Fact.MR, a market research and competitive intelligence provider, reveals that the global diversity and inclusion (D&I) market is expected to garner US$ 30 billion by 2033, increasing rapidly at 12.7% CAGR from 2023 to 2033.
The word ‘company culture’ has several different connotations. In certain circumstances, it may relate to company mentorship and recognition programs, while in others, it may allude to the foundation that makes up a firm’s workforce. The importance of establishing a positive company culture has recently been highlighted as organizations acknowledge its growing demand from job applicants. However, beyond the requirement for a positive workplace culture, there is a need for better diversity and inclusion in the modern workplace.
Hiring candidates from all cultures, religions, and backgrounds and providing them with equal opportunity defines workplace diversity and inclusion. D&I can also have a substantial direct influence on innovation, collaboration, and enhanced employee engagement.
D&I technology vendors generally aim to address one of three core issues with their solutions: lowering unconscious bias, particularly in support of attracting ‘and retaining a diverse workforce; offering D&I analytics or insights to aid decision-making; and tackling inadequately diverse talent pipelines.
Key Takeaways from Market Study
- The global diversity and inclusion market is valued at US$ 9 billion in 2023.
- The market is anticipated to expand rapidly at a CAGR of 12.7% during the forecast period (2023 to 2033).
- The D&I market is projected to touch a valuation of US$ 30 billion by 2033.
- The United States market garnered US$ 4 billion in 2022.
- The training and development segment is expected to witness significant growth during the forecast period.
“Diversity and inclusion are essential for creating an organizational culture where employees feel appreciated and accepted, resulting in increased productivity. It also helps organizations make better decisions, which leads to improved financial performance,” says a Fact.MR analyst.
Key players in the D&I market are actively pursuing marketing tactics such as partnerships, investments, acquisitions, technological innovations, and R&D activities to develop and strengthen their worldwide presence. Moreover, many start-ups are focusing on new developments and offering innovative solutions.
- OurOffice, a start-up established in the United States, creates management tools and analytics models to oversee diversity and inclusion (D&I). The Diversity and Inclusion Maturity Model, developed by the start-up, provides insights into strategy and commitment, talent diversity, workplace inclusion, and organizational engagement. It also provides firms with diversity benchmarking by comparing their ratings to a proprietary index of other organizations. This fosters workplace diversity by emphasizing topics such as family care, maternity leave, work flexibility, and others.
- Umbrella Analytics, a start-up based in the United Kingdom, develops a software platform that evaluates important inclusion metrics. It provides immediate personalized feedback based on a wide range of input variables such as pay, gender, location, job postings, and policies. The platform’s companion app also visualizes HR and financial systems data, provides enhanced tools for writing better job ads and produces standard reports for senior management teams.
Key Companies Profiled
- Atrixware, LLC
- Artesian Collaborative, LLC
- Berkshire, LLC
- CTM Unlimited
- CABEM Technologies
North America is set to dominate the worldwide diversity and inclusion (D&I) market during the study period. The United States is leading the regional market due to the presence of numerous tech giants that are progressively implementing diversity and inclusion (D&I) solutions. Moreover, Europe and Asia Pacific are following North America in terms of growth.
Diversity in the workplace refers to an organization’s workforce consisting of people of various genders, ages, religions, colors, sexual orientations, and so on. It is all about assembling a group of people from various cultures, viewpoints, and values to operate in a set method for organizational benefits. Firms must have a diverse workplace because it promotes cultural diversity, which can improve employee performance.
On the other hand, inclusion at work is the practice of establishing an engaging and lively environment for the workforce. It ensures that every employee is treated fairly and with respect at work. When employees feel valued, heard, and noticed at work, they are more likely to offer their best.
Segmentation of Diversity and Inclusion Industry Research
- By Segment:
- Employee Resource Groups (ERGs)
- External Partnerships
- Training and Development
- By Region:
- North America
- Latin America
- Asia Pacific & China
- Middle East & Africa
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global diversity and inclusion (D&I) market, presenting historical demand data (2018 to 2022) and forecast statistics for the period of 2023 to 2033.
The study divulges essential insights on the market on the basis of segment (employee resource groups (ERGs), external partnerships, training and development, recruitment, others), across five major regions (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa).
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