Social Services Market Characteristics
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.
Competitive Landscape of the Social Services Market
Major players in the global Social Services market include Bill & Melinda Gates Foundation, World Food Programme, UNICEF, University of California System, The Salvation Army, Feeding America, Bright Horizons Family Solutions, W.K. Kellogg Foundation Trust, University of Michigan, Food for Poor.
Social Services Market Size
The social services market size is expected to reach $4 trillion by 2022, significantly growing at a CAGR of around 7% during the forecast period. The growth in the social services market is due to increasing demand for child care and educational services in both developed and developing countries, rapid urbanization, growing children population, new government initiatives, rising per capita income in emerging economies, globalization of educational services and increasing demand for educated workforce in emerging countries.
However, the market for social services is expected to face certain restraints from several factors such as interest rate increases, workforce issues.
Social Services Market Segmentation
The global social services market is further segmented based on type and geography.
By Type - The social services market is segmented into social assistance and education services among these segments, the education services market accounts for the largest share in the global social services market.
By Geography - The global social services is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, the Asia-Pacific Social Services market accounts the largest share in the global social services market.
Trends in the Social Services Market
Child day care centres utilizing technology, MOOCs emerging as the future learning platform and increase in popularity of community-based care and home service are improving construction safety are the major trends witnessed in the global social services market.
Potential Opportunities in the Social Services Market
With increasing government funding for developing nations, increasing number of women employees, utilization of technologies in child day care centres and increasing applications of digital learning platforms are expected to boost the market during the forecast period, the scope and potential for the global social services market is expected to significantly rise in the forecast period.