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Global Social Assistance Market 2024 - By End-User Analysis, Competitive Landscape And Industry Overview 2033

05-16-2024 07:49 AM CET | Associations & Organizations

Press release from: The Business research company

Global Social Assistance Market

Global Social Assistance Market

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.

Market Overview -
Social assistance refers to beneficial services provided by public institutions in addition to or beyond social security benefits to ensure that the basic needs of those lacking sufficient resources are met. Social assistance aims to reach the poorest and/or most vulnerable sections of society and provide a minimum basic standard of living.

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Rising Women's Employment Rate Drives The Social Assistance Market Growth
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.

Competitive Landscape -
Major companies operating in the social assistance market include 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.

The Integration Of Data Analytics In Social Assistance Services
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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Key Segments -
The social assistance market covered in this report is segmented -
1) By Type: Child Day Care Services, Community And Individual Services
2) By Mode: Online, Offline
3) By Application: Food Stamp Program, Disaster Relief Services, Adoption Services, Self-help

Subsegments Covered: Baby And Child Day Care Centers, Pre-Kindergarten And Preschool Centers, Nursery Schools, Community Food, Housing, And Relief Services, Individual And Family Services

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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