What are the key trends affecting consulting industry in 2024? Like increased use of AI, hiring slowdown, etc

Hi There,

Interesting question indeed, I will try to answer it from my perspective as a junior in the industry,

In my opinion, there are 2 main issues impacting the consulting industry in 2024:

1. (Recurrent) Lack of professionals at the mid/manager level: This issue has been recurrent in the consulting field for some time now, as manager level is usually the sweet spot for employees to transition out of consulting, so this generates a lack of professionals at this level

2. (current) Demand for consulting: It is no secret that the demand for consulting services has recently experienced a slowdown, a trend that is not confined to any particular region. Even the typically dynamic Middle East markets have witnessed layoffs across several firms this year. This downturn, in my view, is closely linked to the global economic climate, as the consulting industry tends to mirror the broader economy—demand increases during periods of economic stability and growth, while it declines during times of uncertainty or economic distress

Happy to hear others' point of view as well,

Hi there,

I would argue that it's AI by a large margin as it affects both 

• how the work is conducted by firms
• what clients need help with (around 40% of MBB projects have an AI focus or touch in AI in one way or another according to recent news/articles)

Since we are still at a very early stage here, I'd forecast this dominating theme to stay for a while.

Cheers,

Florian

hey! 

From my point of view key trends in the consulting industry in 2024 include increased use of AI and automation, a focus on sustainability and ESG, a hiring slowdown, more emphasis on remote and hybrid work models, and growing demand for digital transformation services.

BR Alessa :)