Social Assistance Global Market To Reach Value Of Almost $2 Trillion In 2025
25 Jun, 2021
The social assistance market consists of the revenues from social assistance services by entities (organizations, sole traders and partnerships) that provide social assistance services such as child day care services, community food housing and relief services, vocational rehabilitation services and individual and family services. These services do not include residential or accommodation services, except on a short-day basis.
Global Social Assistance Market Size And Drivers:
The global social assistance market is expected to grow from $1286.48 billion in 2020 to $1431.43 billion in 2021 at a compound annual growth rate (CAGR) of 11.3%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $1959.29 billion in 2025 at a CAGR of 8%. An expected increase in the women employment rate in the forecast period is estimated to drive the market for child care.
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Trends In The Global Social Assistance Market
Social assistance providers are increasingly using data-driven approach such as big data and predictive analytics to gather insights related to social assistance services. Predictive analytics involves the use of data, statistical algorithms and machine learning techniques to identify the likelihood of future outcomes based on historical data. Big data analytics involves extracting hidden patterns and useful information from a large set of data. These techniques help in reporting, detecting, or correcting non-compliance while monitoring target population. For instance, Hillside Family of Agencies, a human services provider for youth and families, is using predictive analytics to reduce the dropout rates among youth in high school. Good Samaritan Society, a non-profit provider of senior care and services, has partnered with IBM to use big data and analytics software for its clinical and operational data about the patients.
Global Social Assistance Market Segments:
The global social assistance market is further segmented based on type and geography.
By Type: Child Day Care Services, Community And Individual Services
Sub segments Covered: Baby And Child Day Care Centers, Pre-Kindergarten And Preschool Centers, Nursery Schools, Community Food, Housing, And Relief Services, Individual And Family Services
By Geography: The global social assistance market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, Western Europe is the largest region in the global social assistance market, accounting for 39% of the market in 2020.
Read More On The Report For The Global Social Assistance Market At:https://www.thebusinessresearchcompany.com/report/social-assistance-global-market-report-2020-30-covid-19-impact-and-recovery
Social Assistance Global Market Report 2021 is one of a series of new reports from The Business Research Company that provides social assistance market overviews, analyzes and forecasts market size and growth for the global social assistance market, social assistance market share, social assistance market players, social assistance market segments and geographies, social assistance market’s leading competitors’ revenues, profiles and market shares. The social assistance market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.