Child Care Market size is set to grow by USD 103.73 bn from 2024-2028, increasing labor force participation of women boost the market- Technavio

NEW YORK, April 8, 2024 /PRNewswire/ -- The global child care market  size is estimated to grow by USD 103.73 bn from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of  7.02%  during the forecast period.  The child care market is driven by the increasing female labor force participation rate, particularly in emerging economies. Factors influencing this trend include societal shifts, government initiatives, and rising household income. Key services include early childhood education, part-time care, and drop-in services. Markets involve various sectors such as preschools, kindergartens, and academic institutions, catering to nuclear families, working mothers, and single-parent households. The focus is on children's development and gender equality. 

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Segment Overview 

This child care market report extensively covers market segmentation by Delivery (Organized care facilities, Home-based settings) Type (Early education and daycare, Early care, Backup care) Geography (North America, Europe, APAC, South America, Middle East and Africa)

Market segmentation by Delivery

The child care market is experiencing significant growth due to the increasing importance of early childhood education in a child's development and the rising number of working parents, particularly mothers. High-quality child care facilities offer structured learning environments that promote exploration and prepare children for future academic success. With the increasing prevalence of dual-income families and the need for reliable childcare solutions, the demand for part-time care, drop-in services, and early care has increased. Governments are recognizing the importance of early childhood education and implementing initiatives to promote access and affordability through subsidies and financial assistance programs. Child care services encompass a range of offerings, including preschool, college coaching, kindergarten and pre-kindergarten, elementary schools, Montessori, summer camp, educational advising services, tuition assistance, student debt repayment, and educational counseling. These services cater to various family structures, including nuclear families, single-parent households, and the growing female workforce participation. The child care market provides essential goods and services that contribute to children's development, gender equality, and women's empowerment. The center-based segment of the child care industry is a significant contributor to the labor force and the economy.

Geography Overview

The child care market is experiencing significant growth due to several factors. Working parents, particularly women, are increasingly participating in the labor force, leading to a higher demand for child care services. This trend is reflected in the US, where the female workforce participation rate rose from 56.1% in 2021 to 58.6% in 2022. The US is the major market for child care in North America, with an increase in the number of child care facilities and centers. This growth is driven by the needs of dual-income families and the rising disposable incomes of households. Child care services encompass early childhood education, development, part-time care, drop-in services, and early care. Additionally, child care facilities offer early education, daycare services, medicine administration, and backup care. The childcare network includes preschools, college coaching, kindergarten and pre-kindergarten, elementary schools, Montessori, summer camp, educational advising services, tuition assistance, student debt repayment, and educational counseling. Workplace services and academic institutions also offer child care services. This trend signifies progress towards gender equality and women's empowerment. 

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• The child care market caters to working families, with rising disposable income and female labor force participation driving demand. Major vendors provide high-value services like personalized education and tuition assistance. Companies such as Bright Horizons and Learning Care Group offer solutions for preschool, summer camp, and academic advising. Keywords: Child care services, Working parents, Female workforce participation, Disposable income, Early childhood education, Preschool, Tuition assistance.
• The child care market faces challenges due to parents' concerns over health and safety in shared environments. Decreased trust and perceived risks of contagious diseases and inadequate sanitation practices lead to decreased enrollment rates. Outbreaks of illnesses can cause temporary closures, further disrupting operations. Keywords: child care services, working parents, child care facilities, early childhood education, disposable incomes, daycare services, female workforce participation, children's development, health, sanitation.

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Research Analysis

The Child Care Market plays a significant role in supporting the Female Labor Force by providing essential services for Working Mothers and Single-Parent Households. Nuclear Families, with their Dual-Income Structures, increasingly rely on Center-Based Child Care Services and Child Care Facilities to ensure Children's Development while both parents are employed. Goods and Services in the Child Care sector contribute to Gender Equality and Women's Empowerment by enabling Women to participate in the Labor Force. Early Childhood Education at these facilities is crucial for Children's Development and prepares them for future success. The Child Care Market thus plays a vital role in Households by providing essential services for Working Parents.

Market Research Overview

The Female Workforce plays a significant role in the Child Care Market. Structured childcare provides mothers with the opportunity to work or study, contributing to the Nuance of modern families. Singlenots and fathers also seek childcare services, making it a crucial Parenting solution. Chilcare centers offer various services, including daycare, after-school care, and preschool education. Chilcare providers must adhere to certain regulations, such as child safety and developmentally appropriate practices. Centers also provide essential services like feeding and diapering. Chilcare costs can be expensive, leading some parents to consider alternative options like family daycare or in-home care. Early learning programs are essential components of childcare, promoting cognitive and social development. The demand for childcare services is increasing, driven by the growing workforce and changing family structures. The Childcare industry is a critical component of the economy, providing employment opportunities and supporting the development of future generations.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Delivery
• Organized Care Facilities
• Home-based Settings
• Type
• Early Education And Daycare
• Early Care
• Backup Care
• Geography
• North America
• Europe
• APAC
• South America
• Middle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company 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.

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SOURCE Infiniti Research, Inc.