Global State of the Market Report
In 2020, the Advisory Board Centre mapped professionals currently serving on Advisory Boards. This assessment identified over 53,000 professionals on Advisory Boards in Australia or 3% of the global Advisory Board market.
Australian Advisory Board Landscape
The assessment has identified low numbers of Advisory Board professionals in Australia.
Minimal participation in the market may indicate:
- That Advisory Board structures engaged in the country are informal in nature;
- Advisory Boards are referred to as a different name, such as committees, councils or think tanks;
- Traditional sourcing of advice is more customary for Australia’s current business environment; or
- There is a language barrier stemming from the search for Advisory Board professionals being in English.
As an emerging sector in Australia, connection and collaboration with the global Advisor community will present strong future growth opportunities. Further, focusing on key market sectors – metals and mining, financial and business consulting, and– as well as acknowledging start-up and emerging industries is essential. It will also be important for Advisory Board professionals in the market to be credentialed to best practice and ethics as this sector grows over time.
Future Growth Opportunities
With the rise in complexity and risk management for Governance Boards, Advisory Boards will be increasingly utilised to apply critical thinking prior to board approval. The Australian business mid-market Advisory Board sector has a minimum of 3% growth potential to be in line with other nations.