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February 2020

Management Consulting

Management consulting is a mature industry, characterized by its large size ($260b, 1.6m employees), and GDP-like growth rate (3% on average from 2014-2019). This slow industry growth has lent itself to robust M&A activity given the fragmented nature of the space, as larger players seek to gain share/talent through acquisitions, while smaller firms attempt to achieve critical mass and move upmarket. Further, the management consulting industry tends to perform well throughout economic cycles, which could fuel additional M&A speculation in the space as acquirers seek to shield themselves from any potential market downturn.