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Freelance Management Consulting: Back To Growth
According to recent reports, US management consulting exceeded 320 billion dollars in 2022. Global revenues are estimated at 900 billion. Most expect the industry to cross the trillion-dollar line before 2026.
Consulting is in the early days of a massive technology and talent-led transformation. As a CEO participating in this panel survey predicted: "AI will replace management consultants with management consultants that know how to use AI!"
The industry is also adapting to the growth of freelance management consulting marketplaces. A recent review described the freelance challenge: "... Crowdsourced consulting firms let clients hire piecemeal from niche firms or freelancers that quickly turn around necessary products and services to them with little to no overhead. Crowdsourcing beats large firms on price, turnaround time, and, often, quality."
Some of these consulting marketplaces are small and niche; others like Catalant are large and operate globally. Independent management consultants work for SMB and enterprise corporates, asset managers, PE and VC firms, and augment the resources of large consulting firms; after all, many are alumni.
A survey by Movemeon found growing interest among experienced consultants in the freelance track. Significantly more professionals in 2023 sought freelance consulting work than the same period last year.
It's a propitious time to ask CEOs of leading independent management consulting marketplaces to share their forecasts of the channel. Here's what they told us:
Industry Leaders Speak
Nick Patterson, CEO Movemeon (UK)
"We've seen two recent shifts: the rapid growth of platforms to source work, and more consultants in marketplaces. Consultants now find a quarter of all projects on online platforms. Its the second most common way after referrals. An influx of consulting talent, economic uncertainty, and a tight talent market are driving growth. We've seen 38% growth in projects in the first quarter of 2023, as companies bypass hiring freezes and drive transformations."
Leslie Garçon, CEO, Weem (France)
"Our clients need help in large programs of change management and with strategic projects. Clients value independent consultants who know how to have a strategic view and are operationally involved with internal teams. Large companies are issuing tender calls to select future business partners and scaling their collaboration with independents. 2023 is a year of stabilization and structuring. 2024 will be the year of increased demand."
Yasmin Kumi, CEO Africa Foresight Group (Ghana)
"Client budgets are tight because of the slow economy, but uncertainty gives rise to more demand for external advice. This makes independent consultants more attractive: They are more budget-friendly and flexible. Our client book has shifted strongly towards SMEs that require assistance with reorienting their strategy and structure. Independent consulting, during this economic time, might end up becoming the resilience catalyst for small and medium sized businesses."
Robert Burke, CEO SOBO (US)
"Fractional consulting is the name of the game in 2023 and beyond. Growing businesses require strategic and tactical support from the outside to level up, as their traditional FTE talent isn't cutting it. Our two-year forecast is a significant increase in fractional consulting engagements across the board, in all business areas e.g., HR, Sales, Marketing, Operations, Finance, and Technology."
The Future Is Flexible
The freelance management consulting market is experiencing robust growth driven by economic uncertainty, budget constraints, and a desire for more flexible talent models. Companies are increasingly recognizing that independent consultants offer specialized expertise, faster turnaround times, and better ROI compared to traditional consulting firms.
From cyber-security, to digital transformation or interim management, no project request is too niche. The consulting industry is adapting, and independent consultants are leading the charge.