Diversity and Inclusion (D&I) Market: Current Analysis and Forecast (2024-2032)

Report Description

Diversity and Inclusion (D&I) Market Size & Forecast

The Diversity and Inclusion (D&I) market was valued at approximately USD 10.5 billion in 2023 and is expected to grow at a substantial CAGR of around 12.20% during the forecast period (2024-2032) owing to the increased awareness of social inequities.

Diversity and Inclusion (D&I) Market Analysis

Diversity and inclusion (D&I) are a concept that relates to how organizations encourage and support the representation and inclusion of minorities within a company or a project. While diversity refers to differences like race, gender, age, etc., inclusion focuses on how organizations welcome diverse people and embrace them. D&I is an organizational strategy that seeks to promote a more diverse and inclusive organizational culture within a given workplace or company with an overall goal of boosting employees’ morale, and productivity, as well as encouraging innovation. It is, therefore, considered fundamental to the success of business ventures and corporate responsibility.

In the field of the D&I industry, the companies are currently involved in employing various strategic directions to foster the growth and improvement of their results. More are introducing innovative solutions to solve unique D&I issues, like progressive training solutions, metrics tracking to enhance the inclusiveness of diversity, and solutions for inclusive hiring. For instance, on March 20, 2024, Culture Amp, the world’s leading employee experience platform, announced that it intends to acquire a people analytics company, Orgnostic. The acquisition of Orgnostic will allow vast sets of organizational data to be infused with Culture Amp’s powerful AI platform, uniquely trained by people science, to unlock accessible and multi-dimensional people analytics. Working partnerships between organizations and D&I specialists are also typical because they can exchange the most effective practices and resources to enhance the effective implementation of the offered methods. In addition, strategic alliances such as mergers and acquisitions are becoming more popular in efforts to gain additional capacities and access new markets as organizations aim to combine like-minded D&I solutions and services. Altogether, these strategic initiatives enable organizations to improve their D&I programs as well as address emergent market requirements for stimulating the industry’s growth.

Diversity and Inclusion (D&I) Market Trends

This section discusses the key market trends influencing the various segments of the Diversity and Inclusion (D&I) market as identified by our research experts.

IT and Telecom Transform Diversity and Inclusion (D&I) Industry

IT and Telecom segments dominated the global market in 2023. This sector expects a diverse employee base to address different markets and customers since it deals with inventions and has a worldwide focus. Since IT & Telecom companies need to look for D&I solutions for inclusion of all sorts and produce products that can be useful for all types of users, they help create demand in this market and function as the stakeholders of this growing market. For instance, on November 15, 2023, Accenture and Avanade launched new offerings applying Microsoft Fabric to help organizations accelerate data readiness, make insights more accessible, and create a foundation for AI—all powered by a practice of 4,000 Fabric-certified professionals. Building on their recently announced collaboration around generative AI, the companies are also delivering new capabilities to help clients customize and extend Microsoft Copilot solutions to reimagine work with generative AI.

North America leads the market in 2023.

North American region has a significant share in the Diversity and Inclusion (D&I) market. In North America, the D&I market continues to expand at a healthy pace, as concerns and the need for fair treatment increase. The increased focus on social justice movements in the region and corporate accountability has made organizations invest a lot in diversity and inclusiveness-related activities across the region. For instance, the increase in remote working occasioned by the COVID-19 pandemic has stressed the importance of diversity policies so that every employee feels connected and appreciated regardless of their physical location or diversity characteristics. Besides, legal requirements and changing customer attitudes push organizations to enhance the D&I efforts to remain relevant and meet customers’ needs. Due to the high concern towards the establishment of such effective multicultural teams, North America remains one of the key drivers in the growth of the global D&I market.

Diversity and Inclusion (D&I) Industry Overview

The Diversity and Inclusion (D&I) market is competitive, with several global and international players. The key players are adopting different growth strategies to enhance their market presence, such as partnerships, agreements, collaborations, new product launches, geographical expansions, and mergers and acquisitions. Some of the major players operating in the market are Mercer LLC, Gartner, Inc., Culture Amp Pty Ltd, Affirmity, Allen Communication Learning Services, The Kaleidoscope Group, McKinsey Insights, Deloitte, Paradigm Strategy Inc., and PwC.

Diversity and Inclusion (D&I) Market News

In July 2024, McLean & Company an international HR research and advisory firm introduced the Learning & Development (L&D) Resource Center and Learning Content Library which enable HR professionals to develop a strategy for; the identification of competencies that are relevant to organizational objectives; and establishment of effective learning paths for skills acquisition.

On June 21, 2023, Accenture and Microsoft collaborated to help organizations adopt the disruptive power of generative AI, accelerated by the cloud, to fundamentally transform their businesses. Together with their joint venture Avanade, the companies are co-developing new AI-powered industry and functional solutions to help clients harness generative AI across the enterprise.

On Nov. 15, 2023, Accenture and Avanade launched new offerings applying Microsoft Fabric to help organizations accelerate data readiness, make insights more accessible, and create a foundation for AI—all powered by a practice of 4,000 Fabric-certified professionals.

On 29 June 2023, In collaboration with Deloitte, the World Economic Forum (The Forum) released actionable guidance to help protect organizations during the rapid development of quantum computing technology. The Quantum Readiness Toolkit provides specific guidance in line with the overall framework presented in last year’s flagship report, “Transitioning to a Quantum-Secure Economy.”

On June 2, 2022, Accenture, and Microsoft, together with their joint venture Avanade, joined forces to tackle climate change, one of the most critical and urgent challenges for both businesses and people. With an immediate emphasis on delivering solutions to help organizations transform their operations, products, services, and value chains to help accelerate the transition to net zero, the three companies will expand their focus to broader environmental, social, and governance (ESG) challenges in the future.

Diversity and Inclusion (D&I) Market Report Coverage

Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
• The report presents a quick review of overall industry performance at one glance.
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
• The study comprehensively covers the market across different segments.
• Deep dive regional level analysis of the industry.

Customization Options:

The global diversity and inclusion (D&I) market can be customized further as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.

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Research Methodology

Research Methodology for the Diversity and Inclusion (D&I) Market Analysis (2022-2032)

Analyzing the historical market, estimating the current market, and forecasting the future market of the global Diversity and Inclusion (D&I) market were the three major steps undertaken to create and analyze the adoption of Diversity and Inclusion (D&I) in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global Diversity and Inclusion (D&I) market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry. Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

A detailed secondary study was conducted to obtain the historical market size of the Diversity and Inclusion (D&I) market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the Diversity and Inclusion (D&I) market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as type, end-user, and regions. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the Diversity and Inclusion (D&I) market. Further, we conducted factor analysis using dependent and independent variables such as type, end-user, and regions of the Diversity and Inclusion (D&I) market. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the Diversity and Inclusion (D&I) market sector across the globe.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global Diversity and Inclusion (D&I) market, and market shares of the segments. All the required percentage shares split and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to several factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2032 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of revenue (USD) and the adoption rate of the Diversity and Inclusion (D&I) market across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the global Diversity and Inclusion (D&I) market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market.

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Market Engineering

The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global Diversity and Inclusion (D&I) market. Data was split into several segments and sub-segments after studying various parameters and trends in the type, end-user, and regions of the global Diversity and Inclusion (D&I) market.

The main objective of the Global Diversity and Inclusion (D&I) Market Study

The current & future market trends of the global Diversity and Inclusion (D&I) market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of the Diversity and Inclusion (D&I) market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments.
• Segments in the study include areas of the type, end-user, and regions.
• Define and analyze the regulatory framework for the Diversity and Inclusion (D&I)
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
• Analyze the current and forecast market size of the Diversity and Inclusion (D&I) market for the major region.
• Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World
• Company profiles of the street cleaning machine market and the growth strategies adopted by the market players to sustain the fast-growing market.
• Deep dive regional level analysis of the industry

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