Social Services Market Trends- Implementation Of Technology In Child Day Care Centers

6 Jul, 2020

Child day care centers in the social services market are leveraging technologies to allow parents to stay connected with their children when they are away for work. Many daycare centers are using apps to provide video streaming of classroom activities and send pictures of kids to parents. This technology enables parents to monitor their child activities at the care center by accessing videos and pictures. For instance, Trust Child Care Centers partnered with Parent Care Network to provide video over the internet to parents where they can monitor child’s activities at the daycare center. Cresthill Academy is utilizing technology to maximize communication and connection by providing information about child’s activities.

The global social services market size is expected to grow from $4,598.9 billion in 2019 to $4,796.5 billion in 2020 at a compound annual growth rate (CAGR) of 4.3%. The low growth is mainly due to economic slowdown across countries owing to the COVID-19 outbreak and the measures to contain it. The social services market growth is then expected to recover and grow at a CAGR of 9% from 2021 and reach $6,149.9 billion in 2023.

The social services market consists of the revenues generated from services and related goods by entities (organizations, sole traders and partnerships) that provide benefits and facilities relating to food supplies, education, health care, disaster relief activities and housing services, and are offered by private or government establishments to improve the living conditions and social well-being of under privileged children, disabled, elderly and the poor in a community.

The global social services market is segmented by type into educational services and social assistance. By type of operator, the market is segmented into public operator and private operator. The subsegments covered are other educational services, colleges, universities, and professional schools, elementary and secondary schools, child day care services, and community and individual services.

Asia Pacific was the largest region in the global social services market, accounting for 35% of the total share in 2019. Western Europe was the second largest region accounting for 33% of the global social services market. The Middle East was the smallest region in the global social services market.

Major players in the social services market are Bill & Melinda Gates Foundation, World Food Programme, UNICEF, University of California System, and The Salvation Army.