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Social Assistance Market Trend Analysis And Forecast 2024-2033
Social Assistance Market Trends
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According to The Business Research Company's, The social assistance market size has grown strongly in recent years. It will grow from $1725.74 billion in 2023 to $1834.24 billion in 2024 at a compound annual growth rate (CAGR) of 6.3%. The growth in the historic period can be attributed to social welfare programs, economic factors, aging population, healthcare services.
The social assistance market size is expected to see strong growth in the next few years. It will grow to $2320.58 billion in 2028 at a compound annual growth rate (CAGR) of 6.1%. The growth in the forecast period can be attributed to demographic shifts, economic recovery and resilience, mental health services, childcare services, substance abuse and addiction services. Major trends in the forecast period include digital transformation, mental health and wellness support, childcare and early childhood education, technology-enabled social assistance, community engagement and volunteerism.
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Market Drivers and Trends:
An expected increase in the women's employment rate in the forecast period is estimated to drive the market forsocial assistance. For instance, the share of women in the labor force in the USA is expected to increase by 47.2% in 2024, driving the demand for on-site childcare 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.
Social assistance providers are increasingly using a 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 non-compliance while monitoring the 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.
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Major Key Players of the Market:
United Nations World Food Program, The Salvation Army International Trustee Co, United Nations International Children's Emergency Fund, Bright Horizons Family Solutions Inc., Sanctuary Housing, KinderCare Learning Centers LLC, Food For The Poor Inc., Goodstart Early Learning Ltd., Primrose Schools, G8 Education Ltd., Young Men's Christian Association, Boys & Girls Clubs of America Inc., American Cancer Society Inc., Catholic Charities USA, Goodwill Industries International Inc., American Red Cross, Feeding America, Habitat for Humanity International Inc., United Way of America, The Nature Conservancy, Humane Society of the United States, The Trevor Project Inc., St. Jude Children's Research Hospital Inc., Big Brothers Big Sisters of America, Amyotrophic Lateral Sclerosis Association, The Michael J. Fox Foundation for Parkinson's Research, The Leukemia & Lymphoma Society Research Programs Inc., Alzheimer's Disease and Related Disorders Association Inc., American Heart Association Inc., American Lung Association, Arthritis Foundation, The Multiple Sclerosis Society of India, National Kidney Foundation of Arizona, National Breast Cancer Foundation Inc., Muscular Dystrophy Association, Cystic Fibrosis Foundation.
Social Assistance Market 2024 Key Insights:
• The social assistance market size is expected to see strong growth in the next few years. It will grow to $2320.58 billion in 2028 at a compound annual growth rate (CAGR) of 6.1%.
• Rising Women's Employment Rate Drives The Social Assistance Market Growth
• The Integration Of Data Analytics In Social Assistance Services
• Western Europe was the largest region in the social assistance market in 2023
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