Dublin, July 09, 2024 (GLOBE NEWSWIRE) -- The "Marketing Consultants in the US - Industry Market Research Report" report has been added to ResearchAndMarkets.com's offering.
Revenue for marketing consultants is anticipated to expand at a CAGR of 4% during the current period, reaching $87.7 billion in 2024. This includes a 1.3% jump in revenue in 2024 alone.
Demand for marketing consultants has been very strong during the current period despite significant volatility. COVID-19 hindered corporate profit and advertising expenditure, hindering the industry’s performance. Despite this, spending on sales management and development consulting services rose as economic uncertainty caused businesses to seek more advice on managing their sales departments, contributing to a modest increase in revenue in 2020.
Demand for marketing consulting services surged in 2021 and 2022 as the pandemic recovery caused corporate profit to skyrocket. Business income has declined over the past couple of years as rising interest rates have induced recessionary fears, contributing to a modest drop in revenue in 2023. Consultants are somewhat confident that rate cuts in 2024 will lessen recessionary fears, boost corporate profit and cause demand for their services to recover.
This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.
Instant access to hundreds of data points and trends:
- Market estimates from 2014-2029
- Competitive analysis, industry segmentation, financial benchmarks
- Incorporates SWOT, Porter's Five Forces and risk management frameworks
Market highlights:
- Businesses flush with excess profit are more inclined to experiment with marketing strategies and hire consultants, creating a steady revenue stream for the industry
- Marketing strategy and market development consulting services rake in the most revenue
- The Southeast's big population fuels hefty demand for marketing consultants
- With minimal legal requirements and affordable start-up costs, new marketing consultants can enter the industry relatively easily
Top three companies in the market:
- Accenture PLC
- WPP PLC
- Signature Inc.
Market share concentration for the Marketing Consultants industry in the US islow, which means the top four companies generateless than 40% of industry revenue. The average concentration in thesector in the United States is23%.
For more information about this report visit https://www.researchandmarkets.com/r/wr4ii4
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