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The Saudi Arabia manpower outsourcing market size is expected to grow from US$ 2,694. 2 million in 2021 to US$ 5,487. 3 million by 2028 at a CAGR of 10. 7%. The economic situation of Saudi Arabia is witnessing a significant change in recent times, owing to various regulations being implemented by the Saudi government.
New York, April 27, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Saudi Arabia Manpower Outsourcing Market Forecast to 2028 - COVID-19 Impact and Analysis - by Type and Industries" - https://www.reportlinker.com/p06270037/?utm_source=GNW
These rules and regulations are poised to create massive business and job opportunities in the region for the Saudi national.
The Saudi government is attracting foreign direct investments from different countries and helping several international companies establish satellite offices to boost economic growth and create job opportunities. Some of the sectors being majorly focused on development are e-commerce, retail, and entertainment.
The Saudi government is investing substantially in the retail industry and is aiming to create 1.2 million jobs in the sector. The retail industry’s interest in catalyzing is anticipated to facilitate manpower outsourcing companies to generate substantial revenue. This is attributed to the fact that the retail sector demands a vast number of employees from various verticals. The trend of manpower outsourcing is expected to soar Saudi Arabia manpower outsourcing market share in the coming years.
The information technology industry in Saudi Arabia is also witnessing significant support from the Saudi government, which is attributed mainly to the country’s growing consumer data traffic.The government’s IT spending in the Kingdom is constantly increasing year on year, owing to which, several newer technology companies are emerging in the Kingdom.
Also, these information technology companies are establishing support services, which is again boosting their revenues and employee growth.The increasing spending in the country’s ICT sector is propelling the number of IT and ITES companies, catalyzing the industry’s employment sector.
The Saudi Arabia manpower outsourcing market is benefiting from the growth of the IT and ITES industry as these companies are outsourcing their recruitment procedures to source the best talents to drive their business.
However, the unemployment rate among Saudi citizens has constantly increased year on year and the concentration of expats or foreign nationals in the country also raised.This is due to the fact that, increasing privatization is demanding increased number of workforce and the Saudi nationals are unwilling to work for low wages in private sector.
This gap between production demand and deficient workforce is filled by the expats.Owing to this, the Saudi Government has implemented stringent rules and regulations, under which the private, as well as public sectors in the region, have to employ Saudi nationals with attractive pay scales, designed by the government to combat rising unemployment.
According to the Ministry of Labour and Social Development, 70% of the retail sector needs to employ Saudi nationals who are heavily dominated by foreign expatriates.
Saudi Arabia manpower outsourcing market analysis by type, Saudi Arabia manpower outsourcing market is categorized into technical staff, sales & marketing, office/admin staff, and others. Saudi Arabia manpower outsourcing market analysis by industry, the Saudi Arabia manpower outsourcing market is divided into manufacturing, retail, ITES & Telecom, food & beverages, BFSI, hospitality, and others.
Many unskilled migrant workers continue to leave for their home countries due to unemployment or skill mismatches.On the other hand, the employers in the country exercised cost-cutting activities, which led to a reduction in manpower.
Thus, coupling both the parameters i.e., reduction in employee count and migration of workers to home countries reflected severe implications on the Saudi Arabia manpower outsourcing market players in the country. This had negative impact on the Saudi Arabia manpower outsourcing market during till Q3 of 2020. However, with the upliftment of lockdown measures and reopening of industries, the demand for manpower increased, which reflected positive revenue generation stream among the Saudi Arabia manpower outsourcing market players, which ultimately resulted in marginal positive Saudi Arabia manpower outsourcing market growth in 2020.
Further, with the continuation of operations for the Saudization program of Vision 2030, the need for manpower across industries is expected to grow significantly.This is creating substantial pressure on Saudi Arabia manpower outsourcing market players to source manpower from various countries.
With the continuous advancements toward the Vision 2030 program, the requirement for manpower would surge, which is foreseen to drive the businesses of manpower outsourcing market players in the country during the forecast period.
The overall Saudi Arabia manpower outsourcing market size has been derived using primary and secondary sources.Exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the Saudi Arabia manpower outsourcing market.
The process also serves the purpose of obtaining an overview and forecast for the Saudi Arabia manpower outsourcing concerning all the segments.Also, primary interviews were conducted with industry participants and commentators to validate data and gain more analytical insights into the topic.
This process includes industry experts, such as VPs, business development managers, market intelligence managers, national sales managers, and external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the Saudi Arabia manpower outsourcing market. A few leading players operating in the market are Ajeets Management & HR Consultancy, Adam Recruitment, PROVEN SA, Talents Hunters, TASC Outsourcing, Advanced Electronics Company, MASSADR, Knowledge Group, Alliance Recruitment Agency, and NES Fircroft.
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