As per survey by Boston Consulting Group, the UAE continues to be one of the major markets for job outsourcing, with companies based in the emirate expecting to spend up to $7 billion this year as a result of the inability of local suppliers to meet demand.
The report made note of the significant opportunity this gap creates for companies offering offshore work outsourcing services.
Organisations operating in the UAE spent a total of over $4.8 billion on outsourcing services in 2018, but this amount is projected to increase by 7% annually to $6.8 billion by 2023.
The UAE continues to be one of the main markets for job outsourcing, with companies located in the emirate anticipating spending up to $7 billion this year as a result of the inability of local suppliers to match demand, according to a poll by Boston Consulting Group.
The analysis highlighted the substantial opportunity that this gap presents for businesses who provide offshore job outsourcing services.
The survey claims that businesses operating in the UAE spent over $4.8 billion on outsourcing services in 2018, but by 2023, it is expected that this amount will have increased by 7% yearly to $6.8 billion.
“These are infrastructure management services, such as cloud engineers and cybersecurity analysts; software and applications development, that include software engineers but also application developers; and finally, data and artificial intelligence, for data scientists and blockchain developers,” Hoteit informed.
According to the estimate, the UAE will have the second-largest economy in the Arab world by 2020, with a projected gross domestic product of over $360 billion.
It also contributes significantly to the Gulf Cooperation Council's talent pool. The local outsourcing services market in the UAE was expected to be worth $1.3 billion in 2018.
The UAE primarily supplies jobs and job clusters in customer support, finance and accounting, human resources, and knowledge process outsourcing.
The survey noted that the UAE is one of the major demand "hot spots" or marketplaces for job outsourcing and that it continues to be a crucial centre with business-friendly free zones and a rapidly expanding economy.