Major companies in the social assistance market include Bill & Melinda Gates Foundation; World Food Programme; Unicef; The Salvation Army and Feeding America. The global social assistance market is expected to grow from $1286.
New York, Feb. 01, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Social Assistance Global Market Report 2021: COVID 19 Impact and Recovery to 2030" - https://www.reportlinker.com/p06018939/?utm_source=GNW
48 billion in 2020 to $1431.43 billion in 2021 at a compound annual growth rate (CAGR) of 11.3%. 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 $1959.29 billion in 2025 at a CAGR of 8%.
The social assistance market consists of the revenues from social assistance services by entities (organizations, sole traders and partnerships) that provide social assistance services such as child day care services, community food housing and relief services, vocational rehabilitation services and individual and family services. These services do not include residential or accommodation services, except on a short-day basis. The social assistance market is segmented into child day care services and community and individual services.
Western Europe was the largest region in the global social assistance market, accounting for 39% of the market in 2020. Asia Pacific was the second largest region accounting for 30% of the global social assistance market. Middle East was the smallest region in the global social assistance market.
Social assistance providers are increasingly using data-driven approach such as big data and predictive analytics to gather insights related to social assistance services. Predictive analytics involves the use of data, statistical algorithms and machine learning techniques to identify the likelihood of future outcomes based on historical data. Big data analytics involves extracting hidden patterns and useful information from a large set of data. These techniques help in reporting, detecting, or correcting a non-compliance while monitoring target population. For instance, Hillside Family of Agencies, a human services provider for youth and families, is using predictive analytics to reduce the dropout rates among youth in high school. Good Samaritan Society, a non-profit provider of senior care and services, has partnered with IBM to use big data and analytics software for its clinical and operational data about the patients.
The outbreak of Coronavirus disease (COVID-19) has acted as a restraint on the social assistance 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 assistance 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.
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 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, thereby driving the social assistance market.
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