The supply chain market is an important part of the economic development of the Kingdom of Saudi Arabia (KSA), led by the highly ambitious Vision 2030. Strategically located at the crossroads between Asia, Africa, and Europe, Saudi Arabia occupies a privileged position in its emergence as a key global trade and logistics hub.
The sector covers a wide range of activities, from transportation and warehousing to distribution and technology-enabled solutions, which are important in facilitating trade and supporting the growth of strategic sectors such as oil and gas, manufacturing, e-commerce, and pharmaceuticals. The government's commitment to diversifying the economy from oil dependency has resulted in substantial investment in logistics infrastructure and technology, significantly transforming the supply chain landscape.
Over the last few years, the supply chain market of Saudi Arabia has witnessed a strategic transition in
adopting advanced technologies like AI, IoT, and blockchain. The technologies are making supply chain operations more effective, developing real-time visibility, facilitating easier inventory management, and further helping in the optimization of distribution networks. Also, with the rapid growth of e-commerce, the need for cost-effective last-mile delivery options has accelerated the demand to scale up companies' logistics. All these evolutions of technology and the market are likely to drive the sector's growth, signifying a good future outlook for the market.
Key trends currently evident within the supply chain arena in Saudi Arabia are digital transitions taking hold of the supply operations by moving from traditional structured logic to agile-oriented tech-based ecosystems. Aside from this, further integration of AI and IOT brings predictive analytics and real-time decisions with cost reductions along a value chain for better outputs of efficiency. Furthermore, with the augmenting emphasis on sustainability in line with Vision 2030, adaptation to green logistics practices, such as green warehousing and deployment of electric vehicles in transportation fleets, is on the rise.
Similarly, the rise in e-commerce has changed strategies for warehousing and distribution as companies try to meet consumer expectations of fast and reliable delivery services.
The market is consequently witnessing huge opportunities on the back of high investments by the Saudi government in infrastructure development. Initiatives such as the construction of modern ports, airports, and rail networks are creating a robust logistics backbone to support regional and international trade.
Megaprojects like Neom City and the Red Sea Project illustrate the strategic importance of logistics in enabling Saudi Arabia's ambitious economic goals. The geographical position of the nation enhances its potential to become a global logistics hub, offering unparalleled access to key markets across three continents. Further, the focus on smart technologies like robotics, automation, and AI provides companies with opportunities to gain a competitive edge by improving efficiency and reducing operational costs.
Still, some significant challenges may impede the market. Geopolitical instability in this region creates a threat to cross-border trade and the continuity of supply chains, thereby threatening to put uncertainty into business. On the other hand, an emerging skill gap is appearing in the supply chain sector amidst a growing shortage of skilled managers with advanced knowledge of logistics technology.
This factor may hamper the adoption of modern means of supply chain management practices. Other regulatory challenges include complicated customs procedures, and bureaucratic obstacles that make other difficulties worse and hence may discourage foreign investment in this market.
The supply chain industry is valued at an estimated 7% of the GDP for the year 2023, which is tremendous in the economy of Saudi Arabia. Major ports handling about 20 million TEUs for the same period confirm the ever-increasing size of the trade. The sector employs more than 1.5 million people, and this number is expected to increase further with the opening of new infrastructure projects. This boom in the e-commerce sector has powered last-mile delivery services to grow by 15% in 2023 and is highly indicative of the evolution happening within the sector.
The growth prospects of the Saudi Arabian supply chain market are very positive and promising for the future. With the focus on diversification and sustainability under Vision 2030, besides the integration of advanced technologies, the sector is likely to continue expanding. Infrastructural investments by the government will be further complemented by smart city and economic zone developments to give a fillip to the development of the overall logistics ecosystem.
Though regulatory hurdles and geopolitical risks are prevailing challenges, opportunities for innovation and development in the supply chain market are huge. Standing at the bedrock of the transformation process in Saudi Arabia, this sector will be very instrumental in shaping the nation for a future as a world leader in logistics.
Key Takeaways
- Market Value: The Kingdom of Saudi Arabia (KSA) Supply Chain Market size is estimated to have a value of USD 484.0 million in 2024 and is expected to reach USD 1,912.3 million by the end of 2033.
- By Component Segment Analysis: Hardware is anticipated to dominate this segment in this market as it will hold 46.9% of market share in 2024.
- By Deployment Segment Analysis: The cloud-based solutions is projected to dominate the deployment segment in the KSA Supply Chain Market with highest market share in 2024.
- By Enterprise Size Segment Analysis: The large enterprise size segment is anticipated to dominates the KSA supply chain market with major market share in 2024.
- By Application Segment Analysis: Inventory and warehouse management is projected to hold the leading position in the application segment of this market in 2024.
- By End-User Segment Analysis: The retail and e-commerce sector is projected to dominate the end-user segment in the KSA supply chain market in 2024.
- Key Players: Some of the major key players in the Kingdom of Saudi Arabia (KSA) Supply Chain Market are Saudi Logistics Services (SAL), Aramex, Abdul Latif Jameel Logistics, Bahri (National Shipping Company of Saudi Arabia), Zajil Express, DHL Express Saudi Arabia, and many others.
- Market Growth Rate: The market is growing at a CAGR of 16.5 percent over the forecasted period.
Use Cases
- E-commerce Fulfillment: This is about optimization of inventory, warehousing, and last-mile delivery because of emerging demands for online shopping to offer fast, accurate, and cost-efficient logistic solutions across urban and rural areas.
- Oil & Petrochemical Logistics: Oil and petrochemicals would be transported in bulk for storage and export; state-of-the-art supply chain technology ensures that the business is handled most professionally and in compliance with the requirements of global trade
- Healthcare Supply Chain: Timely delivery of pharmaceuticals, medical devices, and vaccines; cold chain logistics; real-time tracking systems play a very critical role in healthcare operations.
- Retail Distribution: Streamlining inventory management, warehousing, and multi-modal transport to facilitate the supply chain of retail stores and meet the diversified consumer demand in different regions.
Market Dynamic
Trends
Digital Transformation of Supply ChainsThe supply chain sector in Saudi Arabia is also becoming a hub of digital transformation due to the initiatives laid down by Vision 2030 for integrating technology across all sectors. Companies are leveraging technologies such as IoT, AI, and blockchain for real-time tracking, predictive analytics, and extended visibility. For example, IoT-enabled sensors provide timely insights into inventory levels, hence reducing any inefficiencies.
Blockchain enhances data accuracy in complex logistics processes, building trust among stakeholders. This trend significantly improves operational efficiencies, besides being in tune with global smart supply chain practices, and cements the Kingdom's status as a regional logistics hub.
E-commerce Expansion Boosting Logistics Demand
This rapid growth has produced high demand in Saudi Arabia for the sector to implement efficient logistics and supply chain solutions. Online retailers such as Noon and Amazon have partnered with leading e-logistics providers to try to meet today's demanding expectations around delivery. The number of automated warehouse solutions has been on the rise; there is an increasing level of last-mile delivery innovation, including the implementation of same-day shipping.
As online shopping is increasingly integral to consumer behavior, this trend is producing real investment in the hard infrastructure of logistics but also increasingly in digital platforms that then tie the operation together in one seamless interface for retailers and customers alike.
Growth Drivers
Vision 2030 Economic Diversification Initiatives
Saudi Arabia's Vision 2030 underlines diversification away from dependence on oil and makes the logistics and supply chain industry one of the mainstays of the economy. Huge investments in infrastructure projects like NEOM and the Red Sea Global have been driving growth. In addition, it also comprises logistics-friendly policies like establishing Special Economic Zones and reducing trade barriers, which also attract foreign and local investments. This helps strengthen the nation's standing as a leading logistics hub in the Middle East.
Increasing Global Trade Partnerships
Saudi Arabia is also developing trade actively with its participation in agreements such as the Saudi-Chinese collaboration on the Belt and Road Initiative, increasing the volumes of imports and exports, which in turn are raising demand for more sophisticated supply chain solutions. The upgrading of seaports, expansion of air cargo facilities, and the development of better road infrastructure are easing the way to smoother trade. All these growth drivers increase the global connectivity of the Kingdom in trade and ensure the prosperity of the supply chain sector in the globalized world economy.
Growth Opportunities
Integration of Emerging Technologies
The adoption of technologies such as AI, robotics, and big data analytics presents an excellent opportunity for supply chain optimization. Automated warehousing and predictive analytics cut down operational costs, while AI-powered systems enhance decision-making capabilities. Startups and established firms alike are testing such integrations, which offers an excellent opportunity for technology providers and investors to reach the Saudi supply chain market.
Expansion of Cold Chain Logistics
With growing demand for the cold chain movement of temperature-sensitive products like pharmaceuticals, fresh produce, and frozen food items, this cold chain logistics is developing at a very fast pace. There is also more inflow of investments into refrigerated transportation and storage facilities. Additionally, healthcare development in Saudi Arabia and changing dietary habits will further contribute to this segment and open doors for value-added service providers through innovative solution design.
Restraints
High Initial Investment Costs
Advanced supply chain technologies and infrastructure development require huge capital investment, although governments are very supportive. Smaller enterprises can hardly afford IoT-enabled devices, automated systems, or blockchain integrations. This may impede market growth and further widen the gap between large corporations and SMEs in access to advanced logistics solutions.
Limited Skilled Workforce
The supply chain industry will have a shortage of professionals who may manage modern technologies like AI or robotics. While workforce development is included in Vision 2030, the pace of its digital adoption outpaces supplies of trained talent. Normally, companies rely on hiring expatriates, greatly increasing operational costs. Getting over this restraint will involve considerable investments in education and training programs meant to build a local pool of talent.
Research Scope and Analysis
By Component
Hardware is projected to dominate the component segment in this market as it will hold 46.9% of market share in 2024. The dominance of hardware in the component segment of the KSA Supply Chain Market is owing to rapid industrialization and infrastructural growth in the country. Businesses in KSA are hugely investing in transportation hubs, warehouses, and logistics facilities; hence, advanced hardware solutions are being used to smoothen supply chain operations, ranging from transport systems and automated storage/retrieval systems to handheld devices for inventory tracking.
Saudi Arabia's Vision 2030 underlines the emphasis on integrating technology for the smooth operation of logistics. It therefore raises demand for IoT-enabled devices, RFID systems, and barcode scanners that help in tracking shipments with real-time visibility and building traceability-critical to maintaining operational efficiency in this highly competitive market. Such huge warehousing projects spur demand for high-class material-handling equipment, including forklifts, conveyor belts, and robotic systems.
It will help in the complete interconnectivity of physical and digital components within a supply chain, thus making its future in the market indispensable. AI, IoT, and the cloud completely depend on this basic hardware for gathering and synchronizing data within their systems. Growth in the e-commerce industry also adds to the contribution of advanced sorting and packaging equipment that optimizes the processes of fulfillment.
Government-backed logistics zones and initiatives advocate the use of the latest available equipment to reduce operational bottlenecks, thus supporting the market of hardware. Hence, hardware remains an integral factor as it provides the actual infrastructural skeleton for modern supply chain management in KSA.
By Mode of Transportation
Highway modes of transportation dominate the share in the mode of transportation segment of the supply chain market in KSA, owing to the strategic reliance on the highway infrastructure of the country for domestic logistics. Saudi Arabia has vast expanses of desert terrain with a road network connecting important economic regions for easier transportation of goods to regions such as Riyadh, Jeddah, and Dammam. Highways offer flexibility and access no other mode of transport can provide.
First and last-mile deliveries, being very essential, do happen with retail and e-commerce and also in manufacturing industries. There is an unparalleled growth in the number of e-commerce activities as, with a growing demand for trucks and delivery vehicles, manifold times the same consumer would want to expect speedy or timely shipments.
The road infrastructure investments involve the expansion of expressways, adding logistics hubs along major routes, and furthering roadway efficiency. This development also aligns with Vision 2030 in positioning Saudi Arabia as a global logistics hub. The proximity of industrial clusters to roadways further cements their position as the main mode of transport for domestic distribution. Among many factors, cost-effectiveness comes forward.
Compared with either air or rail, it has roadway transport at lesser costs for short or medium ranges, thus making it perfectly fit for intercity or regional cargo movements. The increased use of technologies for fleet management, like telematics and GPS for tracking, improves the operational efficiency-cum-situation more in enhancing roadway dominance.
By Deployment
The deployment segment in the KSA Supply Chain Market is projected to be dominated by cloud-based solutions, having become scalable, cost-effective, and fully capable of integrating smoothly. Due to the increased adoption of digital transformation strategies by businesses in Saudi Arabia, cloud-based solutions offer flexible infrastructure support for complex supply chain operations. This is also aligned with the aim of Vision 2030 toward modernizing industries and embracing technological innovation.
Cloud solutions make the data available in real-time to make better decisions and collaborate with the different players along the supply chain. This becomes even more important in a geographically spread-out country like Saudi Arabia, where logistics coordination needs to be seamlessly performed. Moreover, cloud-based deployments reduce direct costs associated with traditional on-premise systems, such as hardware installation and maintenance. The cost efficiency appeals to businesses of all sizes, especially small and medium enterprises-which are a growth segment in KSA's economy.
Not to say that the capability for advanced security and analytics of the cloud platforms stands in their favor, too. Predictive analytics, artificial intelligence, and machine learning capabilities integrated with these cloud systems further enable businesses in supply chain operations relevant to anticipating demand and mitigating risks.
This dream is partly driven by initiatives from the KSA government aimed at improving cloud infrastructure and partnering with major global technology providers. This will enable them to support dynamic market demands and ensure operational agility, hence remaining the dominant deployment method within the supply chain market.
By Enterprise Size
The large enterprise size segment dominates the KSA supply chain market due to several reasons such as large resources, extensive operations, and advanced technology adoption. Large enterprises are at the forefront of supply chain optimization, driven by their financial capacity to invest in state-of-the-art infrastructure and digital solutions. Saudi Arabia's Vision 2030 places a strong emphasis on the development of the logistic and supply chain sector factor that large corporates in industries such as oil and gas, manufacturing, and retail are eyeing with great interest.
These companies could be operating very extensive supply chains for which they need advanced software to track goods in real-time, enable intelligent inventory management, and improve demand forecasting. Large companies also boast scale for the adoption of innovative technologies like AI, IoT, and blockchain, paving ways to enhance efficiency and complete transparency in operations. The reason large companies can negotiate better with 3PL providers and deploy integrated supply chain management solutions is because of their overall scale.
Large enterprises have benefited from such initiatives funded by the government, examples of which are the programs under the National Industrial Development and Logistics Program (NIDLP) to provide different types of funds and infrastructures to extend the logistic functionalities of their organizations. In summary, this dominant position has also been enabled by driving the wheel of KSA's export-import economics.
At the forefront in the implementation of state-of-the-art supply chain best practices, leading large-scale companies continue to help set new thresholds in terms of efficiency and innovative applications across industries, therefore continuing their topmost market performance.
By Technology
Artificial intelligence and Machine Learning therefore lead in the KSA Supply Chain Market due to its highly transformative effect in achieving optimizations of operations for higher efficiencies. These technologies power real-time analytics, predictive analytics, and, most importantly, automation in solving the complexity brought along by modern supply chains.
Saudi Arabia's Vision 2030 focuses on incorporating advanced technologies into its logistics and supply chain operations. All these objectives also align with AI and ML applications focused on improved inventory management, route optimization, and demand forecasting. Firms utilize AI-powered tools to identify inefficiencies, reduce costs, and create better decision-making.
E-commerce and retail have gained momentum in Saudi Arabia, thus increasing the need for AI-powered logistics solutions. For example, machine learning algorithms predict delivery times and optimize warehouse layouts to achieve faster order fulfillment. AI-powered chatbots and customer service platforms enhance the end-user experience, which is an important factor in the competitive market.
Government-backed digital transformation initiatives and partnerships with global tech leaders further fuel AI and ML adoption. These are increasingly being integrated into smart warehousing and autonomous vehicles, packaging what is to be expected in the future. Having already proven their potential through improvement in accuracy, speed, and scalability AI and ML remain among the major technologies that will still dominate in the Saudi Arabian supply chain sector.
By Application
Inventory and warehouse management is projected to hold the leading position with 24.1% of market share in the application segment of the KSA Supply Chain Market in 2024, as such a segment is very crucial to assure operational efficiency and cost optimization. With the fast growth of e-commerce, retail, and manufacturing in Saudi Arabia, the demand for advanced inventory and warehouse solutions that could handle such growing demand effectively is increasingly felt.
Inventory management systems enable businesses under Vision 2030 to attain the goal of KSA being a global logistics hub by ensuring the best stock levels with minimum waste and improved order accuracy. Advanced warehouse management solutions integrate artificial intelligence, IoT, and robotics to offer real-time inventory tracking and smooth picking and packing operations that minimize errors, optimize space utilization, and improve supply chain visibility.
The increasing adoption of AS/RS in warehouses underlines the importance of this segment all the more. Besides, smart technologies are increasingly being adopted by enterprises that work in tandem with transport and distribution systems to help lower lead times and meet customer expectations.
Further, this segment ensures dominance through the development of growing third-party logistics providers.
Most advanced inventory and warehousing systems have their dependence on such kinds of third-party providers by serving industries that range from pharmaceuticals and FMCG, among others. Supporting the market's demand are also some government initiatives towards developing logistic zones and houses. Due to its immediate effects relating to cost economy, efficiency within operations, and satisfaction on the customer facet, it keeps its superiority in the market.
By End-User
The retail and e-commerce sector is projected to dominate the end-user segment in the KSA supply chain market because this sector has grown at a very fast rate and highly depends on efficient logistics and supply chain management. Online shopping is showing growth in KSA, driven by a digitally savvy population, in seamless order fulfillment demand, driving this segment to dominate. Saudi Arabia's Vision 2030 emphasizes diversification into non-core areas, with a key focus on the retail and e-commerce sectors.
Further, these segments would need the implementation of high-tech supply chain solutions to guarantee speed and accuracy-impacting last-mile delivery routes, real-time tracking of items in transit, and warehouse automation since customer expectations evolve day by day. Heavy investments have been made in infrastructure and technology not only by leading e-commerce giants like Amazon and Noon but also by local leading players, making the market competitive in reality. Omnichannel strategies for online and offline operations are increasingly integrated by retailers-further raising the requirement for sophisticated supply chain systems.
The government's support in enhancing the road network, thereby establishing logistics hubs, improves the supply chain for retail and e-commerce companies. Because these industries are considered major contributors to the KSA GDP and employment, they are considered one of the most dominant end-users. The retail and e-commerce industry continues to lead with the latest technologies and comprehensive logistics networks in shaping the country's supply chain ecosystem.
The Kingdom of Saudi Arabia (KSA) Supply Chain Market Report is segmented on the basis of the following
By Component
- Hardware
- RFID Tags and Readers
- GPS Devices
- Sensors
- Barcode Scanners
- Others
- Software
- Transportation Management Systems (TMS)
- Warehouse Management Systems (WMS)
- Supply Chain Planning (SCP) Software
- Enterprise Resource Planning (ERP)
- Order Management Systems (OMS)
- Services
By Mode of Transportation
- Roadways
- Railways
- Airways
- Waterways
By Deployment Type
By Enterprise Size
- Large Enterprises
- Small and Medium Enterprises (SMEs)
By Technology
- Artificial Intelligence (AI) and Machine Learning (ML)
- Blockchain
- Internet of Things (IoT)
- Big Data Analytics
- Automation and Robotics
By Application
- Inventory and Warehouse Management
- Transportation and Logistics Management
- Procurement and Sourcing
- Demand Forecasting and Planning
- Order Fulfillment
- Risk Management
- Other Application
By Industry Vertical
- Retail and E-commerce
- Healthcare
- Automotive
- Food and Beverages
- Oil and Gas
- Manufacturing
- Pharmaceuticals
- FMCG (Fast-Moving Consumer Goods)
Competitive Landscape
The competitive landscape is fueled by participation, both domestic and international, in the Kingdom of Saudi Arabia (KSA) Supply Chain Market, with dissimilar capabilities across logistics, technologies, and infrastructure. Major companies, therefore, strategize to develop advanced technologies such as AI, IoT, and blockchain to enhance supply chain operations to better competitiveness.
The leading players are Aramex, DHL Supply Chain, Bahri, and Saudi Post in logistics services, while in cloud-based supply chain solutions, the leading players include SAP, Microsoft, and Oracle. These companies leverage Saudi Arabia's Vision 2030 initiatives by aligning their offerings with government priorities meant to attract investments and improve efficiency.
It addresses both rising retail and healthcare sectors where these focus more on niche capabilities: last-mile delivery and cold chain logistics, while Third-party logistics providers have emerged, providing end-to-end solutions in inventory and transportation management.
Mergers and partnerships are common strategies that allow companies to expand service portfolios and reach. For instance, technology companies partnering with logistics providers enhance data-driven decision-making and operational agility. While the leading companies are competitive, innovation in the fields of automation, smart warehousing, and predictive analytics separates the leaders.
These opportunities are likely to come along with an intense competitive landscape for both established players and new entrants, with strong governmental support for developing logistical zones.
Some of the prominent players in the Kingdom of Saudi Arabia (KSA) Supply Chain Market are
- Saudi Logistics Services (SAL)
- Aramex
- Abdul Latif Jameel Logistics
- Bahri (National Shipping Company of Saudi Arabia)
- Zajil Express
- DHL Express Saudi Arabia
- Agility Logistics
- Kuehne + Nagel
- DB Schenker
- Almajdouie Logistics
- FedEx Express
- UPS Saudi Arabia
- Hellmann Worldwide Logistics
- Other Key Players
Recent Developments
- October 2024: Aramex introduced an AI-powered route optimization platform designed to enhance last-mile delivery efficiency. The platform uses machine learning algorithms to reduce delivery times, optimize routes, and minimize fuel consumption, addressing challenges in urban and rural logistics.
- September 2024: DHL Supply Chain entered a strategic partnership with a prominent Saudi tech company to integrate IoT technologies into its regional warehousing operations. The collaboration focuses on automating inventory tracking, reducing human error, and enabling real-time data sharing across supply chain networks.
- August 2024: The Saudi Arabian government inaugurated the Red Sea logistics hub, a state-of-the-art facility designed to improve supply chain connectivity across critical industries such as retail, e-commerce, and petrochemicals.
- November 2023: Oracle launched a blockchain-based solution to enhance transparency and security in supply chain management for Saudi enterprises. The solution facilitates seamless collaboration across stakeholders, ensuring the authenticity of goods, reducing fraud, and enhancing regulatory compliance.
- July 2023: SAP unveiled cloud-based predictive analytics innovations aimed at improving decision-making in supply chain operations. These solutions leverage big data to forecast demand patterns, optimize inventory, and streamline procurement processes, empowering businesses to adapt to market dynamics.
- April 2023: Bahri, a leader in maritime logistics, expanded its fleet of transportation vessels, increasing capacity for oil, chemicals, and other bulk exports. This move supports the growing trade demand and strengthens Saudi Arabia’s position in global maritime logistics.
Report Details
| Report Characteristics |
| Market Size (2024) |
USD 484.0 Mn |
| Forecast Value (2033) |
USD 1,912.3 Mn |
| CAGR (2024-2033) |
16.5% |
| Historical Data |
2018 – 2023 |
| Forecast Data |
2024 – 2033 |
| Base Year |
2023 |
| Estimate Year |
2024 |
| Report Coverage |
Market Revenue Estimation, Market Dynamics, Competitive Landscape, Growth Factors and etc. |
| Segments Covered |
By Component (Hardware, Software, and Services), By Mode of Transportation (Roadways, Railways, Airways, and Waterway), By Deployment Type (Cloud-Based, and On-Premises), By Enterprise Size (Large Enterprises, and Small and Medium Enterprises (SMEs)), By Technology (Artificial Intelligence (AI) and Machine Learning (ML), Blockchain, Internet of Things (IoT), Big Data Analytics, and Automation and Robotics), By Application (Inventory and Warehouse Management, Transportation and Logistics Management, Procurement and Sourcing, Demand Forecasting and Planning, Order Fulfillment, Risk Management, and Other Application), By Industry Vertical (Retail and E-commerce, Healthcare, Automotive, Food and Beverages, Oil and Gas, Manufacturing, Pharmaceuticals, and FMCG) |
| Regional Coverage |
The Kingdom of Saudi Arabia (KSA) |
| Prominent Players |
Saudi Logistics Services (SAL), Aramex, Abdul Latif Jameel Logistics, Bahri (National Shipping Company of Saudi Arabia), Zajil Express, DHL Express Saudi Arabia, Agility Logistics, Kuehne + Nagel, DB Schenker, Almajdouie Logistics, FedEx Express, UPS Saudi Arabia, Hellmann Worldwide Logistics, and Other Key Players |
| Purchase Options |
We have three licenses to opt for: Single User License (Limited to 1 user), Multi-User License (Up to 5 Users), and Corporate Use License (Unlimited User) along with free report customization equivalent to 0 analyst working days, 3 analysts working days and 5 analysts working days respectively. |