Expert Networks Statistics


Steve Goldstein
Steve Goldstein
Business Formation Expert
Steve Goldstein runs LLCBuddy, helping entrepreneurs set up their LLCs easily. He offers clear guides, articles, and FAQs to simplify the process. His team keeps everything accurate and current, focusing on state rules, registered agents, and compliance. Steve’s passion for helping businesses grow makes LLCBuddy a go-to resource for starting and managing an LLC.

All Posts by Steve Goldstein →
Business Formation Expert  |   Fact Checked by Editorial Staff
Last updated: 
LLCBuddy™ offers informative content for educational purposes only, not as a substitute for professional legal or tax advice. We may earn commissions if you use the services we recommend on this site.
At LLCBuddy, we don't just offer information; we provide a curated experience backed by extensive research and expertise. Led by Steve Goldstein, a seasoned expert in the LLC formation sector, our platform is built on years of hands-on experience and a deep understanding of the nuances involved in establishing and running an LLC. We've navigated the intricacies of the industry, sifted through the complexities, and packaged our knowledge into a comprehensive, user-friendly guide. Our commitment is to empower you with reliable, up-to-date, and actionable insights, ensuring you make informed decisions. With LLCBuddy, you're not just getting a tutorial; you're gaining a trustworthy partner for your entrepreneurial journey.

Expert Networks Statistics 2023: Facts about Expert Networks outlines the context of what’s happening in the tech world.

LLCBuddy editorial team did hours of research, collected all important statistics on Expert Networks, and shared those on this page. Our editorial team proofread these to make the data as accurate as possible. We believe you don’t need to check any other resources on the web for the same. You should get everything here only 🙂

Are you planning to form an LLC? Maybe for educational purposes, business research, or personal curiosity, whatever the reason is – it’s always a good idea to gather more information about tech topics like this.

How much of an impact will Expert Networks Statistics have on your day-to-day? or the day-to-day of your LLC Business? How much does it matter directly or indirectly? You should get answers to all your questions here.

Please read the page carefully and don’t miss any words.

Top Expert Networks Statistics 2023

☰ Use “CTRL+F” to quickly find statistics. There are total 17 Expert Networks Statistics on this page 🙂

Expert Networks “Latest” Statistics

  • 81% of investment professionals believe that “talking to experts” is a legitimate and value-adding part of the investment due diligence process, according to a 2011 TABB Group report.[1]
  • Integrity Research’s report estimates that expert network companies will bring in $1.5 billion in revenue in 2020.[1]
  • In 2022, more than 120 expert networks contributed more than $2.1 billion to the revenues of the expert network industry.[2]
  • Since 2015, the expert network has grown by 18% on average.[2]
  • GLG has experienced a CAGR of 8% since 2015, making it the largest player in a market that is becoming increasingly crowded.[2]
  • Analysis indicates that AlphaSights, Guidepoint, and Third Bridge are trailing behind it, expanding at rates of 15-30% CAGR over the same time frame.[2]
  • By the beginning of 2022, approximately 4,500 businesses are utilizing expert networks.[2]
  • The expert network industry expanded at an annual rate of 4.5 percent between 2015 and 2020, reaching a market size of US$1.3 billion in 2019 and US$1.5 billion in 2020.[3]
  • It is estimated that Gerson Lehrman Group, the industry’s dominant expert network operator, generates 50.0% of total revenue alone.[4]
  • In May 2021, the average annual salary for computer network support specialists was $62,760.[5]
  • In May 2021, the average annual salary for computer user support specialists was $49,770.[5]
  • In the expert network industry, AlphaSights and Third Bridge are close behind, growing at an average annual rate of 30% over the past five years.[6]
  • Over half of the respondents (54%) use between two and four Expert Networks, followed by 42 percent who entrust their research to one Expert Network and the remaining 4 percent who prefer to draw conclusions from working with five or more Expert Networks.[7]
  • Expert Networks will become increasingly important in consulting, according to 3.8 out of 5 respondents, and 80% anticipate that Expert Call volume will grow at the same rate or faster than their company’s business.[7]
  • 57 respondents mentioned strategy cases, 42 mentioned proposal work, Internal Studies (25), Performance Improvement / Cost Reduction (25), and Transformation Projects (23) as the types of consulting projects for which they anticipate increasing their Expert Network usage.[7]
  • 4 out of 5 clients who took part in the Guidepoint Client Survey agreed that their company uses Expert Networks, and 3 out of 5 clients agreed that more clients are asking for Expert Networks to be used frequently in consulting projects.[7]
  • When asked who makes the most important decisions about whether a project uses Expert Network services, 67% of respondents said Partners/Principals, and the same percentage said Managers/Senior Consultants.[7]

Also Read

How Useful is Expert Networks

The usefulness of expert networks lies in their ability to provide businesses with access to a diverse range of perspectives and expertise that they may not have within their own organization. By connecting with experts in areas such as finance, technology, healthcare, and more, businesses can gain valuable insights that can help them navigate complex challenges and make more informed decisions.

One of the key benefits of expert networks is the ability to connect businesses with experts who have real-world experience and deep subject matter expertise. This can be particularly valuable for businesses looking to enter new markets, develop new products, or solve complex problems, as experts can provide insights and guidance that may not be readily available within the organization.

Additionally, expert networks can be a valuable resource for businesses looking to stay ahead of industry trends and developments. By connecting with experts who are at the forefront of their field, businesses can gain valuable insights into emerging technologies, market trends, and regulatory changes that may impact their industry.

Moreover, expert networks can also be a valuable resource for businesses seeking to validate their own ideas and assumptions. By consulting with experts who have experience in a particular area, businesses can gain valuable feedback and insights that can help them refine their strategies and make more effective decisions.

However, while expert networks can be a valuable resource for businesses, it is important to approach them with caution. Not all experts are created equal, and it is important for businesses to do their due diligence when selecting and working with experts. This includes verifying the credentials and experience of experts, as well as ensuring that the advice and insights they provide align with the goals and values of the business.

In conclusion, expert networks can be a valuable tool for businesses seeking to gain insights and expertise from industry professionals. By connecting with experts who have real-world experience and deep subject matter expertise, businesses can gain valuable insights that can help them navigate challenges, stay ahead of trends, and make more informed decisions. However, it is important for businesses to approach expert networks with caution and do their due diligence to ensure that they are working with experts who can provide the valuable advice and insights they need.

Reference

  1. wikipedia – https://en.wikipedia.org/wiki/Expert_network
  2. inex – https://inex.one/blog/expert-network-market-size
  3. rightangleglobal – https://rightangleglobal.com/expert-network-industry-2021-growth-or-decline/
  4. webinarcare – https://webinarcare.com/best-expert-networks/expert-networks-statistics/
  5. bls – https://www.bls.gov/ooh/computer-and-information-technology/computer-support-specialists.htm
  6. forbes – https://www.forbes.com/sites/jonyounger/2020/02/12/the-global-expert-network-business-is-growing-fast-meet-inex-one/
  7. guidepoint – https://www.guidepoint.com/guidepoints-client-survey-consultants-view-on-expert-networks/

Leave a Comment