• The management consulting market declined by $30 billion due to decreased client demand during the coronavirus pandemic, but certain areas are still growing. 
  • Experts told Business Insider that technology, healthcare, and strategy consulting remain steady areas of growth for major firms like KPMG, McKinsey, and Boston Consulting Group.
  • Consultants with specializations in digital transformation, corporate turnarounds, and cybersecurity are in higher demand right now. 
  • Here are the practice areas that will expand in response to the coronavirus and how much they pay. 
  • Visit Business Insider’s homepage for more stories.

If you’re looking for a job in management consulting right now, it pays to be in a booming sector. 

The coronavirus pandemic has upended the management-consulting industry. The market for consultants has declined this year to an estimated $132 billion from $160 billion because of decreased client demand, according to research platform Statista. The crisis put a strain on corporate budgets, forcing some to cancel or pause projects with major clients.

But even in the midst of an unstable financial market and a rapidly-spreading virus, there are certain areas within consulting that are growing in demand.

While consultants working in the motor, manufacturing, aerospace, and travel industries are among the most impacted by the health crisis, there are certain areas, such as turnaround and bankruptcy, strategy, and healthcare that are set to grow. 

This means consultants may have to be flexible about the jobs they take on. For example, workers previously handling operations for an airline might be moved to strategy operations for a high-growth client. Stephan Chase, partner and US consulting leader at KPMG, said there’s also been “an explosion of opportunity” in specialized areas such corporate turnarounds, cybersecurity, and government-related work. 

“We tend to flow toward where those opportunities are being generated, and we’ve been pretty good about moving

NEW DELHI, Oct 12 (Reuters)India’s finance minister on Monday announced steps to stimulate consumer demand including advance payment of a part of the wages of federal government employees for spending during the festival season, part of efforts to bolster the pandemic-hit economy.

The government will also allow its employees to spend travel allowances that are an income-tax-exempt part of their salaries on goods and services, Nirmala Sitharaman told a news briefing.

“This is expected to create a consumer demand of about 280 billion rupees ($3.83 billion),” she said.

Prime Minister Narendra Modi’s government, which imposed a tough lockdown to stem the spread of the coronavirus in March, is pushing ahead with a full opening to try to boost the economy ahead of the usually high-spending festival season.

($1 = 73.1541 Indian rupees)

(Reporting by Aftab Ahmed and Manoj Kumar; Editing by Catherine Evans)

(([email protected]; +91 11 4954 8029; Reuters Messaging: [email protected]))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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By Aftab Ahmed and Manoj Kumar

NEW DELHI (Reuters) – India on Monday announced steps to stimulate consumer demand, including advance payment of a part of the wages of federal government employees during the festival season and more capital spending as it tries to bolster the pandemic-hit economy.

The government will allow its employees to spend tax-exempt travel allowances on goods and services, Nirmala Sitharaman, India’s finance minister told a news briefing.

She said the government will also shore up investment by spending extra 250 billion rupees ($3.41 billion)on roads, ports and defence projects, and offering 120 billion rupees in interest-free 50-year loans to state governments for spending on infrastructure before March 31,2021.

“All these measures are likely to create an additional demand of 730 billion rupees ($9.96 billion),” Sitharaman said, adding the proposals would stimulate demand in a “fiscally prudent way.”

Prime Minister Narendra Modi’s government, which imposed a tough lockdown to stem the spread of the coronavirus in March, is pushing ahead with a full opening to try to boost the economy ahead of the usually high-spending festival season, which runs from October to March.

The latest package would not require any extra borrowing by the federal government, Tarun Bajaj, economic affairs secretary at the Ministry of Finance, told reporters.

India’s federal government said last month it would stick to revised borrowing target of 12 trillion rupees ($163.78 billion) in the current fiscal year ending March, against an earlier estimate of 7.8 trillion rupees.

India’s total coronavirus cases have crossed 7.12 million, second only to the United States, with deaths reaching 109,150.

The Reserve Bank of India left key policy rates unchanged on Friday, while retaining an accommodative monetary stance to support an economy that is projected to contract by almost 10% in the current fiscal year.

($1

Despite softer demand in the commercial aviation space, the forecast for corporate jets remains somewhat strong. According to new survey data compiled by Honeywell Aerospace, a company that builds engines and a wide range of other aircraft parts, demand for corporate jets should recover to 80-85% of pre-pandemic levels in the fourth quarter of 2020, a strong recovery coming out of a relatively soft summer.

The data comes as part of a broad, annual survey that Honeywell conducts to gauge the demand for corporate jets. This year’s data gives unique insight into that demand as the economy recovers from the long term effects of a sustained, worldwide pandemic.

On the commercial side of the equation, passenger demand and traffic has dropped precipitously, leading to a wave of grounded aircraft and many orders canceled or put into holding patterns. In April, Boeing’s backlog contracted by 300 aircraft as cancellations surged. That same month, Airbus cut production.

While flight volumes and demand remain low in the commercial space, the forecast for recovery in the respective airframe industry also continues to slip. According to the Financial Times and Boeing, it may take up to three years for that industry and the subsequent orders to recover.

Corporate jet demand, by contrast, appears to have only suffered a minor setback. According to the survey conducted by Honeywell, while 82% of survey respondents plan to operate current equipment less often than in 2019 — an obvious effect of the pandemic — 4 in 5 respondents also said that the current economy doesn’t affect their buying plans. Five-year purchase plans are also down only one percent versus the

The global veterinary diagnostics devices market size is poised to grow by USD 815.28 million during 2020-2024, progressing at a CAGR of almost 9% throughout the forecast period, according to the latest report by Technavio. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. Download a Free Sample of REPORT with COVID-19 Crisis and Recovery Analysis.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20201009005389/en/

Technavio has announced its latest market research report titled Global Veterinary Diagnostic Devices Market 2020-2024 (Graphic: Business Wire)

The rising demand for pet insurance with growing animal health expenditure is one of the significant veterinary diagnostics market drivers. The rising costs of animal healthcare have increased the need for pet insurance policies. Currently, most insurance companies have reimbursement-based programs that help pet owners in covering unplanned healthcare costs. As a result, pet owners and livestock caretakers are increasingly availing healthcare services for animals. The pet insurance industry is rapidly growing in regions such as North America. These factors are contributing to the growth of the veterinary diagnostics market.

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  • The major veterinary diagnostics devices market growth came from the companion animals segment. The increasing pet ownership and the rising healthcare expenditure associated with companion animals are increasing the demand for veterinary diagnostics devices. This will drive the growth of the veterinary diagnostics market over the forecast period.

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