Trends that will dominate the Global Human Capital Management Market

Commercialization of human resource (HR) practices, evolving workforce demographics and an acute deficit in talent worldwide are ushering in the need for innovation in human capital management (HCM) strategy. With an increased level of competitiveness and complexities in the modern job market, the coming years will see a distinct transformation in the global human capital management market. The influx of technological innovations is expected to bring about this seismic change in the HR management.

HR leaders across the world are already looking at technologies like analytics, AI, and virtual assistants to transform HR practices, and some of the most compelling trends visible in this market are –

Adoption of AI and machine learning

AI and machine learning are already making a significant impact across multiple business practices, and HR is no different. Innovations like AI-powered chatbots and intelligent automation are disrupting traditional HR approaches toward recruitment, employee engagement, and learning and development. AI and machine learning track massive amounts of data to automate repetitive processes, and incorporate interactive modules across all touch-points.

Rise of Big Data analytics

As more and more data are generated from digital platforms, HR leaders are looking at using analytics to transform employee engagement, retention, learning and development, and other functional areas. Leveraging the power of analytics, HR practitioners are looking to build a data-driven culture across organizations for real-time survey, employee sentiment analysis, organizational network analysis, and also for seeking feedback to offer real-time coaching.

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A mobile-first approach

Irrespective of the task at hand - recruitment, onboarding, benefits, payroll, or rewards - all HR initiatives are incorporating a mobile friendly approach. The younger workforce have come to expect the same ease of accessing technology at the workplace, as they experience in their personal lives. HR managers, thus, are focusing on making the entire employee journey more interactive, conversational, and impactful through mobile devices.

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Evolving Shopping behavior of Consumers Driving the Footwear Market in India

The Indian fashion industry, especially the footwear segment, is attracting a lot of interest and offers significant scope for growth. The Indian footwear industry is well-placed to leverage its strengths for maximizing benefits. The biggest advantage that the industry enjoys is the abundance of resource with respect to raw materials and skilled manpower in the country. The growing significance of footwear in Indian fashion is leading to an increase in the demand for footwear, which in turn is providing support to the growth in the footwear market in India. The easy availability of varied styles is also increasing brand loyalty amongst the customers.

Growing fashion consciousness among Indians 

The accessibility to huge varieties of footwear beyond the metro cities of India is augmenting the potential of the Indian footwear industry. Even in tier-II and tier-III cities, people are becoming more and more brand conscious, and are aware about the domestic and international brands across the different footwear categories. The market for footwear in India is evolving with each passing day and showcases a lot of potential for the market players. Currently, tier-II cities account for a significant share of the total sales, and tier-III cities are fast catching up in terms of sales and are expected to expand significantly beyond 2020.

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Evolving consumer preference playing a big role

Rising awareness about the latest global trends coupled with technological advancements has played a huge role in the evolution of consumer preference. Increased penetration of internet and social media is significantly influencing the purchasing behaviour of Indian consumers. Also, the growth of integrated shopping malls, retail chains and multi-brand outlets is having an impact on consumer behaviour as these places offer a lot of convenience to the consumers, and are favourable to the growth of the organized segment of the footwear industry in India.

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Footwear Market in India stepping towards a brighter future

The life insurance industry has seen significant growth in the past ten years, with the introduction of a wide range of advanced insurance products and services. India’s life insurance industry has been growing at a steady pace. Out of the 52 insurance companies operating in India, 24 are in the life insurance business, and 28 companies are in the non-life insurance segment.

According to research by a leading market research company, the life insurance market in India was valued at INR 4,185 Bn in FY 2017 and is likely to expand at a compound annual growth rate (CAGR) of ~11.6% during FY 2018 to FY 2023.

Millennials are significant to the life insurance market in India:

The large millennial population will cause a shift in the industry. The industry will adapt itself to fit with the needs and demands of this demographic. Studies have shown that millennials are more curious and financially savvy than their parents. They are more open to adopting life insurance. Millennial are seen to conduct research independently and get in touch with life insurance providers via online platforms. The growth in the demand for life insurance in India can be attributed to the go-getter attitude of the millennial generation.

The digital generation has made it clear that they like to consume content online. Several companies have changed their method of marketing and sales to adapt to the ways of the millennial generation. Beyond their static website, companies are looking to engage consumers with AI-enabled chat-bots. The chat-bot can have conversations with the user and gain information about the user’s needs, after which it will recommend the right life insurance. The industry is also focussing on creating educational content so that millennials can understand the working of the industry better.

The shift in India’s demography, digitalization and financialization are some of the major trends that will take the Life insurance market in India forward.

What are the challenges facing the Global Fintech Market?

Fintech is the portmanteau for financial technology and it seeks to automate and improve the use and delivery of financial services. Fintech at its core, is used to help business owners, companies and customers to better manage their financial operations and lives by using specialized algorithms and software that can be used on the smartphone and computer.

According to research by a leading market research company, the global fintech market, which will be worth USD 305.7 Bn by 2023, expanding at a CAGR of 22.17% during the 2018-2023 period  fintech has expanded to include any technological automation and innovation in the financial sector, be it streamiling of wealth management, advancement in financial literacy and education, retail banking, money transfers and payment, investment management and lending borrowing activities.

Financial technology has changed the way we engage with our finances and manage our money. The global fintech market faces several challenges that need to be tackled immediately.

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1. Regulations: if we take into consideration businesses in the UK, the introduction of EU’s General Data Protection Regulation (GDPR), financial companies need to invest time and resources to comply with the new rules. Bigger companies have entire teams to tackle this issue, however, smaller fintech groups have only a single person at best to bear the burden of these regulations.

2. Cyber security: warding off the curse of cyber-attacks is the major challenge for businesses and governments around the world. This is a serious concern for fintech companies, given the amount of sensitive client data they hold. Money companies devote lots of money and time on cyber security to avoid any kind of attack, especially with the increased frequency and level of sophistication in cyberattacks.

While the road ahead for the global fintech market is long and winding, forward planning and continuous research and development will help companies tackle these issues with ease.

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How China is poised to lead the global 5G market?

With the global 5G rollout expected in 2020, China is expected to lead the way. China has already started investing aggressively in infrastructure, and this is in line with their aim to become the largest 5G market in the future. China is currently leading the market in 4G connectivity and is positioning themselves favorably to seize a significant share of the 5G market when the technology will be rolled out in the future.

China is expected to commercially deploy 5G in 2019, and the country’s government is working together with the telecom operators to meet the timeline. The country has already placed its bets on 5G with the announcement of investments worth USD 411 Bn between 2020 and 2030, thus marking the most significant investment on telecom infrastructure in the country’s history. Domestic telecom providers like China Mobile, Huawei, and ZTE are teaming up with international players to test 5G build out. The country has entered more than 25 agreements to test 5G radio technology, 5G architecture, and Internet of Things (IoT).

Commitment of the domestic telecom carriers toward 5G and government support for research and development are expected to drive large-scale 5G adoption in China. Also, the importance given to 5G in China’s 13th Five-Year Plan (2016-20) augurs well for the country’s target of leading the global 5G market by 2025. 5G is touted as the most critical growth component of China’s vibrant digital economy and its aspirations in artificial intelligence.

With the infrastructure already in place, the onus is now on the Chinese companies to leverage the country’s leading position in the 5G race to set the global standards. Despite the fact that it is too early to predict whether China will dominate the 5G market, but there is no denying the fact that the efforts of the government and telecom operators has tilted the balance of power towards China.

What are the challenges affecting the growth of global smart home market?

Smart homes are typically referred to residential buildings with internet-connected devices that monitor and control lighting, heating and cooling systems, and security cameras, among others, and are the concept is witnessing increased adoption across the world. Home automation technology is the key enabler of smart homes and allows homeowners to control smart appliances using their smartphones or other networking devices. 

However, home automation can turn out to be cumbersome when it goes wrong. And, unfortunately, factors like poorly integrated sub systems, inadequate functionality, and installation delays can hamper the utility of global smart home market. Let’s take a look at these factors closely –

Difficulties in integrating sub systems

Unresponsive heating units, disjointed camera systems, and dysfunctional entertainments are some of the common problems arising from the sub system of home automation not integrated appropriately. One of the main reasons for subsystems not getting integrating is when home owners or non-specialists install smart devices themselves, and the problem occurs when smart devices are not communicating properly.

Inefficient functionalities

One of the most common home automation problems is installation of systems without sufficient features and functionalities.Be it in the China smart home market or anywhere across the world, the problem of faulty home automation systems is prevalent, and it usually takes place when the installation company are not fully aware of which features and functionalities the client wants.Therefore, they end up installing wrong components or smart devices with unwanted capabilities.

Lengthy delay in installation 

One of the most deliberate home automation problems is the persistent lengthy delays during the initial installation of new smart home automation devices.The installation process of smart devices and home automation technology involves a number of elements, which need to come together cohesively to ensure timely completion of a project. But this is rarity in most cases.

Despite the challenges, there’s no stopping the adoption of smart home technologies across the world for convenience, advanced safety and security systems, and the growing need for connectivity, and the market for smart homes is expected to thrive in the coming years.

Why is the global frozen food market gaining widespread acceptance?

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The growth of the frozen food segment is no accident. The way in which consumers have accepted and adopted frozen food is telling of the immediate and the future opportunities in this space. Factors such as change in lifestyle and consumption patterns, increase in the proportion of millennial population and the demand for convenience are the driving force behind the growth of this market. 

Millennial consider frozen food as a viable alternative because of their busy lifestyle and the paucity of time. According to research by a leading market research company, the global frozen food market growth is expected to happen a CAGR of 4.5% and will be worth USD 377.3 Bn by 2023.  

Why is the global frozen food market winning? 

1. Health: the general market consensus is that frozen food is as healthy as fresh food. With the advantage of freshness and nutrient retention, frozen food provides both variety and additional health benefits. From traditional dishes to street food, everything can be found in the frozen form. The long shelf life ensures that frozen food is better than fresh fruits and vegetables.
2. Convenience: Convenience has become a key determent in everyday consumer food choices. Frozen food fits the busy lifestyle and is also an effective option for healthy food without the fear of spoilage. Frozen meals can replace a specific recipe ingredient or the entire meal altogether. Frozen meals just need to be heated or seasoned and this has made life very easy for young professionals and couples.

The growth of the frozen food segment is not random. Trends in human behaviour, consumption and desires have boosted the strength and demand of this sector. Those who are adapting and linking relevant consumer benefits to their offerings can start to heat up stagnant sales and achieve enormous gains in this growing and exciting global frozen food market.