Social Assistance Global Market Report 2024

The social assistance market size has grown strongly in recent years. It will grow from $1,725.74 billion in 2023 to $1,834.24 billion in 2024 at a compound annual growth rate (CAGR) of 6.3%. The growth observed during the historical period in the field of social assistance can be attributed to various factors, including the presence of social welfare programs, economic conditions, the aging population, and the demand for healthcare services. These elements have played a significant role in shaping the social assistance sector.

The social assistance market size is expected to see strong growth in the next few years. It will grow to $2,320.58 billion in 2028 at a compound annual growth rate (CAGR) of 6.1%. Anticipated growth in the forecast period within the social assistance sector can be attributed to various factors, including demographic shifts, economic recovery and resilience, the increasing need for mental health services, childcare services, and substance abuse and addiction services. Major trends expected in the forecast period include a focus on digital transformation to enhance service delivery, increased attention to mental health and wellness support, the expansion of childcare and early childhood education programs, the use of technology to enable and enhance social assistance initiatives, and the promotion of community engagement and volunteerism in the sector.

Anticipated growth in the women's employment rate during the forecast period is projected to be a driving force for the social assistance market. For example, in the USA, it is expected that the proportion of women in the labor force will increase by 47.2% in 2024, leading to a heightened demand for on-site childcare facilities in corporate settings. The growth of the on-site childcare market is further bolstered by government initiatives aimed at encouraging women to participate in the workforce. These initiatives are expected to directly contribute to the expansion of the childcare market and subsequently drive the social assistance market.

The primary categories within the social assistance sector include child daycare services and community and individual services. Child daycare services involve the care of infants or children, offered either in the child's home, the registered child caregiver's home, or in a child care center. These services can be accessed through various modes, including online and offline, and find applications in programs such as food stamp programs, disaster relief services, adoption services, and self-help initiatives.

The social assistance market research report is one of a series of new reports that provides social assistance market statistics, including social assistance industry global market size, regional shares, competitors with a social assistance market share, detailed social assistance market segments, market trends and opportunities, and any further data you may need to thrive in the social assistance industry. This social assistance market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The increase in the elderly population is poised to fuel the growth of the social assistance market in the coming years. The elderly population comprises individuals aged 65 or older, and as this demographic grows, the demand for social assistance services like home healthcare and nursing homes is expected to rise. These services offer critical support to the elderly, allowing them to receive medical care and assistance in the comfort of their homes. For instance, according to the World Health Organization's October 2022 report, one in six individuals worldwide will be aged 60 or older by 2030. The global population of individuals aged 60 and above is projected to reach 1.4 billion by 2030, up from 1 billion in 2020. By 2050, it is estimated that the number of people aged 80 or older will triple to 426 million, compared to 2020. Consequently, the increasing elderly population is a significant driver of growth in the social assistance market.

The outbreak of COVID-19 had a restraining effect on the social assistance market in 2020 due to the imposition of lockdowns by governments worldwide. These lockdowns restricted public gatherings in places like schools, colleges, childcare facilities, and community centers. COVID-19 is an infectious disease characterized by symptoms such as fever, cough, and breathing difficulties. It was first identified in Wuhan, China, in 2019, and rapidly spread to other regions, including Western Europe, North America, and Asia. Government measures to contain the virus led to a decline in economic activities as countries implemented lockdowns. The pandemic had a negative impact on various businesses in 2020 and into 2021. However, certain segments of the social services market remained relatively unaffected as their operations were not disrupted. It is expected that the social assistance market will recover from this setback over the forecast period, considering it as a 'black swan' event unrelated to ongoing or fundamental market weaknesses or global economic issues.

Social assistance providers are increasingly adopting data-driven approaches, including big data and predictive analytics, to gain insights related to their services. Predictive analytics involves the use of data, statistical algorithms, and machine learning to identify the likelihood of future outcomes based on historical data. Big data analytics focuses on extracting hidden patterns and valuable information from large datasets. These approaches assist in reporting, detecting, and addressing non-compliance while monitoring the target population. For instance, Hillside Family of Agencies, which provides services for youth and families, uses predictive analytics to reduce high school dropout rates among youth. The Good Samaritan Society, a non-profit senior care provider, has partnered with IBM to leverage big data and analytics software for analyzing clinical and operational data related to patients.

Various government agencies around the world are dedicated to launching social assistance programs aimed at improving public well-being. These social assistance programs are designed to provide support to individuals and families in need, particularly those living in poverty. For example, in January 2021, the Cabinet Secretariat of the Republic of Indonesia initiated the Cash Social Assistance Programs for 2021. The Ministry introduced a distribution process and a public information brochure to ensure that beneficiaries utilize the funds only for essential needs.

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.

Western Europe was the largest region in the social assistance market in 2023. Asia-Pacific was the second-largest region in the social assistance market. The regions covered in the social assistance market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The countries covered in the social assistance market report are Australia, China, India, Indonesia, Japan, South Korea, Bangladesh, Thailand, Vietnam, Malaysia, Singapore, Philippines, Hong Kong, New Zealand, USA, Canada, Mexico, Brazil, Chile, Argentina, Colombia, Peru, France, Germany, UK, Austria, Belgium, Denmark, Finland, Ireland, Italy, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, Russia, Czech Republic, Poland, Romania, Ukraine, Saudi Arabia, Israel, Iran, Turkey, UAE, Egypt, Nigeria, South Africa

The social assistance market consists of revenues earned by entities that provides social assistance services such as community food housing and relief services, vocational rehabilitation services and individual and family services. Social assistance establishments do not include residential or accommodation services, except on a short-day basis stay. This market includes both government sponsored and privately funded social assistance services. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

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