Global Expert Networks Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Expert Networks Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

An expert network is a service provider that connects clients with experts. These experts are paid to share their specific market expertise through brief consultations or to serve as expert witnesses on legal or policy matters. Some expert networks are also equipped with advanced infrastructure, such as online tools for data management, invoice preparation, recording, writing transcripts of recordings, and confidentiality management. Expert networks are very popular with investors, and consumers include consulting firms, investment firms such as hedge funds and private equity funds, and businesses of all kinds looking to optimize their operations.

Market Overview:

The latest research study on the global Expert Networks market finds that the global Expert Networks market reached a value of USD 2438.53 million in 2022. It’s expected that the market will achieve USD 5951.83 million by 2028, exhibiting a CAGR of 16.03% during the forecast period.

Increased need for access to information

With the growth of online work and the rapid development of technology, the demand for relevant insider information on changing markets and industries is growing, and the expert networking industry is providing a wider range of opportunities for experts and businesses. A network of experts provides expertise beyond the capabilities of client research, allowing clients to actually get answers to specific questions they encounter directly, and is, therefore, more directly relevant than secondary research (e.g. buying market reports and market data, desktop research), and greatly simplifies and speeds up their research process. From the downstream market, the rapid growth of private equity assets under management has driven the spending on transaction analysis by private equity firms and the advisors they hire, and investment firms use expert networks to understand new markets related to investment opportunities. Increasingly dissatisfied with the quality of ordinary B2C samples, market researchers are increasingly shifting their attention and spending to qualified B2B respondents in expert networks for faster and more valuable solutions and competitive strategies. A network of specialists keeps companies from being forced to build and maintain specialized divisions, especially in the tech and healthcare industries. The shortage of software developers is driving companies to use expert networks to hire skilled developers to meet demand, rather than building technical teams. The healthcare industry often needs to consult a network of experts for advice on clinical trials and pharmaceutical companies. Academic staff uses expert networks to conduct surveys and qualitative research in academia. The growth of LinkedIn has allowed expert networks to find more experts online and is increasingly open to the concept of micro-consulting. For experts, participating in these expert calls is a way to structure their thinking about the market and strengthen their network and thought leadership in contexts beyond their existing networks. Therefore, the demand for access to information by organizations at all levels in modern society has driven the rapid development of the expert network industry.

Increase in freelancers

As more and more people adapt to working from home, the number of people doing freelance work is growing at an unprecedented rate. The U.S. has the largest freelance market in the world, with Statista showing that over 59 million U.S. citizens were freelancing in 2020, accounting for roughly 37% of the U.S. workforce. It is estimated that by 2028, 90.1 million people in the United States will be self-employed, which will account for more than half of the total U.S. workforce. It is followed by the United Kingdom and Brazil. Computer programming, marketing, IT, and business consulting are the industries with the most freelancers. While the pandemic may have accelerated the trend, it shows no signs of slowing down. Freelancing has always had many advantages, such as workload control, multiple income streams, flexible working hours, and location flexibility. With remote work proliferating in recent years, freelancers are increasingly reaping the benefits of offering their services through a network of specialists. They can establish remote connections through a network of specialists to provide services on demand. The efficiency and reliability of a network of specialists allow freelancers to forego the hassle of finding clients through other online means such as social media or personal websites. They are provided with a platform dedicated to connecting them with third parties who need their specific expertise. This optimizes the process for freelancers, further increasing their ease of marketing themselves to potential clients across the globe. Therefore, as the total number of freelancers increases, the expert network can more easily find the required human resources, which is conducive to the expansion of market share.

Labor cost is too high

Traditional expert networks have long relied on the process of manually finding experts, which requires a lot of resources and manpower. GLG, for example, employs more than 2,000 people to process client requests and match them with suitable specialists from its database. Services provided by experts have also evolved from telephone calls to consultative arrangements including conferences, seminars, and writing industry reports. Clients are increasingly less demanding of face-to-face meetings and the time spent screening discussions before each call is lengthening. Overall, business volumes declined at the same time as new players entered the field. Some expert network businesses have unilaterally reduced the fees they pay experts, while also becoming less specific when inviting experts to participate in projects. In the long run, this will be detrimental to the development of the industry and may reduce the quality of service. For many startups new to the expert networking space, technology has been the catalyst and what separates them from the established frontrunners. Using a technology-driven approach has the potential to create transparency and information equality that can make the process easier, faster, and more cost-effective for all parties involved. Investors will also give more support. Therefore, excessive labor costs will adversely affect the industry, and technology-driven enterprises in the future are expected to improve this shortcoming.

Region Overview:

In 2022, the share of the Expert Networks market in United States stood at 42.82%.

Company Overview:

The major players operating in the Expert Networks market include Gerson Lehrman Group (GLG), AlphaSights, Third Bridge, Guidepoint, Capvision, etc. Among which, Gerson Lehrman Group (GLG) ranked top in terms of sales and revenue in 2023.

Segmentation Overview:

By type, Subscription-based segment accounted for the largest share of market in 2022.

Application Overview:

By application, the Public Equity segment occupied the biggest share from 2018 to 2022.

Key Companies in the global Expert Networks market covered in Chapter 3:

Dialectica
Atheneum
Capvision
Zintro
Gerson Lehrman Group (GLG)
proSapient
Third Bridge
Arbolus
Clarity
DeepBench
CleverX
Visas Q (Coleman Research)
AlphaSights
NewtonX
Guidepoint
Inex One
Tegus
Stream by AlphaSense

In Chapter 4 and Chapter 14.2, on the basis of types, the Expert Networks market from 2018 to 2029 is primarily split into:

Transaction-based
Subscription-based

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Expert Networks market from 2018 to 2029 covers:

Private Equity
Consulting Firm
Public Equity
Others

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)