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Canada-Fine Performance of Major Accounting Firms in Consultation Market

Canada-Fine Performance of Major Accounting Firms in Consultation Market

Four accounting firms dominate the Canadian consulting market today. The size of the industry was $4.1 billion U.S. dollars in 2018. There was an impressive growth -7.3 percent in 2018 achieved by Deloitte, EY, PwC and KPMG that helped consulting market in Canada in crossing the $4 billion mark. The market revenue had an increase of 5.5 percent. 

The observations of the Report

Additionally, the new report, suggests that the solid growth, is because of the strong economy and Urgent Digitization Initiative of Canada. Digital sphere presently has a share of 25 per cent in the consulting revenue in the country. Moreover, there is an increase in Demand for consulting support in the Data & Analytics, RPA integration owing to AI Technology as well as Block Chain. Simultaneously, consulting firms have an increased focus on digital transformation of their business. As a result they can function efficiently and offer better the solutions to their clients.  Another feature is the growth year and the market is also attractive.

There are many performers now owing to the beginning of digital transformation. The market works as an incubator for small players, and the next stage is acquisition.

The main reasons of growth

The main reason of growth among the Big Four firms was the appetite of clients involving comprehensive, transformation programs on a multi-year basis. Another reason is the sturdy growth in the financial services and also in the risk markets. It has helped in driving up the demand, and created interest in managing services and assets. Technology firms enjoyed success for transformation work, leading to a 6.2 percent growth.

The Canadian consultants are, watching the trade relationship of the nation with the US. The focus is on renegotiation of NAFTA which has an impact on the economy. The changes in policies of the US benefit Canada, as top skilled workers pursue to obtain the Canadian visas.

Another major challenge is the economic recession that can change the investment mindset and purchasing behavior of clients.

There will be strong growth

Furthermore, the Source Global Research report, predicts a strong growth in the present year and also in 2020. The consulting market will look robust, but there is a concern about what will happen in the future.

In case the trade agreements are not resolved, the client confidence will begin to waver. Presently, the economy and the digitization are powerful, for supporting a healthy level of demand, for the present year. 

The report says that Canadian consultants had growth in every sector during 2018. Healthcare 7.7 percent and retail 7.5 percent had good growth. The financial services sector had 6.8 percent growth. 

Strategy service line grew at 7.2 percent followed by technology and risk & regulatory. There are significant investments in digital transformation,

Manufacturing is growing in an efficient manner and moving towards consolidation and rationalization. Finally, there is an increasing cost of goods, owing to the Chinese challenge and the US Policies.

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