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Human Capital Management, Market Dynamics, Global Opportunities, Forecast 2024
Global Human Capital Management, Industry Growth
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According to The Business Research Company's, The human capital management market size has grown rapidly in recent years. It will grow from $21.81 billion in 2023 to $24.01 billion in 2024 at a compound annual growth rate (CAGR) of 10.1%. The growth in the historic period can be attributed to advent of cloud-based hr management software, significant growth in the e-commerce sector and rapid globalization.
The human capital management market size is expected to see rapid growth in the next few years. It will grow to $35.39 billion in 2028 at a compound annual growth rate (CAGR) of 10.2%. The growth in the forecast period can be attributed to the increase in adoption of cloud-based approaches, rising urbanization and increasing investments. Major trends in the forecast period include ai-featured talent acquisition, technology advancements, product innovations, video recruiting, learning experience platforms (leps) and employee productivity-enhancing platforms.
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Market Drivers and Trends:
The integration of robotic process automation (RPA) is expected to propel the growth of the human capital management market going forward. Robotic process automation refers to automation that uses software robots to automate various repetitive tasks. RPA has several advantages, including time efficiency, increased focus on personnel development, retention, and policy implementation. RPA helps human capital management in the process of automating repetitive tasks such as compensation management, payroll management, onboarding of new people, and compliance reporting. For instance, according to Computer Economics, a US-based IT research firm, in 2021, 20% of organizations will have adopted robotic process automation, an increase of 13% from 2020. Therefore, the integration of robotic process automation is driving the growth of the human capital management market.
Technological advancement has emerged as a new trend gaining popularity in the human capital management market. Major companies operating in the human capital management sector are focused on developing new technologies and automated solutions for simplifying work. For instance, in June 2021, Ramco Systems, an India-based software company, launched Self Explaining Payslip, a smart and AI-based service that helps employees seek explanations for their pay slip components, payroll queries, and compensation.
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Major Key Players of the Market:
L'Oreal SA, Henkel AG and Co. KGaA, Kao Corporation, Godrej Consumer Products Limited, Revlon Inc, The Estee Lauder Companies Inc., Combe Incorporated, Shiseido Company Limited, Mandom corp, Aveda Corp, Yiwu Olisa Beauty Factory, Guangzhou Hongxinlong Cosmetics Co Ltd, Zhejiang Chenxin Cosmetic Co Ltd, Guangzhou Hair Kou Trading Co Ltd, Guangzhou Dfine Trading Company Ltd, Hoyu Co Ltd, Coty Inc, Avon Products Inc, Unilever PLC, Procter & Gamble, Conair Corporation, Hero Cosmetics, Momentive Performance Materials Inc, Ashland Inc, Stepan Company, Cosmetica Beauty & Personal Care Equipment Trading LLC, Nazih Cosmetics, LSM Group of Companies, Prime Pro Extreme Middle East, Lila Kozmetik, Sachane Profesyonel Kozmetik Magazasi, Corporate Bureau Ltd, Blaq Hair, Dwinat Company Limited, The Hair Color Company, Evergreen Logistics Co Limited, Spec Sasa Logistics Limited, Kenya & Co Hair Salon.
Human Capital Management Market 2024 Key Insights:
• The human capital management market size is expected to see rapid growth in the next few years. It will grow to $35.39 billion in 2028 at a compound annual growth rate (CAGR) of 10.2%.
• Robotic Process Automation (RPA) Integration Fuels Growth In Human Capital Management Market
• Technological Advancement Takes Center Stage In Human Capital Management Market Trends
• North America was the largest region in the human capital management market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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The Business Research Company ( https://www.thebusinessresearchcompany.com ) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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