Expert Networks Statistics


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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.

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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

One of the key benefits of expert networks is their ability to connect individuals with industry-specific knowledge and expertise. By tapping into the wealth of knowledge that experts possess, businesses and individuals can gain valuable insights that can help them make more informed decisions. Whether it’s understanding market trends, identifying potential risks, or exploring new opportunities, expert networks can provide the information needed to stay ahead of the curve.

Furthermore, expert networks offer a unique opportunity for professionals to learn from one another and expand their knowledge base. By facilitating connections between experts and those seeking advice, these networks foster a collaborative environment where ideas can be shared, challenged, and refined. This exchange of ideas can lead to breakthrough innovations, problem-solving, and strategic partnerships that can propel businesses forward.

Another advantage of expert networks is their ability to provide specialized expertise that may not be readily available within an organization. By leveraging the network’s connections, businesses can access specific knowledge and skills that can help them address critical challenges or seize new opportunities. This can be particularly valuable for smaller companies or startups that may not have the resources to hire full-time experts in every area of their business.

However, while expert networks offer numerous benefits, they also come with potential drawbacks. For instance, the quality of advice and insights shared within these networks can vary significantly depending on the expertise and experience of the professionals involved. It is important to thoroughly vet experts and their credentials to ensure that the information provided is reliable and accurate.

Moreover, the cost associated with accessing expert networks can be a barrier for some individuals and organizations. While the value of the insights gained may justify the expense, it is important for users to carefully consider the return on investment and weigh the costs against the potential benefits.

In addition, there may be concerns about the confidentiality and security of information shared within expert networks. Given the sensitive nature of some discussions, participants must exercise caution when sharing proprietary or confidential information and ensure that adequate safeguards are in place to protect sensitive data.

Overall, expert networks are valuable resources that can provide businesses and professionals with a wealth of knowledge and expertise. By connecting individuals with specialized insights and facilitating collaboration, these networks can help drive innovation, informed decision-making, and strategic growth. While there are challenges and considerations to keep in mind, the benefits of expert networks far outweigh the potential drawbacks when utilized effectively.

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/

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