"They have a combined 1.5 million employees globally and generate billions of dollars annually through a range of consulting and accounting services. After a pandemic-era boom in demand, consulting firms were hit by a sharp slowdown as clients reined in spending. Growth ticked up at all of the Big Four in their latest financial years, though the speed of growth remains modest compared to the double-digit rate of growth seen in the pandemic years."
"Deloitte, EY, and KPMG all expanded their workforces, while PwC pulled back. The professional services industry is also highly exposed to AI-driven transformation. AI is rapidly changing the type of work that consulting firms offer their clients and the talent they require to carry it out. The largest players are now locked in a race - and investing billions - to demonstrate that they can deploy AI effectively in-house and guide clients through the same transition."
The Big Four — EY, Deloitte, KPMG, and PwC — are the world's largest professional services firms, together employing about 1.5 million people and generating billions in revenue. Consulting demand surged during the pandemic but then slowed sharply as clients cut spending; recent financial years showed modest growth across the firms compared with pandemic-era double-digit expansion. Deloitte, EY, and KPMG increased headcounts while PwC reduced staff. Deloitte restructured business lines, lost some U.S. government contracts, and added 10,000 employees to reach 470,000. The industry faces rapid AI-driven transformation, prompting major investments to deploy AI internally and advise clients.
Read at Business Insider
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