They aid negotiation of business mergers, advise on corporate decision-making and strategy, and lead the discussion on new technologies. In short, consultants influence almost every aspect of business in Australia, but how much do we really know about Australia’s consulting sector?
It’s curious that the industry as big, and as influential as consulting largely manages to fly under the radar. Up until now it has been difficult to identify the size and specialities of the sector, but a recent report from UK group Source for Consulting shines a new light on the industry.
The report paints Australia as a land of uncertainty that is pinned between the fear of a potential recession and continual political change. This held back major business transformation programs in 2013 and made it a difficult year for the sector. That doesn’t mean its on struggle street because Australia has one of the largest consulting sectors in the developed world, and despite a lag in the market it still saw growth in the 2013 financial year.
Now, with digital change impacting most businesses, there’s hope that the industry may see a boom. We’ll have more on the future of the consulting sector in Australia later this week.
For now, here are three graphs from the data produced in the report that really define Australia’s consulting market.
1. Australia has one of the largest consulting markets in the world. It’s second to the UK in terms of a percentage contribution to GDP, and ranked in the top six in terms of the value of its $US contribution to GDP.
2. Despite the government’s large consulting tenders for the NBN, energy and resources account for the lion's share of the consulting market. The service and healthcare sector are also emerging as key growth avenues for the consulting sector.
3. The consulting market in Australia largely revolves around advice on business strategy technology implementation. The technology consulting market is primed for growth, but more on that later this week.