Industry firms have benefited from strong demand for their services from companies returning to growth after the recession.
New York, NY (PRWEB) June 11, 2014
The Marketing Consultants industry is expected to continue its surge in 2014. While the industry suffered a temporary setback during the economic downturn in 2009, marketing consultants have benefited from strong demand for their services from companies returning to growth after the recession. Rising corporate profit and private investment during the recovery have driven companies back to thinking about strategic expansion. According to IBISWorld Industry Analyst Will McKitterick, operators, “flush with cash, are spending more on advertising, especially through a number of uncharted digital channels.” As a result, many companies have sought the expertise of marketing consultants to help them navigate the world of online advertising and sales. Strong demand has translated into steady industry revenue growth, which is estimated to have risen over the past five years.
The landscape for firms competing in the Marketing Consultants industry has changed from its prerecessionary state. While a number of firms dropped out of the industry in 2009 at the height of the economic downturn, “the industry has grown rapidly over the past five years,” says McKitterick. In particular, a significant number of small boutique consultancies have entered the industry, competing with larger firms by offering services at a lower cost and providing specialized advice tailored to specific areas of marketing, such as digital advertising or social media. Growth in employment has largely been driven by this expansion of niche consultancies.
The Marketing Consultants industry is highly fragmented and primarily consists of small, nonemployer firms that service niche markets. After its initial postrecessionary resurgence, the industry is expected to grow more consistently over the next five years due to subdued macroeconomic conditions. This slowdown will be reflected in almost all aspects of the industry, including the number of enterprises, which is expected to continue to grow, but at a slower pace than over the previous period. While larger firms begin to merge through acquisitions of more specialized consultancies, niche firms will continue to thrive and grow. In particular, a number of sector-specific firms, focused on issues such as healthcare, will thrive. Overall, the industry will continue to benefit from a greater need for assistance in marketing through digital channels. IBISWorld estimates the industry will grow at an average annual rate over the next five years.
For more information, visit IBISWorld’s Marketing Consultants in the US industry report page.
Follow IBISWorld on Twitter: https://twitter.com/#!/IBISWorld.
Friend IBISWorld on Facebook: http://www.facebook.com/pages/IBISWorld/121347533189.
IBISWorld industry Report Key Topics
Firms in the Marketing Consultants industry provide operating advice and assistance to businesses and other organizations on marketing issues, such as developing marketing objectives and policies, sales forecasting, new product development and pricing, licensing and franchising planning, and marketing planning and strategies.
Key External Drivers
Industry Life Cycle
Products & Markets
Products & Services
Globalization & Trade
Market Share Concentration
Key Success Factors
Cost Structure Benchmarks
Barriers to Entry
About IBISWorld Inc.
Recognized as the nation’s most trusted independent source of industry and market research, IBISWorld offers a comprehensive database of unique information and analysis on every US industry. With an extensive online portfolio, valued for its depth and scope, the company equips clients with the insight necessary to make better business decisions. Headquartered in Los Angeles, IBISWorld serves a range of business, professional service and government organizations through more than 10 locations worldwide. For more information, visit http://www.ibisworld.com or call 1-800-330-3772.