04:05 GLOBAL
A ccording to Gallup, 93% of Fortune 500 CHROs are talking about how AI tools are improving their processes , while 60% of companies are anticipating implementing a comprehensive AI framework for HR technology in 2025. Organizations want sophisticated payroll, compliance and workforce management solutions that allow them to enhance employee engagement, which was at a 10-year low in 2024. It’s easy to see why the global market for HR technologies is currently experiencing remarkable growth – it was valued at $31.34 billion in 2024 and is expected to reach $64.97 billion by 2032 at a compound annual growth rate (CAGR) of 9.6%.
However, as demand for innovative HR and workforce software-as-a-service (SaaS) management solutions grows, so does the battlefield as companies vie for market dominance and company attention. From Legacy to Simplicity HR and payroll have been haunted by the complexities of legacy systems and manual processes for decades. Outdated and heavily customized payroll platforms have taken up time and resources, often introducing errors and inefficiencies that have impacted both HR and employee experiences. These have evolved into a dynamic ecosystem of cloud-based platforms, AI- driven tools and integrated workforce management solutions. It is an evolution that has been particularly interesting when it comes to global payroll and compliance services, where technology has allowed companies to manage diverse regulatory requirements across multiple jurisdictions at exceptional speed and with superb accuracy. This has, of course, made HR tech and workforce SaaS solutions into a very lucrative industry. Many players in this
However, as demand for innovative HR and workforce software-as-a-service (SaaS) management solutions grows, so does the battlefield as companies vie for market dominance and company attention.
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GLOBAL PAYROLL MAGAZINE ISSUE 10
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