The U.S. management consulting industry is estimated to be valued at around $240 billion in 2021, according to IBIS World. The large and relatively mature industry employs more than 1.6 million professionals in the U.S. alone and showed low single-digit growth over the last couple of years. The industry benefited from a strong economic climate leading up to the outbreak of COVID-19. M&A activity has seen a decline in 2020 but further remains stagnant as compared to recent years. So far, deal activity in 2021 has been outpacing the same period last year with 135 compared to 73 transactions closed.