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Scientific & Economic Consulting

Scientific & Economic Consulting

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Executive summary

The Scientific and Economic Consulting industry has grown over the five years to 2022, as economic and environmental issues became more complex. The industry provides consulting services to a diverse range of markets with varying degrees of specialization in products and services, which enabled it to sustain growth despite declines in demand from certain markets. The industry grew throughout most of the period, primarily due to corporate profit growth. As corporations were more profitable, they sought out assistance from industry participants for a variety of consulting projects that fall within this industry. However, the onset of the COVID-19 (coronavirus) pandemic in 2020 decelerated revenue growth amid falling corporate profit and research and development expenditure in that year. Overall, industry revenue is expected to increase an annualized 4.7% to reach $48.2 billion over the past five years, including a 3.7% increase in 2022.
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Each report includes:

industry revenue;

industry profit;

industry margin;

industry employment;

industry major players;

industry key external drivers;

industry product & structure segmentation;

industry key trends;

industry Life Cycle;

industry Geographic Breakdown;

industry Key Success Factors;

industry Key statistics for previous years;

forecast of industry Key statistics for the next 5 years;

Reference Wordlist

BARRIERS TO ENTRY
High barriers to entry mean that new companies struggle to enter an industry, while low barriers mean it is easy for new companies to enter an industry.

CAPITAL INTENSITY
Compares the amount of money spent on capital (plant, machinery and equipment) with that spent on labor.
IBISWorld uses the ratio of depreciation to wages as a proxy for capital intensity. High capital intensity is more than $ 0.333 of capital to $ 1 of labor; medium is $ 0.125 to $ 0.333 of capital to $ 1 of labor; low is less than $ 0.125 of capital for every $ 1 of labor.

CONSTANT PRICES
The dollar figures in the Key Statistics table, including forecasts, are adjusted for inflation using the current year (i.e. year published) as the base year. This removes the impact of changes in the purchasing power of the dollar, leaving only the "real" growth or decline in industry metrics. The inflation adjustments in IBISWorld’s reports are made using the US Bureau of Economic Analysis’ implicit GDP price deflator.

Colloquial Terminology

AGRONOMY
Research and development related to studying and improving plant-based agriculture.

PRIVATE AND PUBLIC LITIGATION
Litigation involving companies that are facing lawsuits from clients or interested third parties; economic consultants are often called in to help.

RESEARCH AND DEVELOPMENT (R&D)
Creative work undertaken by a company to increase the stock of knowledge, which can then be applied to developing a new product or improving an existing one.

SEQUESTRATION
Automatic budget cuts caused by excessive budget deficits.

Details

Industry growth is likely to be boosted during the period as a result of increased demand for industry operators' services during the period from government agencies. These agencies require industry operators' services for a variety of projects including budgetary forecasting and environmental regulation. Prior to the period, austerity measures led government consumption and investment to decline. However, growth has picked up during the period with government consumption and investment increasing an annualized 1.5% over the past five years.

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