As the US tech giants, Apple, Microsoft, and Google continue to grow aggressively and expand their range of services, they’ve ramped up their use of consultants, finds a new report today.

The report, from professional services industry experts Source Global Research, found that the high-tech industry was TMT’s fastest growing consulting market in 2018, with revenues rising 13.4% to US$4.8bn – this sub market has now grown by over US$1bn in just two years. The global TMT consulting market grew more slowly at 8.8% to US$12.9bn in 2018.

Risk & regulatory projects are also on the up in the TMT sector. The high-tech industry in particular is coming under much greater regulatory scrutiny, primarily in Europe and the US, especially in relation to data privacy, and this is proving to be a boon for consultants in the high-tech market.

Gordon Tucker, Managing Director of Protiviti, San Francisco Bay Area Market Leader, and Global TMT Industry Leader, said:
“Tech companies have been relatively unencumbered by significant regulation in the past; now the day of reckoning is here. We're helping our clients to be aware of how best to prepare for an increased regulatory environment, and helping them develop and implement an effective approach to increasing regulation.”

The Source report also found that the introduction of GDPR has been a game changer for many risk & regulatory firms serving the high-tech industry. Not only did it generate significant volumes of work before it came into effect in May 2018, but it continues to generate work as clients with European operations seek ongoing support to ensure they remain compliant with every process change or new product or service that is launched.

Ashok Patel, a writer and editor at Source Global Research, added:

“Whether it is the EU’s investigations into the business practices of the big US tech companies, the US Congressional hearings into how some of the biggest Silicon Valley companies operate, or the introduction of data privacy laws in Europe, California, Brazil, and elsewhere, companies reached out to consultants for support navigating the increasingly tricky regulatory waters and to ensure they are compliant with new laws ahead of the deadline.”

Other areas where high-tech companies are turning to consultants for support include: