CHILD DAY CARE SERVICES MARKET REPORT OVERVIEW
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global child day care services market size was USD 187330 million in 2021 and market is projected to touch USD 262382.15 million by 2032 at CAGR 3.1% during the forecast period.
Programs that offer supervised childcare for kids are known as child daycare services. They can be provided in homes, schools, or centers, among other places. Giving kids a secure and nurturing environment to spend their days while their parents are at work or school is the goal of child daycare services. Typically, this kind of care include of learning and development-oriented activities including games, story time, and arts and crafts. Meals, snacks, and other dietary services may also be provided by child care facilities. The expanding number of working moms, the need for prekindergarten education, and the growing knowledge of the advantages of early childhood education are all contributing factors to the market expansion.
COVID-19 Impact: Pandemic Havocked Temporary Closures Coupled with Reduced Enrollments and Financial Strain Hampered the Market Growth
The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.
Lockdowns and social distancing tactics forced several daycare centers to either shut or operate at reduced capacity. Enrollment declined as a result of parents' reluctance to bring their kids to daycare because of health worries. Daycare providers faced financial difficulties as a result of decreased enrollment and higher operating costs, such as those associated with putting in place health and safety requirements. A few daycare centers, particularly the smaller, less resource-rich ones, ran the possibility of closing their doors forever.
LATEST TRENDS
Surge in Popularity of School Franchisees is a Proven Trend Shaping the Market Structure
A growing trend in child care is franchisee-provided daycare, as there is a growing need for superior child care services. As an illustration, Goddard School is a preschool for kids ages six weeks to six years old. It offers summer and after-school activities for students. According to Entrepreneur magazine, it is among the best childcare franchises in the US, and Franchise Times lists it in the top 200 franchise systems globally in terms of sales.Likewise, Primrose School Franchising Co. now operates over 450 schools in 32 states and is actively seeking to expand its reach throughout the United States.
The emergence of novel technologies has facilitated the provision of inventive solutions by providers in this domain, including interactive learning aids and online booking systems, so rendering it more comfortable for both parents and children. As a result, there has been a positive increase in demand for child day care services due to the Millennial generation's ongoing rise in wealth and parents' increased social consciousness.
CHILD DAY CARE SERVICES MARKET SEGMENTATION
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- By Type
Based on type the global market can be categorized into care services, pre-kindergarten education and others.
Care Services: Child care services encompass a range of tasks such as feeding, changing diapers, overseeing playtime, assisting with toilet training, and offering a secure and engaging atmosphere for the kids. Teaching fundamental skills like sharing, gaming, and homework assistance is another aspect of care services. Care services support the maintenance of the kids' happiness, health, and safety. These services also contribute to the development of caregiver relationships and trust, which is crucial for young children in particular.
Pre-Kindergarten Education: Early childhood education programs that offer pre-kindergarten instruction aid in preparing young children for the move to kindergarten. It stimulates their innate curiosity and pushes them to investigate their surroundings. Children may lay a solid basis for future academic achievement by participating in activities that enhance language, reading, numeracy, big and small motor abilities, problem-solving, and social skills. Prekindergarten education offers a secure, supportive setting that promotes children's development, learning, and well-being.
- By Application
Based on application the global market can be categorized into children, infants and others.
Infants: Infants need to form strong bonds with their caregivers and participate in a variety of developmental activities to support both their physical and mental development. Infants who get childcare have access to a variety of educational activities that develop their cognitive skills and improve their performance in school when they grow older.
Children: Early education components are incorporated into a lot of toddler and preschool day care programs, presenting fundamental ideas via play and planned activities. In order to support children's social skills development and friendship-building, childcare providers foster social contacts. Stories, music, and art projects are examples of activities that are frequently included into everyday life. After-school programs are a common feature of child day care services for school-age children. These programs could include recreation, extracurricular activities, and help with schoolwork.
DRIVING FACTORS
Rising Working Women Population and Rising Income Levels to Boost Up the Market Growth
Globally, the proportion of working women is rising. Due to the increasing number of parents searching for dependable and secure child care choices for their children while they are at work, the market for child day care services has grown. Parents are becoming more and more able to pay high-quality child day care services as income levels rise. This is fueling the market's expansion in emerging nations.
Urbanization on a Rage and Awareness Regarding Children Early Education to Pace Up the Market Growth
Around the world, as cities and towns become more urbanized, so does the need for child care services. In order to conveniently keep an eye on their children during hectic days or emergencies or crisis circumstances when they are unable to leave work early or have no one else to watch after their children, parents choose to send their kids to childcare facilities close to their houses. The demand for top-notch child day care services is rising worldwide as a result of parents' increased understanding of the value of early childhood education and its advantages for a kid's general development of personality characteristics, cognitive skills.
RESTRAINING FACTOR
Increased Risk of Infections Acquired Among Children to Hammer the Market Growth
Working parents may simply leave their children in the care of reputable daycare facilities thanks to childcare services. On the other hand, it has been observed that the children's health and hygiene are negatively affected. Infectious infections are more common in young children, particularly in newborns and toddlers. They are incapable of comprehending basic hygiene. In certain instances, the personnel working at these child care centers also fails to exercise the necessary caution when it comes to the health of the kids.
Nonetheless, a number of viral diseases that are prevalent in child day care centers include the common cold, stomach viruses, conjunctivitis (pink eye), and hand, foot, and mouth disease. Children who are close to one another might readily get these infections through direct or indirect touch. Over the course of the projection period, the child day care services market growth may be adversely affected by the frequent tendency of ill children at these facilities.
CHILD DAY CARE SERVICES MARKET REGIONAL INSIGHTS
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Asia Pacific with Rising Awareness and Increasing Government Support to Dominate the Market Growth
The market is primarily segregated into North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa.
Asia Pacific held almost half of the child day care services market share and is expected to rise up at significant rate in the forecast period. Due to expanding government funding for early childhood development programs and increased awareness of childcare services in emerging economies like China and India, Asia Pacific is predicted to have considerable growth during the projected period. Moreover, for the next eight years, expanding regional demand will also be aided by better economic conditions. Childcare facilities offer secure and caring settings that support the physical, mental, spiritual, and cultural well-being of children, therefore playing a significant role in their socialization and intellectual development.
KEY INDUSTRY PLAYERS
Key Industry Players Shaping the Market through Innovation and Market Expansion
Important industry players have a big impact on the market and are crucial in determining customer preferences and market dynamics. These major firms provide consumers easy access to a vast array of clothing alternatives through their huge retail networks and online platforms. Product adoption has increased as a result of their strong worldwide presence and well-known brand, which has also enhanced consumer trust and loyalty. These industry titans also consistently fund R&D, bringing cutting-edge designs, materials, and clever features to child day care services to meet changing customer demands and preferences. These big businesses' combined efforts have a big impact on the market's future direction and level of competition.
List of Market Players Profiled
- Bright Horizons Family Solutions (U.S.)
- Learning Care Group (U.S.)
- G8 Education (Australia)
- Good start Early Learning (Australia)
- Primrose Schools (U.S.)
- Nobel Learning Communities (U.S.)
- JP Holdings (Japan)
- KU Children's Services (Australia)
- KinderCare Education (U.S.).
INDUSTRIAL DEVELOPMENT
- October 2019: In order to grow the EdAssist Solutions group even further, Bright Horizons Family Solutions purchased GP Strategies' tuition program management division.
- August 2020: Bright Horizons Family Solutions, a Chicago, Illinois-based firm, purchased Sittercity, an online marketplace for family solutions.
REPORT COVERAGE
The report includes a thorough SWOT analysis and offers predictions for market growth in the future. It explores a broad range of market categories and possible applications that might have an impact on the market's trajectory in the upcoming years, as well as key aspects that contribute to the market's growth. The research provides a comprehensive overview of the market's components and identifies possible growth opportunities by taking into account both historical turning points and present trends.
| REPORT COVERAGE | DETAILS |
|---|---|
Market Size Value In |
US$ 187330 Million in 2021 |
Market Size Value By |
US$ 262382.15 Million by 2032 |
Growth Rate |
CAGR of 3.1% from 2021 to 2032 |
Forecast Period |
2024-2032 |
Base Year |
2023 |
Historical Data Available |
Yes |
Regional Scope |
Global |
Segments Covered |
Type & Application |
Frequently Asked Questions
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What value is the child day care services market expected to touch by 2032?
The global child day care services market is expected to reach USD 262382.15 million by 2032.
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What CAGR is the child day care services market expected to exhibit by 2032?
The child day care services market is expected to exhibit a CAGR of 3.1% by 2032.
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Which are the driving factors of the child day care services market?
Rising working women population with rise in in some levels, rapid urbanization and awareness regarding children early education are the driving factors of the market.
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What are the key child day care services market segments?
The key market segmentation that you should be aware of, which include, based on type the market is classified as care services, pre-kindergarten education and others. Based on application the market is classified as infants, children and others.
