Is Expert Networks Industry On A Growing Trajectory – A Market Analysis
- April 21, 2023
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At work, one has a long list of responsibilities to fulfill. It can be difficult for managers to rapidly grasp the strategic operations of an industry. Or keep up with current events when there is a lot of money on the line and time is of the matter for them. Particularly as organizations grow as expert networks and go into uncharted territory.
Fortunately for everyone involved, there are a ton of professional expert networks services available to support one’s success in one’s role and keep one productive. You can also seek guidance from such expert networks for your organizational success and prosperity!
Judging Expert Networks and Service Providers
An expert networks is a service or platform where you can meet specialists in a specific field. Who is remunerated by people and companies for their specialized knowledge and research services?
Despite the fact that LinkedIn was promoted as a professional network that fosters connections within the industry. It falls short when it comes to connecting with people and completing real work. Platforms for employing freelancers, such as Upwork, have difficulty finding talent outside of the design and tech industries. Expert network platforms fill the gap in this situation.
Is Expert Networks Industry Growing or Declining
Expert networks will be obsolete by 2021, according to numerous experts, due to the rapid advancements in technology and AI. Research, however, shows a different picture. According to recent research, the growing complexity of work, in general, will raise the demand for experts so opening up the floodgates for the expert networks industry.
The term “expert networks” was coined by Yankee Group’s Mark O’Connor. Who first used it in his presentations to accompany his report, Knowledge Management: People and the Process, in 1997.
Industry analysts and investment researchers were the only categories of experts in the 1950s. The initial consumers of expert networks services were hedge firms. Rapid industrialization and expanding international trade during the 1980s gave rise to the management consulting industry.
After the 2008 financial downturn, a new type of expert has come into demand. Like traditional recruitment agencies, first-generation expert networks made use of internal databases and phone directories. A significant industry emerged in the early 2000s to provide expert connections outside of a firm and its limited networks.
The expert network market size is a fast-growing one with trends indicating that there was double-digit growth in 2020. Bringing the total industry size to over $1.5 billion.
The market for expert cloud networks is one that is expanding quickly. According to the latest trends, there will be double-digit growth in 2023, increasing the industry’s overall size to more than $2.5 billion.
Who Hires Expert Network Services and Why?
Anyone can use expert networks marketplaces. You’ll receive a range of services, including 1-on-1 counseling, short- and long-term consultancy, and market research services. Also, custom projects, and expert support.Depending on the platform you select.
Expert networks are used by market researchers to carry out focused surveys and qualitative research. Expert networks are used by investment companies, such as Private Equity firms and Hedge Funds, to apprehend new markets, investment opportunities, and due diligence. They are hired by business owners as they establish their go-to-market strategy, validate their products, and do initial market research. These marketplaces/platforms are used by consulting companies to gain a deeper understanding of their clients and provide quicker and better solutions. They help freelancers develop their skills, connect with other professionals, and find work as independent consultants. The healthcare sector is a significant clientele for expert network firms. Hospitals, doctors’ offices, pharmaceutical businesses, and clinical trial corporations commonly work with external consultants, experts, and advisers.