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The FEACO study showed that following a 2% decline in 2002, the UK market has bounced back and grown 3.5%, while it is also the largest individual market for consulting with a turnover of €14.8bn.
This translates to a 31.2% share of the total European market for consulting, also increasing its share of over second placed Germany (€13.13bn) and third placed France (€5.6bn).
The survey also showed that the most prominent growth was recorded in the European transformational outsourcing market where revenues more than doubled in size from €3.53bn in 2000 to €8.25bn in 2003. In stark contrast, corporate strategy declined by nearly a third from €12.25bn in 2001 to €8.27bn in 2003.
Individual domestic markets reported wide differences in their performance. Growth was seen in Greece thanks to the Olympic Games, the Third Community Support Framework Program and market deregulation (15%) as well as in Eastern Europe (14%) and the UK (13%).
Areas of decline were Nordic countries (11.6%), France (10%), Netherlands (3%), Belgium (4.5%) and Italy (2.5%).
In a further positive sign that the industry is once again finding its feet, the number of management consultants in Europe has increased by more than a third in five years. In 2003 the number went up to an all-time high of 310,000 from 200,000 in 1998.
Small and medium sized consultancy firms grew faster than the top 20 firms, while IT consulting remains the biggest European service line and accounting for 28.1% of the whole market.