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Saudi Arabia HR Outsourcing Services Market Research Report: Forecast (2024-2030)

The Saudi Arabia HR Outsourcing Services Market is projected to grow at a CAGR of around 7.2% during the forecast period, i.e., 2024-2030. The market growth is attributed to the surging focus of the Saudi government to diversify their economic revenue from service-based industries. The focus has been surging as part of Saudi Arabia’s “Vision 2030”, launched in 2016, under which the government announced various programs like the Financial Sector Development Program, Health Sector Transformation Program Privatization Program, National Transformation Program, etc. These programs have helped attract many local & foreign investments to the country, which, in turn, is driving the need for HR outsourcing services for hiring human resources & managing business operations efficiently.

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Market Dynamics

Saudi Arabia HR Outsourcing Services Market Opportunity – Growing Focus on Cost Efficiency with the Rapid Economic Transformation to Fuel Market Growth

As the country is diversifying its economy by encouraging service sector growth, cost optimization has become a crucial factor in uplifting business growth. Thus, the need for HR outsourcing among organizations is rising to control expenses while accessing professional HR services. This is becoming appealing for startups, SMEs, and businesses looking to streamline their operations.

The Saudi government is planning to boost public-private partnerships aligned with its 2030 Vision to promote collaboration between government entities & the private sector in various projects and initiatives. With the surging focus of the Saudi government, the country is anticipated to witness substantial investments in manufacturing & service-based industries.

The increasing need for efficient government and management services to ensure that businesses adhere to Saudi standards, particularly in terms of Labor Laws, is expected to drive a strong growth in the demand for HR outsourcing in the years ahead.

Leading Companies in Saudi Arabia HR Outsourcing Services Market:

Sovereign Group, Nathan & Nathan, Miza Business Solutions, Tharwah, Respeed, IRSAA Business Solutions, The First national Human Resource Company (FNRCO), ETISAL International, Marcom Arabia, Raya Customer Experience, Other

Segmentation of the Industry

The Saudi Arabia HR Outsourcing Services Market is highly fragmented and bifurcates into the following segmentations:

By Services

-Payroll (Payroll Management, Loans & Other Benefits Processing, Payroll Master Data Management, Pension Administration, etc.)

-Benefits Administration (Health Insurance, Retirement Accounts, Vacations & Leaves, Employee Visa Processing Services, Employee Data Administration, etc.)

-Recruitment Process (Talent Acquisition, Recruiting, etc.)

-Learning Services (Talent Development & Management, Employee Collaboration & Engagement, etc.)

-Multi Process Human Resource (HR Tools, Workforce Planning & Analytics, Budgeting, Integrated HR Services, etc.)

-Others (HR consultancy etc.)

• Multi-process Human Resource services are gaining noticeable traction in Saudi Arabia.

By End User

-Oil & Gas

-BFSI

-Hospitality

-Healthcare

-IT & Telecom

-Public Utilities (Aviation, Infrastructure Facilities, Ports, etc.)

-Others (Education Institutions, etc.)

• The Hospitality sector is speculated to hold a prominent share of Saudi Arabia HR Outsourcing Market in the forecast years.

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Regional Landscape

On the geographical front, the Saudi Arabia HR Outsourcing Services Market expands across the following:

By Region

-Central

-East

-West

-South

About MarkNtel Advisors

MarkNtel Advisors is a leading consulting, data analytics, and market research firm that provides an extensive range of strategic reports on diverse industry verticals. We being a qualitative & quantitative research company, strive to deliver data to a substantial & varied client base, including multinational corporations, financial institutions, governments, and individuals, among others.

We have our existence across the market for many years and have conducted multi-industry research across 80+ countries, spreading our reach across numerous regions like America, Asia-Pacific, Europe, the Middle East & Africa, etc., and many countries across the regional scale, namely, the US, India, the Netherlands, Saudi Arabia, the UAE, Brazil, and several others.

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