US Companies Scaling Back Consulting as Inflation Fears Linger

The US consulting sector is expected to maintain double-digit growth this year, even as companies pull back on how much they are spending amid lingering concerns about inflation and supply chain disruptions, a market research firm said Monday.

Corporate demand for technology upgrades helped to fuel growth of more than 10% for the industry last year, producing $88 billion in fees. Revenue is expected to eclipse $97 billion in 2023 on demand for restructuring and turnaround services, for roughly 11% growth, according to a report by Source Global Research, which tracks the consulting industry.