Study Finds Diverse Teams Lead to Higher Innovation And Profitability
The global diversity and inclusion (D&I) market is valued at US$ 9 billion in 2023 and is expected to reach US$ 30 billion by 2033, expanding at an impressive CAGR of 12.7% from 2023 to 2033 (forecast period). The Diversity and Inclusion (D&I) market refers to the growing industry of products and services that are designed to help organizations promote diversity, equity, and inclusion in the workplace. This includes everything from software platforms and training programs to consulting services and recruitment strategies. The D&I market has seen significant growth in recent years, as more and more organizations recognize the importance of creating a diverse and inclusive workplace. This growth is being driven by several factors, including changing demographics, increased awareness of discrimination and bias, and a growing recognition of the business benefits of D&I.
The D&I market is expected to continue to grow in the coming years, as more organizations recognize the importance of creating a diverse and inclusive workplace. This growth will be driven by factors such as increasing pressure from customers and investors, evolving regulations around diversity and inclusion, and a growing awareness of the business benefits of D&I
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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.
Regional Analysis
Regional analysis is a process of evaluating the economic, social, and cultural factors that affect a specific region. It is an important tool for businesses, policymakers, and researchers to gain a deeper understanding of the unique characteristics and opportunities of a particular region. Regional analysis can be conducted at various levels, including national, state/provincial, and local levels.
At the national level, regional analysis can help governments understand the strengths and weaknesses of different regions and develop policies and strategies to promote economic growth and development. At the state/provincial and local levels, regional analysis can be used to identify specific industries or sectors that are driving growth and to target investment and resources to support those areas. Regional analysis can also be used by businesses to identify potential markets and to develop targeted marketing strategies to reach customers in specific regions. Overall, regional analysis is a valuable tool for understanding the unique characteristics and opportunities of different regions and for developing effective strategies to promote growth and development.
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Competitive Landscape
To expand and fortify their global presence, key competitors in the D&I market are constantly adopting marketing strategies like joint ventures, investments, acquisitions, technical advancements, and R&D activities. Additionally, a lot of startups are emphasising fresh ideas and providing creative solutions.
- OurOffice, a U.S. startup, creates management tools and analytics models to track diversity and inclusion. (D&I). The startup’s diversity and inclusion maturity model provides perspectives on organisational involvement, talent diversity, strategy, and commitment. Businesses can evaluate their diversity initiatives by comparing their ratings to a special index of other organisations. This encourages workplace diversity by drawing attention to concerns like child care, maternity leave, employment flexibility, and others.
- A software platform developed by Umbrella Analytics, a UK-based firm, evaluates important inclusion criteria. It provides quick customised feedback based on a wide range of input factors, such as wage, gender, geography, job adverts, and rules. The platform’s companion app also provides enhanced capabilities for developing better job adverts and makes data from HR and finance systems visually appealing. It also creates standard reports for senior management groups.
Key Companies Profiled
- Affirmity
- AllenComm
- Atrixware, LLC
- Artesian Collaborative, LLC
- Berkshire, LLC
- CTM Unlimited
- CABEM Technologies
- Deloitte
Segmentation of Diversity and Inclusion Industry Research
- By Segment:
- Employee Resource Groups (ERGs)
- External Partnerships
- Training and Development
- Recruitment
- Others
- By Region:
- North America
- Latin America
- Europe
- Asia Pacific & China
- Middle East & Africa
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Key Questions Covered in the Diversity and Inclusion (D&I) Market
- What is diversity and inclusion?
- Why is diversity and inclusion important in the workplace?
- What are some best practices for promoting diversity and inclusion in the workplace?
- How can organizations measure the effectiveness of their diversity and inclusion initiatives?
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