What Fueled The Previous Growth In The Social Assistance Market?
The social assistance market has seen considerable growth due to a variety of factors.
• The market size for social assistance has seen significant growth in the past few years. It is expected to expand from $1680.47 billion in 2024 to $1793.8 billion in 2025, exhibiting a compound annual growth rate (CAGR) of 6.7%.
Factors contributing to the historical growth include social welfare programs, economic conditions, the aging population, and healthcare services.
How Does the Forecast Look for the Social Assistance Market?
The social assistance market is expected to maintain its strong growth trajectory in upcoming years.
• In the coming years, the social assistance market is predicted to witness robust growth. The estimated value of the market is slated to reach $2290.34 billion in 2029, growing at a compound annual growth rate (CAGR) of 6.3%.
Factors contributing to this predicted growth in the forecast period include demographic changes, economic resurgence and resilience, mental health services, childcare facilities, and services for substance abuse and addiction. Key trends during the forecast period are expected to be digital overhaul, mental health and wellness support, childcare and pre-school education, technological advancements in social assistance, and an increase in community involvement and volunteering.
What Are The Leading Drivers Of Growth In The Social Assistance Market?
The anticipated growth in the rate of employed women in the forecast period is predicted to fuel the growth of the social assistance market. For example, the proportion of women participating in the labor force in the USA is expected to rise to 47.2% by 2024, thus boosting the need for on-site childcare facilities at corporations. The expansion of the on-site child care market is equally bolstered by governmental policies promoting women in the workforce, which will directly lead to the development of the child care market within the forecast period and, as a result, propel the social assistance market.
How Are The Segments Defined Within The Global Social Assistance Market?
The social assistance market covered in this report is segmented –
1) By Type: Child Day Care Services, Community And Individual Services
2) By Mode: Online, Offline
3) By Application: Food Stamp Program, Disaster Relief Services, Adoption Services, Self-help
Subsegments:
1) By Child Day Care Services: Daycare Centers, Home-based Child Care, After-school Programs, Pre-school Services
2) By Community And Individual Services: Elderly Care Services, Disability Assistance Services, Social Support For Low-income Families, Counseling And Mental Health Services, Substance Abuse Rehabilitation Services
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How Are New Trends Impacting The Size Of The Social Assistance Market?
As providers of social assistance continue to adopt a data-centric approach, big data and predictive analytics are becoming more common tools for gaining insights into social assistance services. Predictive analytics uses data, statistical algorithms, and machine learning to devise forecasts of future scenarios based on historical data. Meanwhile, big data analytics uncovers hidden trends and useful information from large volumes of data. Through these techniques, non-compliance can be addressed and vigilance over the target demographic can be improved. As an example, Hillside Family of Agencies, which offers human services to youths and families, employs predictive analytics in its efforts to lower high school dropout rates among youths. Meanwhile, Good Samaritan Society, a non-profit dedicated to senior care and services, is teaming up with IBM to tap into big data and analytics software for its patient’s clinical and operational data.
Who Are the Key Players In The Social Assistance Market?
Major companies operating in the social assistance market include:
• United Nations World Food Program
• The Salvation Army International Trustee Co
• United Nations International Children's Emergency Fund
• Bright Horizons Family Solutions Inc.
• Sanctuary Housing
• KinderCare Learning Centers LLC
• Food For The Poor Inc.
• Goodstart Early Learning Ltd.
• Primrose Schools
• G8 Education Ltd.
• Young Men's Christian Association
• Boys & Girls Clubs of America Inc.
• American Cancer Society Inc.
• Catholic Charities USA
• Goodwill Industries International Inc.
• American Red Cross
• Feeding America
• Habitat for Humanity International Inc.
• United Way of America
• The Nature Conservancy
• Humane Society of the United States
• The Trevor Project Inc.
• St. Jude Children's Research Hospital Inc.
• Big Brothers Big Sisters of America
• Amyotrophic Lateral Sclerosis Association
• The Michael J. Fox Foundation for Parkinson's Research
• The Leukemia & Lymphoma Society Research Programs Inc.
• Alzheimer's Disease and Related Disorders Association Inc.
• American Heart Association Inc.
• American Lung Association
• Arthritis Foundation
• The Multiple Sclerosis Society of India
• National Kidney Foundation of Arizona
• National Breast Cancer Foundation Inc.
• Muscular Dystrophy Association
• Cystic Fibrosis Foundation.
What Is The Most Dominant Region In The Social Assistance Market?
Western Europe was the largest region in the social assistance market in 2023. Asia-Pacific was the second-largest region in the social assistance market. The regions covered in the social assistance market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
