Child care market 2023-2027 | North America will account for 36% of the market's growth - Technavio

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.

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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.

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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

Driver, Trend & Challenges are the factor of market dynamics that states about consequences & sustainability of the businesses, find some insights from a sample report!

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

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TOC

1. Executive Summary
2. Market Landscape
3. Market Sizing
4. Historic Market Size
5. Five Forces Analysis
6. Market Segmentation by Delivery
7. Market Segmentation by Type
8. Customer Landscape
9. Geographic Landscape
10. Drivers, Challenges, and Trends
11. Company Landscape
12. Company Analysis
13. Appendix

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SOURCE Technavio