ArtsAutosBooksBusinessEducationEntertainmentFamilyFashionFoodGamesGenderHealthHolidaysHomeHubPagesPersonal FinancePetsPoliticsReligionSportsTechnologyTravel

Covid-19 Impact on the Global Consulting Industry

Updated on May 25, 2020
Makonere Wesutsa profile image

Makonere Wesutsa is an avid reader and a committed professional writer.

With the detrimental effects of the current Coronavirus pandemic hitting every single industry on a global scale, the consulting industry around the world has as well encountered profound challenges as well as progress hindering yet inevitable circumstances. Given the relative and associative nature that consulting firm’s base their operations on, the far-reaching impact of the Covid-19 pandemic has inevitably reflected on just how much the consulting industry has taken shape through the recent turbulent times.


Figurative analysis

Through the last 12 years, the consulting industry has enjoyed a remarkable and constant successful rise as is evident by the world’s combined estimated worth of $160 billion. This success has however come under imminent threat over the last couple of months as the coronavirus ravages through the planet. Experts have estimated an unassailable $30 billion drop in revenues earned by consulting firms across the world. This is a considerable drop from the industry’s $160 billion global valuation leading up to 20190, to a $130 billion global valuation in 2020. This essentially means that the consulting industry around the world is expected to lose up to 19% of its total annual revenues.

The drop in revenues is brought about by a lot of businesses going through tough times. A sluggish global economy has had crippling effects on a lot of businesses to the extent of threatening to push quite a number of small businesses to the brink of recession. Quite a number of clients are either scaling down on their projects or are entirely pulling the plug on ongoing projects as a result of the effects of the Covid-19 pandemic.


Periodic projections

The consulting industry has steadily grown through the years and has undoubtedly enjoyed some considerable amount of success. The coronavirus pandemic has however halted this successful run by threatening to throw a lot of businesses into projected obscurity. Within the short time the pandemic has swept through the world, ravaging through some already frail economic structures, it has taken less than a year to threaten the world’s greatest economies.

Experts expect the global consulting industry revenue projections to be at an unfortunately bleak position in the foreseeable future. It is expected that the consulting industry might further experience a decline in revenues through the second and third quarters of 2020. From this, it can be determined that the consulting industry is braced for some significantly tough economic times ahead.


Comments

    0 of 8192 characters used
    Post Comment

    No comments yet.

    working

    This website uses cookies

    As a user in the EEA, your approval is needed on a few things. To provide a better website experience, hubpages.com uses cookies (and other similar technologies) and may collect, process, and share personal data. Please choose which areas of our service you consent to our doing so.

    For more information on managing or withdrawing consents and how we handle data, visit our Privacy Policy at: https://corp.maven.io/privacy-policy

    Show Details
    Necessary
    HubPages Device IDThis is used to identify particular browsers or devices when the access the service, and is used for security reasons.
    LoginThis is necessary to sign in to the HubPages Service.
    Google RecaptchaThis is used to prevent bots and spam. (Privacy Policy)
    AkismetThis is used to detect comment spam. (Privacy Policy)
    HubPages Google AnalyticsThis is used to provide data on traffic to our website, all personally identifyable data is anonymized. (Privacy Policy)
    HubPages Traffic PixelThis is used to collect data on traffic to articles and other pages on our site. Unless you are signed in to a HubPages account, all personally identifiable information is anonymized.
    Amazon Web ServicesThis is a cloud services platform that we used to host our service. (Privacy Policy)
    CloudflareThis is a cloud CDN service that we use to efficiently deliver files required for our service to operate such as javascript, cascading style sheets, images, and videos. (Privacy Policy)
    Google Hosted LibrariesJavascript software libraries such as jQuery are loaded at endpoints on the googleapis.com or gstatic.com domains, for performance and efficiency reasons. (Privacy Policy)
    Features
    Google Custom SearchThis is feature allows you to search the site. (Privacy Policy)
    Google MapsSome articles have Google Maps embedded in them. (Privacy Policy)
    Google ChartsThis is used to display charts and graphs on articles and the author center. (Privacy Policy)
    Google AdSense Host APIThis service allows you to sign up for or associate a Google AdSense account with HubPages, so that you can earn money from ads on your articles. No data is shared unless you engage with this feature. (Privacy Policy)
    Google YouTubeSome articles have YouTube videos embedded in them. (Privacy Policy)
    VimeoSome articles have Vimeo videos embedded in them. (Privacy Policy)
    PaypalThis is used for a registered author who enrolls in the HubPages Earnings program and requests to be paid via PayPal. No data is shared with Paypal unless you engage with this feature. (Privacy Policy)
    Facebook LoginYou can use this to streamline signing up for, or signing in to your Hubpages account. No data is shared with Facebook unless you engage with this feature. (Privacy Policy)
    MavenThis supports the Maven widget and search functionality. (Privacy Policy)
    Marketing
    Google AdSenseThis is an ad network. (Privacy Policy)
    Google DoubleClickGoogle provides ad serving technology and runs an ad network. (Privacy Policy)
    Index ExchangeThis is an ad network. (Privacy Policy)
    SovrnThis is an ad network. (Privacy Policy)
    Facebook AdsThis is an ad network. (Privacy Policy)
    Amazon Unified Ad MarketplaceThis is an ad network. (Privacy Policy)
    AppNexusThis is an ad network. (Privacy Policy)
    OpenxThis is an ad network. (Privacy Policy)
    Rubicon ProjectThis is an ad network. (Privacy Policy)
    TripleLiftThis is an ad network. (Privacy Policy)
    Say MediaWe partner with Say Media to deliver ad campaigns on our sites. (Privacy Policy)
    Remarketing PixelsWe may use remarketing pixels from advertising networks such as Google AdWords, Bing Ads, and Facebook in order to advertise the HubPages Service to people that have visited our sites.
    Conversion Tracking PixelsWe may use conversion tracking pixels from advertising networks such as Google AdWords, Bing Ads, and Facebook in order to identify when an advertisement has successfully resulted in the desired action, such as signing up for the HubPages Service or publishing an article on the HubPages Service.
    Statistics
    Author Google AnalyticsThis is used to provide traffic data and reports to the authors of articles on the HubPages Service. (Privacy Policy)
    ComscoreComScore is a media measurement and analytics company providing marketing data and analytics to enterprises, media and advertising agencies, and publishers. Non-consent will result in ComScore only processing obfuscated personal data. (Privacy Policy)
    Amazon Tracking PixelSome articles display amazon products as part of the Amazon Affiliate program, this pixel provides traffic statistics for those products (Privacy Policy)
    ClickscoThis is a data management platform studying reader behavior (Privacy Policy)