Specialist or generalist?

I've had discussions lately with a variety of product development professionals about what it takes to thrive in the consulting market today.  The opinions are split almost 50/50.

Some swear the path to success requires becoming a specialist - an expert in one particular field.  They market themselves as the go-to resource for a specific market, and build their personal brand around such expertise. 

Others suggest a broader scope to one’s professional story, in order to be open to a wider pool of opportunities.  As generalists, their personal brand reflects a broader body of work, even if that means not being considered a dedicated expert in any one discipline. 

Each path has its trade-offs:

Specialist:  Technical expertise and industry recognition, but limited to a narrower job market.

Generalist:  More variety and cross-disciplinary exposure, but can be difficult to stand out and secure opportunities in fields for which you’ve got limited experience.

I’ve found myself leaning in both directions at different points in my career, often depending on industry trends and opportunities. 

As I nudge back to a more generalist path these days, I wonder how others of you are leaning?  Have you chosen one lane, or must you adapt as circumstances change?