Huge Job Opportunities in BFSI and Technology Sectors Catalyze Middle East Staffing & Recruitment Market Growth
According to our latest study on “Middle East Staffing & Recruitment Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Staffing Type, Recruitment Channel, and End User,” the market is projected to grow from US$ 50,529.43 million in 2022 to US$ 86,072.00 million by 2028; it is expected to register a CAGR of 9.4% from 2023 to 2028.
The BFSI industry in the Middle East is growing at an unprecedented pace. According to the BPC Group, the Middle East was home to 25 digital banks as of 2022. The UAE is the region’s largest digital banking hub, with nine major players. The prominence of digital payments, cryptocurrencies, and central bank digital coins hugely shapes the future of the BFSI industry in the Middle East. The Middle East BFSI industry is taking measures to attract qualified talent and explore new careers. BFSI institutions in the Middle East are creating new partnerships and opening career opportunities to boost the industry. According to a report by a recruitment company, the Middle East recorded an 18% annual increase in jobs across various industries in the first quarter of 2023. According to Vibe Media Group, LLC, the banking and financial industry witnessed a 54% increase in job openings, while the technology sector experienced a 20% surge in 2023 compared to 2022. Within the BFSI industry, technology accounts for about a third of all new jobs, owing to increasing demand for development, IT management, and IT analyst roles. According to a report by a recruitment company, the demand for IT project management professionals increased by 60%, while the demand for software development professionals accounted for 9% of all tech vacancies in the Middle East in 2023. Vacancies in the technology sector increased by 12% in 2023 compared to the previous year. Such an increase in job opportunities in the BFSI and technology sectors is propelling the Middle East staffing & recruitment market size.
Middle East Staffing & Recruitment Market – Revenue and Forecast to 2028 (US$ Million
Source: The Insight Partners Analysis
The Middle East staffing & recruitment market is segmented into staffing type, recruitment channel, and end user. Based on staffing type, the Middle East staffing & recruitment market is divided into permanent and temporary. By recruitment channel, the Middle East staffing & recruitment market is categorized into online, offline, and hybrid. In terms of end user, the Middle East staffing & recruitment market is segmented into oil & gas, BFSI, IT & telecom, healthcare, retail & e-commerce, and others. Geographically, the Middle East staffing & recruitment market is segmented into Saudi Arabia, the UAE, Kuwait, Qatar, Bahrain, and the Rest of Middle East.
Impact of COVID-19 Pandemic on Middle East Staffing & Recruitment Market Growth
The COVID-19 pandemic dramatically impacted many economies during its peak in 2020. In the Middle East, countries such as Turkey, Iran, Iraq, Israel, Saudi Arabia, and the UAE were significantly affected due to the pandemic. The pandemic negatively impacted the growth of industries and limited the expansion of the staffing & recruitment market. The job market was disrupted, and many organizations began laying off employees and freezing down the hiring process to cut operating costs. According to Reuters, the unemployment rate among Saudi citizens was 12.6% at the end of 2020. However, with the ease of lockdowns and restrictions in 2021, economies gradually opened up worldwide, and job prospects were extremely bright, particularly in the Middle East, in 2022. The fast-paced economic and technological development in the Middle East made the job market increasingly competitive. For instance, 72% of companies in the UAE were expected to accelerate their hiring processes, with 74% of the organizations inclining toward stepping up hiring amid the broader economic recovery. To keep up with the trends and fill in open jobs quickly and efficiently, recruiters in the Middle East streamlined their hiring processes, which contributed to the staffing & recruitment market growth in the pandemic recovery scenario. As job penetration increases, it is likely to hold potential demand for staffing & recruitment solutions. Thus, the COVID-19 pandemic negatively influenced the Middle East staffing & recruitment market size.
Adecco Group AG, ALLIANCE RECRUITMENT AGENCY, BAC Middle East, Brunel, Hays plc, Korn Ferry, Medacs Healthcare Limited, Morgan Philips Group SA, NES Fircrof, and Randstad N.V. are among the key market players operating in the Middle East staffing & recruitment market.
Contact Us
Phone: +1-646-491-9876
Email Id: sales@theinsightpartners.com