NEW YORK & WOODSIDE, Calif.--(BUSINESS WIRE)--
A new report from RedThread Research and Mercer, Diversity and Inclusion Technology: The Rise of a Transformative Market offers insights and analysis into the rapidly expanding market for Diversity & Inclusion (D&I) technology solutions. The report explores and maps the landscape of this newly emerging technology category and includes a comprehensive review of vendors and their D&I solutions. It also includes insights from corporate leaders who are using D&I technology to help strategically accelerate diversity as a key element of their workforces of the future.
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Key findings from the report reveal that the D&I technology market is quickly expanding, but is also fragmented:
- The global market size is estimated to be approximately $100 million and growing.
- The majority (60%) of surveyed D&I tech vendors are small companies (fewer than 50 employees), less than four years old, with a customer base primarily found in the finance/banking, technology, professional services industries.
- The largest percentage of D&I technology solutions are focused on talent acquisition (43%), followed by analytics (26%), development and advancement (19%) and engagement and retention (12%).
- One in four vendors surveyed is experiencing 100% or higher year over year revenue growth.
“We know that companies are renewing their focus on D&I,” said Stacia Garr, Co-founder & Principal Analyst of RedThread Research, and co-author of the report. “As a result, we’ve seen a flood of new entrants into this market sector. There is very little insight, however, into who they are or what they are offering. We wanted to understand who the players are, exactly what problems they are trying to solve, and how successful they have been, both financially and in the eyes of their customers.”
“Diversity and inclusion has long been a priority for many of our clients and other organizations,” said Carole Jackson, co-author of the report and Senior Principal in Mercer’s Diversity & Inclusion consulting practice. “But it wasn’t always a top ‘business priority’ for CEOs. It was often considered 'the right thing to do’ and with that came nominal budgets and superficial support from leaders. With more and more research demonstrating a direct link between greater diversity and improved business results, CEOs are putting real budgets in place to eliminate bias, ensuring equity in all talent processes, and demanding inclusive working environments. This is proving to be the fuel for change, and creating space for these technologies to grow.”
Mercer and RedThread Research will hold a complimentary webinar on Wednesday, March 6 to share the insights from the report. Register here.
To view the market map and download the report, please visit: https://info.mercer.com/danditech
About the Report
The Diversity and Inclusion Technology: The Rise of a Transformative Market report is an expansion of preliminary research from RedThread Research and Mercer that was previewed in October 2018. A total of 105 D&I technology vendors were included, with 63 of these vendors participating directly in an in-depth Q&A survey. The research also included telephone-based interviews with both vendors and corporate leaders using D&I technology. All information for this study was collected from March to December 2018.
About RedThread Research
RedThread is a human capital research and advisory firm that listens to you and understands your business. We’re experts in talent management, learning, and diversity and inclusion and the technologies that support them. But more importantly, we’re truth-seekers and storytellers in a world where there’s a dearth of the former and much of the latter is sort of bunk. We use technology and collaboration to make connections between people, data, and ideas — even among seemingly unrelated concepts. We focus on providing high-quality, unbiased foresights that you can implement for a stronger business. For more information, please visit us at www.redthreadresearch.com. Follow RedThread on Twitter at @RedThreadRe.
Mercer delivers advice and technology-driven solutions that help organizations meet the health, wealth and career needs of a changing workforce. Mercer’s more than 23,000 employees are based in 44 countries and the firm operates in over 130 countries. Mercer is a wholly owned subsidiary of Marsh & McLennan Companies (MMC), the leading global professional services firm in the areas of risk, strategy and people. With more than 65,000 colleagues and annual revenue over $14 billion, through its market-leading companies including Marsh, Guy Carpenter and Oliver Wyman, Marsh & McLennan helps clients navigate an increasingly dynamic and complex environment. For more information, visit www.mercer.com. Follow Mercer on Twitter @Mercer.