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Demand for strategy, tech-related consulting could fall amid downturn: analysts

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Paige Lim

Paige Lim

Published Mon, May 1, 2023 · 05:50 AM
    • Market watchers said weak global growth has been dampening demand for consultancy, both worldwide and in Singapore.
    • Market watchers said weak global growth has been dampening demand for consultancy, both worldwide and in Singapore. PHOTO: BT FILE

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    DEMAND for strategy and technology-related consulting services could fall as businesses reduce growth plans and tighten budgets amid economic weakness, said market watchers.

    But conversely, weak conditions could spur demand for advisory on operations management, restructuring and insolvency. Longer-term demand also remains in areas such as environmental, social and governance (ESG).

    The global consulting industry has been rocked by job cuts in recent months. Globally, McKinsey & Co is cutting 2,000 jobs and Accenture is slashing 19,000. In the United States, KPMG is laying off 2 per cent of its staff; EY is cutting 3,000, mostly in consulting; and Deloitte will cut 1,200.

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