Leading companies in the child care services market include Bright Horizons Family Solutions, KinderCare Education, Goodstart Early Learning, Primrose Schools, G8 Education, JP Holdings, KU Children’s Services, PLASP Child Care Services, and Learning Care Group.
New York, 08 Feb. 2022 (GLOBE NEWSWIRE) — Reportlinker.com Announces Release of “Child Day Care Services Global Market Report 2022” – https://www.reportlinker.com/p06228501/?utm_source=GNW
The global child care services market is expected to grow from $271.67 billion in 2021 to $295.99 billion in 2022 at a compound annual growth rate (CAGR) of 9%. The growth is mainly due to companies reorganizing their operations and recovering from the impact of COVID-19, which had previously led to restrictive containment measures involving social distancing, remote working and the closure of business activities that resulted in operational challenges. The market is expected to reach $415.96 billion in 2026 with a CAGR of 9%.
The child care services market includes the sales of child care services such as child care and learning services and related goods by entities (organizations, sole proprietorships and partnerships) that provide care for infants or children either in the child’s home or in the licensed care provider’s home or day care centre. Child care is the care provided to infants and toddlers, preschoolers, and school-aged children by the government or organization while the parents are at work or away for other reasons.
Establishments in this industry provide child care for preschoolers and older children when they are out of school. Some of these institutions also offer preschool education.
This market includes both government-sponsored and private child care services. This market also includes subsidies and direct benefit transfers by governments to child care providers.
The child care market is segmented into baby and child day care; preschool and preschool centers and kindergartens.
The main types of child care services are baby and child day care centers, preschool and preschool centers and preschools. their entry into primary school.
Services are centrally located and at home. The different types of expenditures include public and private expenditures benefiting children under 1, 1-2, 2-4, 4-6 and over 6 years old.
An expected increase in female employment rate over the forecast period is estimated to boost the child care market. For example, the share of women in the labor force in the United States is expected to increase to 47.2% in 2024, which will drive the demand for on-site childcare services in companies. The boom in the on-site child care market is also strongly supported by government initiatives to encourage women to work, which will directly contribute to the growth of the child care market during the period of forecast.
The coronavirus disease (COVID-19) outbreak acted as a drag on the childcare market in 2020, as governments around the world imposed lockdowns that restricted the gathering of people in public places such as schools, colleges, daycare centers and community centers. COVID-19 is an infectious disease with flu-like symptoms including fever, cough and difficulty breathing.
The virus was first identified in 2019 in Wuhan, Hubei Province in the People’s Republic of China, and has spread around the world, including Western Europe, North America and Asia. Measures taken by national governments to contain transmission have resulted in lower economic activity as countries enter a state of ‘lockdown’ and the outbreak has negatively impacted businesses throughout 2020 and until 2021.
However, some of the social services markets remained relatively unscathed as the outbreak did not impact their operations. The child care services market is expected to recover from the shock during the forecast period as it is a “black swan” event and not related to any persistent or fundamental weaknesses of the market or the global economy.
Child care centers are leveraging technology to allow parents to stay in touch with their children. Many child care centers use apps to stream videos of classroom activities and send photos of children to parents.
This technology allows parents to monitor their child at daycare by accessing videos and photos of children at daycares. For example, in Canada, Trust Child Care Centers has partnered with the Parent Care Network to provide Internet videos to parents to help them monitor children’s daycare activities.
Bloomz, Eleyo, OnCare, myKidzDay, KidCheck are some of the companies providing child care software, apps and technology used by child care providers.
Asia-Pacific was the largest region in the child care services market in 2021. Western Europe was the second largest region in the child care services market.
Regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The countries covered in the Child Care Services market report are Argentina, Australia, Austria, Belgium, Brazil, Canada, Chile, China, Colombia, Czech Republic , Denmark, Egypt, Finland, France, Germany, Hong Kong, India, Indonesia, Ireland, Israel, Italy, Japan, Malaysia, Mexico, Netherlands, New Zealand, Nigeria , Norway, Peru, Philippines, Poland, Portugal, Romania, Russia, Saudi Arabia, Singapore, South Africa, South Korea, Spain, Sweden, Switzerland, Thailand, Turkey, United Arab Emirates, United Kingdom, United States, Venezuela and Vietnam.
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