What Are The 5 Top Insights From The Social Assistance Market Forecast 2023
The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
As per The Business Research Company’s Social Assistance Global Market Report 2023, the social assistance market is expected to show significant growth in the forecast period.
Key insights from the social assistance market forecast include:
- Market Size
The global social assistance market is expected to grow from $1,639.3 billion in 2022 to $1,723.4 billion in 2023 at a compound annual growth rate (CAGR) of 5.1%. The market is expected to grow from $2,145.21 billion in 2027 at a CAGR of 5.6%.
- Major Driver
The market for child care is predicted to be driven by a rise in women’s employment rates during the projection period. For example, the proportion of women in the labour market in the United States is predicted to rise by 47.2% by 2024, fueling demand for on-site childcare facilities at corporations. The rise of the on-site child care market is also aided by government attempts to encourage women to work, which will directly contribute to the growth of the child care industry throughout the projected period, propelling the social assistance market.
View More On The Social Assistance Market Report 2023 – https://www.thebusinessresearchcompany.com/report/social-assistance-global-market-report
- Key Trend
To obtain insights on social assistance services, social assistance providers are increasingly embracing data-driven approaches such as big data and predictive analytics. Data, statistical algorithms, and machine learning techniques are used in predictive analytics to determine the likelihood of future outcomes based on historical data. The process of extracting hidden patterns and usable information from a massive quantity of data is known as big data analytics. While monitoring the target population, these strategies aid in reporting, detecting, and correcting noncompliance. For example, Hillside Family of Agencies, a human services provider for adolescents and families, is employing predictive analytics to lower high school dropout rates. The Good Samaritan Society, a non-profit provider of senior care and services, has teamed up with IBM to leverage big data and analytics technologies to analyse clinical and operational data on patients.
- Major Players
Major players in the social assistance market are World Food Programme, THE SALVATION ARMY INTERNATIONAL TRUST, Unicef, Bright Horizons Family Solutions, Sanctuary Housing, KinderCare Education, Food For Poor, Goodstart Early Learning, Primrose Schools, and G8 Education.
- Top Market Segments
The global social assistance market 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 Covered: Baby And Child Day Care Centers, Pre-Kindergarten And Preschool Centers, Nursery Schools, Community Food, Housing, And Relief Services, Individual And Family Services
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The Social Assistance Global Market Report 2023 provides an in-depth analysis on the social assistance market size, trends and drivers, opportunities, strategies, and companies analysis. The countries covered in the social assistance market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
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