NEW YORK, Dec. 8, 2023 /PRNewswire/ — According to Technavio, the global childcare market size is estimated to grow by USD 189.07 billion from 2022 to 2027. The market is estimated to grow at a CAGR of 12.8% during the forecast period. By geography, the global childcare market is segmented into North America, Europe, APAC, South America, and Middle East and Africa. The report provides actionable insights and estimates the contribution of all regions to the growth of the global child care market. North America will account for 36% of the market’s growth during the forecast period. The regional market is expected to grow due to the rising millennial populations, rising female labor force participation, and rising household disposable income. Canada is also recognized as a potential market. Due to the increased employment of women and the consequent rise in dual-income families, the need for childcare has been gradually increasing.
For more Insights on market size Request a sample report
Global Child Care Market – Five Forces
The global child care market is fragmented, and the five forces analysis covers–
- Bargaining Power of Buyers
- The threat of New Entrants
- Threat of Rivalry
- Bargaining Power of Suppliers
- Threat of Substitutes
- Interpretation of porter’s five models helps to strategize the business, for entire details – buy the report!
Global child care market – Customer landscape
The report includes the market’s adoption lifecycle, from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global child care market – Segmentation assessment
Segment overview
Technavio has segmented the market based on type (early education and daycare, early care, and backup care), and geography (North America, Europe, APAC, South America, and Middle East and Africa)
- The organized care facilities segment will grow at the highest rate during the forecast period. This is attributed to the rising number of working parents, and the growing demand for child care is expected to drive the segment during the forecast period. The child care centers aim at working on the overall personality development of children. They are more likely to offer an educationally enriched curriculum that promotes literacy, language, personality, and other skills. Children also have more chances to interact with their peers socially. These advantageous elements are raising demand for organized facilities and raising the income of market merchants.
Global Child Care Market – Market Dynamics
Key factor driving market growth
- The growing parent awareness of early childhood education and care is notably driving the market growth.
- Children that receive appropriate stimulation from their parents from birth to age five outperform other kids in the long term. As a result, children who receive quality education are more likely to graduate from high school, earn better academic performance, and experience healthier, more productive lives as adults.
- Thus, the increasing participation of parents will fuel the growth of the market during the forecast period.
Leading trends influencing the market
- Corporations offering corporate childcare services to their employees is an emerging trend in the market.
- In addition to lowering work absences, employer-sponsored childcare schemes increase employee retention rates.
- Furthermore, factors like the rising trends toward high-value services, and increasing stress on school franchisees will drive the market during the forecast period.
Major challenges hindering the market growth
- The rise in unemployment rates is a major challenge impeding the market.
- The growth in the unemployment rate affects the global market in two ways. First, it reduces household income, resulting in reduced spending on child care. Second, as more parents are forced to stay at home, the demand for childcare declines.
- In addition, due to the sharp increase in the cost of childcare services, few parents are forced to quit the job.
- It has also been noticed that one of the main factors contributing to the fall in female involvement in the US labor market as a whole is the cost of child care
What are the key data covered in this child care market report?
- CAGR of the market during the forecast period
- Detailed information on factors that will drive the growth of the childcare market between 2023 and 2027
- Precise estimation of the size of the childcare market and its contribution to the parent market
- Accurate predictions about upcoming trends and changes in consumer behavior
- Growth of the child care market across North America, Europe, APAC, South America, and Middle East and Africa
- A thorough analysis of the market’s competitive landscape and detailed information about vendors
- Comprehensive analysis of factors that will challenge the growth of child care market vendors
Gain instant access to 17,000+ market research reports.
Technavio’s SUBSCRIPTION platform
Related Reports:
Residential Real Estate Market in Myanmar by Type, and Mode of Booking – Forecast and Analysis 2023-2027: The residential real estate market in Myanmar is estimated to grow at a CAGR of 3.97% between 2022 and 2027. The size of the market is forecast to increase by USD 181.3 million. The growing residential sector in Myanmar is notably driving the market growth, although factors such as regulatory uncertainty may impede the market growth.
Hospitality Real Estate Market by Application, Type and Geography – Forecast and Analysis 2023-2027: The hospitality real estate market is estimated to grow at a CAGR of 10.25% between 2022 and 2027. The size of the market is forecasted to increase by USD 75.36 billion.
TOC
- Executive Summary
- Market Landscape
- Market Sizing
- Historic Market Size
- Five Forces Analysis
- Market Segmentation by Delivery
- Market Segmentation by Type
- Customer Landscape
- Geographic Landscape
- Drivers, Challenges, and Trends
- Company Landscape
- Company Analysis
- Appendix
About US
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Contact
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com/
SOURCE Technavio
