Global demand for consulting services will not return to 2008 levels before 2012, according to the annual study from Kennedy Consulting Research, titled "Global Consulting Marketplace: Key Trends, Profiles and Forecasts." Kennedy analysts say that the consulting market has irreversibly changed, predicting that it will most likely not witness the same double-digit growth in demand that it had in the past 30 years.
The remaining driving factors of market demand, according to Kennedy's report, will now sustain rather than grow the consulting market, and consultants' ability to pinpoint the right areas to which they will devote their resources will play a crucial role in how many clients they sign. Toward the end of the forecast period (2009-2012), these areas will increasingly be sustainability and business intelligence. Meanwhile, businesses looking to explore new opportunities or change production processes will need consulting services in China, Brazil, and other emerging markets.
Kelly Matthews, Associate Director of Kennedy Consulting Research & Advisory and lead analyst for Global Consulting Marketplace, said, "Given the market contraction in 2009 which is only expected to flatline in 2010, well-positioned consultancies are smart to vie for clients with stimulus and/or bailout money. However, circumstances dictate that such rewards may be realized only in the short-term and consultants will face severe fee pressures due to unprecedented competition."
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