UK consulting grows at amazing rate

Tuesday 8 March 2016

In Britain, consultancy is becoming even more of a lucrative career path than it was in previous years. Spurred on by an increase in hiring of temporary staff and a shortage of skilled workers with specialist knowledge, consultants have found themselves incredibly in-demand.

However, you might be surprised at exactly how quickly this industry has grown in the last year. This is something that specialist industry research firm Source Global Research has uncovered in its 'UK Consulting Market 2016' report, which shows that British consulting grew almost four times faster than the nation's wider economy in 2015.

In total, the British consulting industry grew by 8.2 per cent in 2015. In comparison, the UK's GDP grew by 2.2 per cent, slowing down from a growth of 2.9 per cent in 2014. This shows the rate at which consulting is expanding faster than the wider economy, and it is estimated that the sector is now worth around £6.79 billion.

Some areas outperformed others, of course. One of the fastest-growing was pharmaceutical and biotech consulting, which increased at a rate of 14.6 per cent in 2015. Although it is still one of the smaller sectors of consulting, this industry was worth an estimated £238 million by the end of the year.

Financial services consulting also increased rapidly, by 14.3 per cent. This massive chunk of the consultancy industry is now worth an estimated £2.2 billion. Meanwhile, risk and regulatory consulting saw 11.7 per cent growth and is now worth around £507 million.

The impact of an increase in digital solutions has seen technology consulting also grow significantly, by 8.2 per cent in 2015. This area of consulting is a huge part of the sector, and it is thought to be worth £2.69 billion.

In part, the rising need for cybersecurity - or at least the rising awareness of it among businesses - has caused the boom in this particular sector. Some technology consultants specialising in security have seen growth rates as high as 40 per cent in the last year because of this.
All these figures show the same thing: now is an excellent time to become a consultant. If you have a marketable skill, such as in one of the sectors seeing so much growth, you might find yourself able to leave your job and move into consulting. Not only will you be able to benefit from the impressive growth of the industry, you will also be able to experience the freedom of being self-employed.

By Victoria McDonnell

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