Child Care Market, 34% of Growth to Originate from North America, Technavio

NEW YORK, May 22, 2024 /PRNewswire/ -- The global child care market size is estimated to grow by USD 103.73 billion from 2024 to 2028, according to Technavio. The market is estimated to grow at a CAGR of 7.02% during the forecast period.

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Region Outlook

1. North America
2. Europe
3. APAC
4. South America
5. Middle East and Africa

1. North America - The North American market is set to grow by 34% according to Technavio analysts, with the US leading the charge. Factors such as increased female workforce participation, a rise in millennials, and higher household incomes are key drivers.

Canada also presents opportunities due to a growing number of dual-income families and emphasis on childcare center quality. Government initiatives in Canada support early childhood learning, further fueling market growth. These trends indicate a promising outlook for the regional market during the forecast period.

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Segmentation Overview

1. Delivery 
• 1.1 Organized care facilities
• 1.2 Home-based settings
2. Type 
• 2.1 Early education and daycare
• 2.2 Early care
• 2.3 Backup care
3. Geography 
• 3.1 North America
• 3.2 Europe
• 3.3 APAC
• 3.4 South America
• 3.5 Middle East and Africa

1.1 Fastest growing segment: The organized care facilities sector is poised for substantial growth, primarily driven by the escalating number of working parents. With a focus on standardized methods, these centers prioritize holistic child development, including personality enhancement.

Valued at USD 143.85 billion in 2018, this segment leads in market share. Organized facilities offer educationally enriched programs fostering literacy, language, and social skills. Enhanced peer interaction further boosts demand, augmenting market revenue. These factors will fuel segment expansion in the foreseeable future.

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Research Analysis

The child care market encompasses a range of goods and services designed to support the development of children in nuclear families, particularly those with working mothers and parents in dual-income households. This segment includes center-based child care services, such as child care centers and early childhood education facilities, which provide structured learning environments and care for children during working hours.

The center-based segment of the child care market plays a crucial role in women's empowerment by enabling them to participate in the labor force while ensuring the well-being of their children. The demand for these services continues to grow as more families adopt the nuclear structure and strive for a better balance between work and family life. Childcare Management Software is also increasingly becoming an integral part of managing these centers efficiently and effectively.

Market Overview

The Child Care market encompasses a range of services and products designed to meet the needs of young children while their parents or guardians are engaged in employment or other activities outside the home. This market includes various types of child care facilities such as daycare centers, preschools, and nurseries, as well as Children Day Care Services. Additionally, it involves the sale of child care-related products like diapers, baby monitors, and educational toys.

The demand for child care services is driven by factors such as increasing workforce participation of women and the need for affordable and high-quality care. The market is also influenced by government regulations and policies, as well as trends in early childhood education and development. Overall, the Child Care market is a significant and growing sector that plays a crucial role in supporting families and fostering the healthy development of young children.

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Key Topics Covered:

 1 Executive Summary
 2 Market Landscape
 3 Market Sizing
 4 Historic Market Size
 5 Five Forces Analysis
 6 Market Segmentation
 7 Customer Landscape
 8 Geographic Landscape
 9 Drivers, Challenges, and Trends
10 Venodr Landscape
11 Vendor Analysis
12 Appendix

About Technavio

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.

Contacts

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Website: www.technavio.com/

SOURCE Technavio