The expert network industry has grown into a multi-billion-dollar global market, valued at around $2.3 billion in 2023 and projected to reach between $14 and $18 billion by 2030. The quick growth indicates a growing necessity for enterprises to make faster, better-informed, and data-based decisions in an ever-increasing competitive world.
Nevertheless, one of the fundamental questions persists: Who uses expert networks? The answer is that the expert network clients come from diverse fields, including industries like consulting, finance, corporate enterprise, law, and even startups, all united by the same aim: having access to expert knowledge on demand to help make informed decisions.
Consulting Firms
Expert networks are often utilized by consulting firms as clients. When consultants are running market entry studies, strategy evaluations, or due diligence projects, they need to be able to conclude quickly by getting first-hand perspectives to inform their recommendations.
Clients in the renewable energy sector who are developing a market entry strategy might work with a consulting team and utilize the expert network to speak with engineers, regulators, and executives in the energy sector who are working in the field. Instead of spending weeks on desktop research, the consulting team would be able to get their recommendations done faster simply by talking to someone who is working with the subject matter.
Investment Firms
Private equity funds, hedge funds, and venture capital firms are also significant users of expert networks. Investment conclusions and theses are rarely independent of specific knowledge and insights that are not available on a financial statement alone.
In such a situation, for example, a private equity firm may rely on a network of experts consisting of supply chain managers, retail buyers, or former competitors. Discussions with these professionals could unveil risks or growth opportunities that otherwise require years of experience or research.
Corporations and Multinationals
Big companies across industries, from healthcare to technology to retail, depend on expert networks, as well. The struggle for these companies is adjusting to rapid market adaptations. Expert calls can help supplement without the need to hire additional full-time resources.
For example, if a global technology company plans to introduce a product in a new market, it can leverage an expert network to speak with regional specialists, consumer behavior analysts, and local regulators. This helps the company better understand local demand, navigate regulatory requirements, and avoid costly mistakes, accelerating the speed and confidence of market entry.
Law Firms and Legal Advisors
Legal advisors and law firms are another significant clientele. Legal teams frequently need specialized input or expert testimony regarding industries they may not fully comprehend. They can find experts who can explain technical details or give context for complex cases through expert networks.
For example, if a law firm is handling a case involving pharmaceutical patents, it can consult medical researchers or former industry regulators through an expert network. This ensures that legal arguments are supported by accurate, up-to-date technical understanding.
Startups and SMEs
While large firms represent the most noticeable clients, smaller organizations are starting to use expert networks too. Startups and smaller to medium-sized enterprises (SMEs) have less access to internal expertise to help navigate regulatory issues, industry standards, or product development challenges.
As an example, a startup is in the process of developing a fintech product and needs to determine what banking regulations are in a selected geography. They can quickly speak with a former compliance officer or financial regulators via an expert network. This helps obtain similar insights as larger firms at a fraction of the cost.
An expert network is an easy way to obtain world-class expertise for a fraction of the cost of hiring a consultant or a permanent employee.
Final Thoughts
Expert networks work with clients across different industries and business sizes, but they all share a similar goal of obtaining knowledge to help them act with confidence. These expert networks have become a necessary service for consultants looking for deeper insights, investors reviewing options and opportunities, and companies entering new markets.
At Nexus Expert Research, we believe that every client is unique, their individual needs and the knowledge they find valuable vary. Therefore, we aim to tailor each engagement according to the specific needs of each client
