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Social Services Global Market Report 2021: COVID 19 Impact and Recovery to 2030

·4 min de lecture

Major companies in the social services market include Bill & Melinda Gates Foundation; World Food Programme; UNICEF; University of California System and The Salvation Army. The global social services market is expected to grow from $4538.

New York, Feb. 01, 2021 (GLOBE NEWSWIRE) -- announces the release of the report "Social Services Global Market Report 2021: COVID 19 Impact and Recovery to 2030" -
57 billion in 2020 to $4830.58 billion in 2021 at a compound annual growth rate (CAGR) of 6.4%. 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 $6641.02 billion in 2025 at a CAGR of 8%.

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 social services market is segmented into educational services and social assistance.

Asia Pacific was the largest region in the global social services market, accounting for 35% of the market in 2020. Western Europe was the second largest region accounting for 32% of the global social services market. Middle East was the smallest region in the global social services market.

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.

The outbreak of Coronavirus disease (COVID-19) has acted as a restraint on the social 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 is expected to continue to have 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 social 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.

Autism Spectrum Disorder (ASD) is a complex developmental disability. Symptoms of this disorder typically appear during early childhood and affect a person’s ability to communicate and interact with others. The Center for Disease Control and Prevention (CDC) reported that 1 in 59 children are diagnosed with an autism spectrum disorder (ASD) in the US. Studies show that early diagnosis and intervention lead to significantly improved outcomes. To address this, many autism research organizations are expected to invest more time and money for the betterment of this condition. Training social service employees for autism child care counsellors, number of therapists and psychologists will increase and they are expected to serve more individuals and eventually generate more revenues.

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