Major Group SIC 8742 - Management Consulting Services

SIC 8742 - Management Consulting Services

SIC 87 - Engineering, Accounting, Research, Management, And Related Services
SIC 01 - Agricultural Production Crops SIC 02 - Agricultural Production Livestock And Animal Specialties SIC 07 - Agricultural Services SIC 08 - Forestry SIC 09 - Fishing, Hunting, And Trapping SIC 10 - Metal Mining SIC 12 - Coal Mining SIC 13 - Oil And Gas Extraction SIC 14 - Mining And Quarrying Of Nonmetallic Minerals, Except Fuels SIC 15 - Building Construction General Contractors And Operative Builders SIC 16 - Heavy Construction Other Than Building Construction Contractors SIC 17 - Construction Special Trade Contractors SIC 20 - Food And Kindred Products SIC 21 - Tobacco Products SIC 22 - Textile Mill Products SIC 23 - Apparel And Other Finished Products Made From Fabrics And Similar Materials SIC 24 - Lumber And Wood Products, Except Furniture SIC 25 - Furniture And Fixtures SIC 26 - Paper And Allied Products SIC 27 - Printing, Publishing, And Allied Industries SIC 28 - Chemicals And Allied Products SIC 29 - Petroleum Refining And Related Industries SIC 30 - Rubber And Miscellaneous Plastics Products SIC 31 - Leather And Leather Products SIC 32 - Stone, Clay, Glass, And Concrete Products SIC 33 - Primary Metal Industries SIC 34 - Fabricated Metal Products, Except Machinery And Transportation Equipment SIC 35 - Industrial And Commercial Machinery And Computer Equipment SIC 36 - Electronic And Other Electrical Equipment And Components, Except Computer Equipment SIC 37 - Transportation Equipment SIC 38 - Measuring, Analyzing, And Controlling Instruments Photographic, Medical And Optical Good SIC 39 - Miscellaneous Manufacturing Industries SIC 40 - Railroad Transportation SIC 41 - Local And Suburban Transit And Interurban Highway Passenger Transportation SIC 42 - Motor Freight Transportation And Warehousing SIC 44 - Water Transportation SIC 45 - Transportation By Air SIC 46 - Pipelines, Except Natural Gas SIC 47 - Transportation Services SIC 48 - Communications SIC 49 - Electric, Gas, And Sanitary Services SIC 50 - Wholesale Trade-durable Goods SIC 51 - Wholesale Trade-non-durable Goods SIC 52 - Building Materials, Hardware, Garden Supply, And Mobile Home Dealers SIC 53 - General Merchandise Stores SIC 54 - Food Stores SIC 55 - Automotive Dealers And Gasoline Service Stations SIC 56 - Apparel And Accessory Stores SIC 57 - Home Furniture, Furnishings, And Equipment Stores SIC 58 - Eating And Drinking Places SIC 59 - Miscellaneous Retail SIC 60 - Depository Institutions SIC 61 - Non-depository Credit Institutions SIC 62 - Security And Commodity Brokers, Dealers, Exchanges, And Services SIC 63 - Insurance Carriers SIC 64 - Insurance Agents, Brokers, And Service SIC 65 - Real Estate SIC 67 - Holding And Other Investment Offices SIC 70 - Hotels, Rooming Houses, Camps, And Other Lodging Places SIC 72 - Personal Services SIC 73 - Business Services SIC 75 - Automotive Repair, Services, And Parking SIC 76 - Miscellaneous Repair Services SIC 78 - Motion Pictures SIC 79 - Amusement And Recreation Services SIC 80 - Health Services SIC 81 - Legal Services SIC 82 - Educational Services SIC 83 - Social Services SIC 84 - Museums, Art Galleries, And Botanical And Zoological Gardens SIC 86 - Membership Organizations or Unions And Similar Labor Organizations SIC 87 - Engineering, Accounting, Research, Management, And Related Services SIC 89 - Services, Not Elsewhere Classified SIC 96 - Administration Of Economic Programs
- SIC 874 - Management And Public Relations Services
  SIC 871 - Engineering, Architectural, And Surveying SIC 872 - Accounting, Auditing, And Bookkeeping Services SIC 873 - Research, Development, And Testing Services SIC 874 - Management And Public Relations Services
  - SIC 8742 - Management Consulting Services
    SIC 8741 - Management Services SIC 8742 - Management Consulting Services SIC 8743 - Public Relations Services SIC 8744 - Facilities Support Management Services SIC 8748 - Business Consulting Services, Not Elsewhere Classified

Establishments primarily engaged in furnishing operating counsel and assistance to managements of private, nonprofit, and public organizations. These establishments generally perform a variety of activities, such as strategic and organizational planning; financial planning and budgeting; marketing objectives and policies; information systems planning, evaluation and selection; human resource policies and practices planning; and production scheduling and control planning. These establishments are characterized by the breadth and scope of the problems they address.

Industry trends:

The Management Consulting Services industry (NAICS 8742) has been undergoing significant changes recently. One prominent trend is the increasing demand for digital transformation services. Companies are seeking expertise to help navigate through the complexities of digital adoption, including the implementation of advanced technologies like artificial intelligence, machine learning, and blockchain.

Another trend is the rising emphasis on sustainability and corporate social responsibility (CSR). Clients are increasingly looking for consulting firms that can guide them in implementing sustainable practices and achieving ESG (Environmental, Social, and Governance) goals. This shift is driven by regulatory pressures and growing consumer awareness.

Moreover, there has been a notable movement towards specialized consulting services. Rather than relying solely on generalist consultants, businesses are now seeking professionals with deep industry-specific knowledge and niche expertise. This has led to the emergence of boutique consulting firms that cater to specific sectors or business challenges.

Looking forward, the management consulting industry is expected to witness growth in demand for remote and hybrid consulting services. The COVID-19 pandemic accelerated the acceptance of virtual consultations, and this trend is anticipated to continue as firms recognize the cost and time efficiencies of remote engagements.

This industry is comprised of:

Administrative management consultants

General management consultants

Human resource consultants

Management engineering consultants

Management information systems consultants

Manufacturing management consultants

Marketing consultants

Operations research consultants

Personnel management consultants, except employment service

Physical distribution consultants

Site location consultants

Explore related industries:

SIC 2791 - Typesetting SIC 7311 - Advertising Agencies SIC 7819 - Services Allied To Motion Picture Production

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