The coronavirus pandemic has taken a heavy toll on the management-consulting industry.
The market for consultants has declined this year to an estimated $132 billion from $160 billion because of decreased client demand, according to research platform Statista. The crisis put a strain on corporate budgets, forcing some to cancel or pause projects with major clients. Giant advisory firms including KPMG and Accenture have laid off thousands of workers, and some consultancies like Ernst & Young have deferred promotions and performance bonuses for employees.
COVID-19 forced leading consultancies to cut travel budgets, shut down offices, and collaborate remotely with clients and colleagues.
The novel coronavirus has fundamentally changed the way consultants do business. Business Insider reviewed research and spoke with prominent leaders at major consultancies like PwC, KPMG, and Boston Consulting Group to find out how the pandemic will impact the industry long term.