Authored By: Sarah
11 Jul 2024

 Child Care Market Size to grow by USD 103.73 billion between 2024-2028

According to a research report “ Child Care Market” 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)- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 103.73 billion, at a CAGR of  7.02% during the forecast period. The global child care market is experiencing significant growth due to the increasing labor force participation rate of women. In the past five years, there has been a notable upward trend in the number of women joining the workforce, driven by shifting societal attitudes and government initiatives, particularly in emerging economies. Factors influencing this trend include social norms, employment opportunities, rising household income, and escalating child care expenses. For instance, as of 2021, the Labour Force Participation Rate (LFPR) for women aged 15 years and above in India stood at 30%. This trend is expected to continue, fueling the demand for quality and affordable child care solutions.

Browse market data tables, figures, and in-depth TOC on “Child Care Market” 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) Global Forecast to 2028. Download Free Sample

 

By Delivery, the Organized care facilities segment is projected to dominate the market size in 2024

The child care market is experiencing significant growth due to the increasing recognition of the importance of early childhood education in a child's development. High-quality early education and daycare programs provide structured learning environments that foster curiosity, encourage exploration, and prepare children for future academic success. With the rising number of working parents, particularly mothers, there is a pressing need for dependable childcare solutions. Early education and daycare centers offer a safe and stimulating environment for children while parents are employed, enabling them to balance work and family commitments. Governments are acknowledging the significance of early childhood education and implementing initiatives to promote access and affordability, including subsidies and financial assistance programs. These measures are making early education and daycare more accessible to families, ensuring that children receive the best possible start in life.

By Type, Early education and daycare  segment is expected to hold the largest market size for the year 2024

The organized child care market segment dominates the global child care industry in 2023, driven by the increasing number of working parents and the surging demand for quality child care services. In organized facilities, there is a heightened emphasis on implementing standards-based approaches to child care delivery. These centers prioritize the holistic development of children, offering educationally enriched curricula that foster literacy, language development, and personality growth. Additionally, children in organized care facilities benefit from expanded opportunities to socialize with their peers, contributing to their overall development.

North America is forecasted to hold the largest market size by region in 2024

The child care market in North America is experiencing significant growth due to several key factors. The increasing labor force participation of women, driven by the rise in female employment rates from 56.1% in 2021 to 58.6% in 2022 (BLS), is a major contributing factor. Furthermore, the demographic shift towards millennials, who prioritize work-life balance, and the subsequent increase in disposable income for households, are additional growth drivers. The US, in particular, has emerged as a major player in the North American child care market, with a surge in the number of child care centers to accommodate this growing demand.

The Child Care Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:

  • Beanstalk Education Group
  • Benesse Holdings Inc.
  • Bright Horizons Family Solutions Inc.
  • Cadence Education
  • Child Development Schools
  • CRESTAR EDUCATION GROUP
  • Fortune Kindergarten
  • Goddard Franchisor LLC
  • Kids and Co.
  • KinderCare Learning Centers LLC
  • Pigeonhearts Corp.
  • Poppins Corp
  • Primrose School Franchising SPE LLC
  • Smartkidz Educare Global Pvt. Ltd.
  • Spring Education Group
  • The Learning Experience
  • Tree House Education And Accessories Ltd.
  • Learning Care Group Inc.
.

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Research Analysis Overview

The child care market has experienced significant growth in recent years due to the increasing number of dual-income families and the need for early childhood education. With more women entering the labor force and households adopting nuclear family structures, the demand for child care services has risen. This trend is particularly prominent in the center-based segment, which includes child care centers. These facilities provide developmentally appropriate programs for children's early education and care, allowing working parents to balance their careers and family responsibilities. The child care market is not just about goods and services; it's about the development of the next generation. Early childhood education plays a crucial role in children's cognitive, social, and emotional growth. Women's empowerment is also a significant factor, as affordable and reliable child care services enable women to pursue careers and contribute to the labor force. Overall, the child care market is essential for supporting modern family structures and promoting the well-being of children and working parents alike.

Market Research Overview

The child care market encompasses a range of goods and services designed to support the development of children from preschool age through high school. This includes academic institutions, workplace services such as educational counseling and student debt repayment, tuition assistance, and educational advising services. Additionally, the market includes summer camps, Montessori schools, elementary schools, kindergarten and pre-kindergarten programs, college coaching, and preschools. The Childcare Network, daycare services, backup care, early daycare, and early education are also part of this market. With the increasing number of dual-income families and women's empowerment, the demand for child care services has grown significantly. Households with disposable income are willing to invest in their children's development, making the child care industry a lucrative business. The center-based segment, which includes child care centers, is a significant contributor to the market. The focus on children's development and early childhood education has made child care services an essential component of the labor force, enabling working parents, particularly mothers, to balance their work and family life.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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