR of 4.0 % over the past five years, to reach an estimated $87.7bn in 2024.
Trends and Insights
Corporate profit levels are a bellwether of demand for marketing consulting services
- Businesses with higher profit are more likely to experiment with new marketing strategies and tactics, spurring demand for the industry's services. Elevated corporate profit also makes businesses more likely to hire marketing consultants on a retainer basis since they have the increased funds to do this, which provides a steady stream of revenue for providers.
- Additional trends and insights available with purchase
Source: IBISWorld
Industry outlook (2024-2029)
Market size is projected to grow over the next five years.
Trends and Insights
Demand will steady as the economy improves
- Despite challenges related to soaring inflation, rising interest rates and recessionary fears, economic growth will be stable and positive during the outlook period. Steady GDP growth will foster higher corporate profit, giving businesses the funds to spend on marketing consulting services. The strong economy will also encourage more business formation, boosting the supply of customers for the industry and providing another useful revenue stream for consultants.
Biggest companies in the Marketing Consultants in the US
| Company | Market Share (%)
2024 | Revenue ($m)
2024 | Profit ($m)
2024 | Profit Margin (%)
2024 |
|---|---|---|---|---|
Accenture Plc | 2,099.2 | 316.8 | 15.1 | |
Wpp Plc | 1,299.5 | -60.9 | -4.7 | |
Signature Inc. | 5.2 | 2.3 | 44.8 |
To view the market share and analysis for all 3 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 Marketing strategy and market development consulting services, Sales management and development consulting services and Strategic management consulting services. Marketing strategy and market development consulting services is the largest segment of the Marketing Consultants in the US.
Trends and Insights
Marketing strategy and market development consulting services comprise the largest source of revenue
- Marketing consultants provide advice and guidance on marketing strategy and other related issues. These include planning and organization, competitive analysis, customer analysis, marketing audits and market evaluation.
- More insights available in the full report
Widen you competitive advantage with related industries
Competitors
- Management Consulting in the US
- Advertising Agencies in the US
Complementors
- Public Relations Firms in the US
- Market Research in the US
International industries
- Global Management Consultants
- Management Consulting in Canada
- Management Consulting in Australia
- Consulting Services in New Zealand
- Management Consultants in the UK
Table of Contents
About this industry
Industry definition
Marketing consultants provide operating advice and assistance to businesses and other organizations on marketing issues, such as developing marketing objectives and policies, sales forecasting, new product development and pricing, licensing and franchising planning and marketing planning and strategies.
What's included in this industry?
Providing marketing strategy and market development consulting servicesOffering sales management and development consulting servicesProviding strategic management consulting servicesOffering custom computer application design servicesProviding market research and pollingOffering operations and supply chain marketing management servicesCompanies
Accenture PlcWpp PlcSignature Inc.Purchase this report to view all 3 major companies in this industry.
Related Terms
MANAGEMENT CONSULTANTIT CONSULTANTSTRATEGIC CONSULTINGIndustry Code
NAICS 54161 - Marketing Consultants in the US
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
Businesses flush with excess profit are more inclined to experiment with marketing strategies and hire consultants, creating a steady revenue stream for the industry. Over th...
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
Marketing strategy and market development consulting services rake in the most revenue. These consultants offer expert advice on planning, competitive analysis and market eva...
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 Southeast's big population fuels hefty demand for marketing consultants. States such as Florida and Georgia create a bustling market for goods and services, attracting ov...
In this chapter (1)
- Business Locations
Charts
- Share of revenue, establishment, wages and employment in each state
- Share of population compared to establishments in each region in 2024
Tables
- Number and share of establishments in each state in 2024
- Number and share of revenue each state accounts for in 2024
- Number and share of wages each state accounts for in 2024
- Number and share of employees in each state 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
With minimal legal requirements and affordable start-up costs, new marketing consultants can enter the industry relatively easily. This leads to a competitive market with man...
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
Large companies provide multiple services besides marketing consulting. Small enterprises can compete by specializing in a niche service or focusing on serving one industry.
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 Wpp Plc's performance by revenue, market share and profit margin from 2018 through 2024
- Overview of Signature Inc.'s performance by revenue, market share and profit margin from 2018 through 2024
Detailed analysis
- Description and key data for Accenture Plc, and factors influencing its performance in the industry
- Description and key data for Wpp Plc, and factors influencing its performance in the industry
- Description and key data for Signature Inc., and factors influencing its performance in the industry
External Environment
Understand the demographic, economic and regulatory factors that shape how businesses in an industry perform.
Analyst insights
Marketing consultants' performance is reliant on the advertising budgets of their clientele. Many players operate on a project-based revenue model, where their earnings are t...
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
Profit for marketing consultants often makes up less than 10.0% of providers' revenue. Rising wages and price undercutting have squeezed net income, challenging profitability...
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
- Industry Multiples (2017-2022)
- Industry Tax Structure (2017-2022)
- Income Statement (2017-2022)
- Balance Sheet (2017-2022)
- Liquidity Ratios (2017-2022)
- Coverage Ratios (2017-2022)
- Leverage Ratios (2017-2022)
- Operating Ratios (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 the US include:
- US Census Bureau
- US Bureau of Labor Statistics
- US International Trade Commission
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 Marketing Consultants in the US industry in United States in 2024?
The market size of the Marketing Consultants in the US industry in United States is $87.7bn in 2024.
How many businesses are there in the Marketing Consultants in the US industry in 2024?
There are 365k businesses in the Marketing Consultants in the US industry in United States, which has grown at a CAGR of 8.2 % between 2019 and 2024.
Has the Marketing Consultants in the US industry in United States grown or declined over the past 5 years?
The market size of the Marketing Consultants in the US industry in United States has been growing at a CAGR of 4.0 % between 2019 and 2024.
What is the forecast growth of the Marketing Consultants in the US industry in United States over the next 5 years?
Over the next five years, the Marketing Consultants in the US industry in United States is expected to grow.
What are the biggest companies in the Marketing Consultants in the US market in United States?
The biggest companies operating in the Marketing Consultants market in United States are Accenture Plc, Wpp Plc and Signature Inc.
What does the Marketing Consultants in the US in United States include?
Providing marketing strategy and market development consulting services and Offering sales management and development consulting services are part of the Marketing Consultants in the US industry.
Which companies have the highest market share in the Marketing Consultants in the US in United States?
The company holding the most market share in United States is Accenture Plc.
How competitive is the Marketing Consultants in the US industry in United States?
The level of competition is high and increasing in the Marketing Consultants in the US industry in United States.
