Expert Witness Consulting Industry Projected to Grow in the Next Five Years
According to IBISWorld, the Expert Witness Consulting industry has shown a strong recovery from the recession with a 6.8% annual growth from 2009 to 2014, amounting to an annual revenue of $390 million. Although the industry was growing prior to the recession, the decline in “per capita disposable income and corporate profit caused businesses and customers to have fewer funds available for expert witness consulting services; consequently, the industry’s growth slowed in 2009.” However, this growth shows signs of improvement; companies are recovering and therefore future growth in this industry is strong due to increasing demand from law firms and government organizations.
This industry does face growing competition, not only against each other (“on basis of price, quality of service, expertise, communications skills and reputation”) but also against external competition. Law firms have their own in-house legal teams with attorneys and expert witnesses, consulting firms and accounting firms that provide similar skills. Nevertheless, IBISWorld projects that the next five years will result in revenue increase. “Expert witness consultants will benefit largely from strengthened demand from law firms, higher corporate profit, a larger number of civil cases and great per capita disposable income”.