The industry will prosper as an improving economic climate stimulates demand.
New York, NY (PRWEB) August 16, 2014
Firms in the Scientific and Economic Consulting industry provide guidance and advisory services to businesses, government bodies and nonprofit organizations on scientific and technical issues. Industry services are highly diverse as operators assist a range of different markets. Therefore, industry services range from geological and geophysical consulting services to risk management and business expansion plans. “Consequently, over the past five years, the recovery of the Canadian economy following the recession has boosted industry revenue,” according to IBISWorld Industry Analyst Jeremy Edwards. Rapidly rising corporate profit has increased the number of businesses and the level of business investment activity during the period, which has translated into strong industry growth for consultants. Furthermore, the mining sector continues to play a key role in the Canadian economy and the Scientific and Economic Consulting industry. As a result, Canada's rich natural reserves have been a burgeoning factor for scientific consultants that provide resource reserve estimation services and geological formation advisory services.
“Agricultural markets have also steadily grown over the past five years, with consultants providing advice on soil management, crop and animal production,” says Edwards. Consequently, the industry is estimated to grow an annualized 6.8% over the five years to 2014, reaching $3.6 billion. Growth is expected to slow in 2014 to 3.7%, as falling government expenditure and more stable gains to corporate profit encourage moderated growth. Low barriers to entry and strong improvement in profit is also forecast to cause the number of establishments to grow at an average annual rate of 6.0% to 21,708 over the five years to 2014.
Over the next five years, industry growth is forecast to slow, but remain ahead of the overall economy. Improving corporate profit and rising business sentiment will encourage new investment in facilities and, therefore, demand for business plans and risk management services. Additionally, Canada's ample mining market will continue to drive growth for industry operators, especially if large price hikes occur in the price of commodities and precipitate strong investment from large mining companies seeking to capture higher profit margins. Overall competition is also expected to intensify positive conditions across the industry attracting external environmental and research consultants.
For more information, visit IBISWorld’s Scientific and Economic Consulting in Canada industry report page.
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IBISWorld industry Report Key Topics
This industry provides advice and assistance to businesses and other organizations on scientific and technical issues. The industry includes a range of specialist consulting activities, primarily in the areas of economic, energy and mineral, security, and agricultural analysis. This industry excludes establishments that derive their revenue primarily from environmental consulting and remediation, geophysical surveying and mapping or oil and gas exploration.
Key External Drivers
Industry Life Cycle
Products & Markets
Products & Services
Globalization & Trade
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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 and Canadian 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.