New York, Feb. 08, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Child Day Care Services Global Market Report 2022” – https://www.reportlinker.com/p06228501/?utm_source=GNW
The global child day 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 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 $415.96 billion in 2026 at a CAGR of 9%.
The child care services market consists of the sales of child care services such as babysitting and learning services and related goods by entities (organizations, sole traders and partnerships) that provide care for infants or children either in the home of the child, in the home of the registered child caregiver or in a child care center.Child care is the care provided for infants and toddlers, preschoolers, and school-aged children by government or an organization while parents are at work or absent for other reasons.
Establishments in this industry provide care services for preschool children, and for older children when they are not in school.Some of these establishments also offer pre-kindergarten 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 centers; pre-kindergarten and preschool centers and nursery schools.
The main types of child day care services are baby and child day care centers, pre-kindergarten and preschool centers and nursery schools.Nursery schools maintain nurseries and pre-schools that typically serve children aged 3 to 5, providing early education in the years preceding their entry into primary school.
The services are located in Center-Based and Home-Based location. The different expenditure type includes public and private that are availed by children under the age group of less than 1 year, 1-2 years, 2-4 years, 4-6 years and above 6 years.
An expected increase in the women employment rate in the forecast period is estimated to drive the market for child care. For instance, the share of women in the labour force in the USA is expected to increase to 47.2% in 2024, driving the demand for on-site child care facilities at corporates. The rise of the on-site child care market is also highly supported by government initiatives to encourage women to work, which will directly contribute to the growth of the child care market in the forecast period
The outbreak of Coronavirus disease (COVID-19) has acted as a restraint on the child day care services market in 2020 as governments globally imposed lockdowns that restricted the gathering of people in public places such as schools, colleges, child care and community centers.COVID-19 is an infectious disease with flu-like symptoms including fever, cough, and difficulty in breathing.
The virus was first identified in 2019 in Wuhan, Hubei province of the People’s Republic of China and spread globally including Western Europe, North America and Asia.Steps by national governments to contain the transmission have resulted in a decline in economic activity with countries entering a state of ’lock down’ and the outbreak had a negative impact on businesses throughout 2020 and into 2021.
However, some of the social services markets remained relatively unaffected as the outbreak did not impact their operations. It is expected that the child day care services market will recover from the shock across the forecast period as it is a ’black swan’ event and not related to ongoing or fundamental weaknesses in the market or the global economy
Child day care centers are leveraging technologies to facilitate parents to stay connected with their children.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 at the care center by accessing videos and pictures of kids at child day care centers.For instance, in Canada, Trust Child Care Centers partnered with Parent Care Network to provide video over the internet to parents to help them monitor child activities at the daycare center.
Bloomz, Eleyo, OnCare, myKidzDay, KidCheck are some of the companies providing child care software, applications and technologies utilized by care service providers.
Asia Pacific was the largest region in the child day care services market in 2021.Western Europe was the second-largest region in the child day care services market.
The 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 day 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, UAE, UK, USA, Venezuela and Vietnam.
Read the full report: https://www.reportlinker.com/p06228501/?utm_source=GNW
ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need – instantly, in one place.