Prices for expert witness services have increased modestly over the past three years on the back of growing business demand and increased travel expenses; however, the dwindling crime rate has curbed drastic price increases
Los Angeles, CA (PRWEB) November 13, 2014
The buyer power score for expert witness services is 3.6 out of 5, indicating moderately strong buyer power. Buyers in this market benefit from very slow price growth, low market share concentration and low financial and supply chain risks. In the three years to 2014, the price of expert witness services has only grown at an estimated average annual rate of 0.9% and exhibited low volatility. Even as demand for expert witness services grows during the next three years, prices are only anticipated to increase 1.8% per year on average, with only slight fluctuations. “This modest and steady price growth gives buyers the confidence to procure these services without the risk of experiencing unprecedented price hikes,” according to IBISWorld business research analyst Dale Schmidt.
Additionally, the low market share concentration gives buyers the ability to find the best and most cost-efficient provider to meet their needs. While there are a few large vendors, individuals dominate the market. Often, they join directories or networks through which the buyer can more easily consider potential experts. If buyers are lacking in time and resources, though, for an additional fee they may prefer to employ the services of a large corporation like Thomson Reuters and Exponent to sift through potential candidates.
Because expert witness service providers are typically individuals that are otherwise employed (e.g. university professors, doctors or other professionals), they do not rely entirely on income generated through witness services. As such, their financial and supply chain risk is low, giving buyers peace of mind when contracting their services. “Low market share concentration is beneficial for buyers because they are offered a wide choice of potential suppliers. Buyers can shop around for the best (e.g. most experienced in their required field) expert and find one that suits their needs with solid confidence,” Schmidt says.
Once a buyer has committed to an expert, though, their power becomes significantly limited. Because each expert must be reviewed, interviewed and briefed on the case, the buyer's time investment in the individual is high, making switching to a new expert difficult and costly. Additionally, concerns regarding privacy and confidentiality could also arise when switching suppliers. Therefore, buyers should thoroughly assess and determine their expert witness needs to avoid the potential for high costs down the road. For more information, visit IBISWorld’s Expert Witness Services procurement category market research report page.
Follow IBISWorld on Twitter: https://twitter.com/#!/IBISWorld
Like IBISWorld on Facebook: http://www.facebook.com/pages/IBISWorld/121347533189
IBISWorld Procurement Report Key Topics
This report is intended to assist buyers of expert witness services. These individuals have expertise or specialized knowledge in a particular subject through education, training, skill or experience that is relied upon as evidence. Expert witnesses may be involved in document examination, preparation or on-trial testimony. Vendors in this market are typically individuals, but they may also include companies that help the buyer acquire potential experts and then narrow down the list to the best candidate.
Recent Price Trend
Product Life Cycle
Total Cost of Ownership
Supply Chain & Vendors
Supply Chain Dynamics
Supply Chain Risk
Market Share Concentration
Buying Lead Time
Key RFP Elements
Buyer Power Factors
About IBISWorld Inc.
IBISWorld is one of the world's leading publishers of business intelligence, specializing in Industry research and Procurement research. Since 1971, IBISWorld has provided thoroughly researched, accurate and current business information. With an extensive online portfolio, valued for its depth and scope, IBISWorld’s procurement research reports equip clients with the insight necessary to make better purchasing decisions, faster. Headquartered in Los Angeles, IBISWorld Procurement serves a range of business, professional service and government organizations through more than 10 locations worldwide. For more information, visit http://www.ibisworld.com or call 1-800-330-3772.