There is a shift in care away from the nuclear family to society at large, a shift from institutional care to community-based care, and a growing understanding of the importance of cultural competency in serving older immigrants. This will change services to be more segregated based on health problems, mental health conditions and end-of-life care and hence increase the reach of each service and the revenue they generate. During the last five years, social service providers adapted their services and rendered more “at-home” services. These allow elderly people to receive help without having to visit old age homes. This increased employment for services such as counselling, basic clinical consultations, daycare and vocational rehabilitation for the elderly. This also helped the industry to attract more funds.
THE BUSINESS RESEARCH COMPANY EXPECTS THE GLOBAL SOCIAL SERVICES MARKET TO GROW TO $4 TRILLION BY 2021
Asia Pacific was the largest region in the social services market in 2017, accounting for nearly 40% of the market share. This was mainly due to presence of a large number of educational institutions and establishments providing social assistance services to a large customer base in the region.
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The chart below shows the year-on-year growth of the global social services market during 2017 – 2021
According to The Business Research Company’s Consultant Nitin Gianchandani, a huge range of courses is now available through Massive open online courses (MOOCs) for students globally. MOOCs offer students access to courses taught at some of the world’s top universities and colleges and allow individuals interested in similar topics to come and learn together. They are often available for free or at a fractional of the cost of traditional elite education. MOOC courses offer video lectures, group projects that can be done virtually, peer-to-peer assessments and physical meet up for students residing in the same areas. Major MOOCs platforms include Coursera, edX, Udemy and Udacity.
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Bill & Melinda Gates Foundation was the largest organization in the social services market in 2017. Gates Foundation aims at improving the lives of women and children by focusing on their nutrition. In 2015, the foundation announced $776 million of investments in nutrition to tackle child mortality. The foundation is developing new tools and platforms for data collection and improve analysis capabilities for use in implementing welfare programs.
The social services market is segmented into Educational Services and Social Assistance.
Education Services segment includes organizations and establishments providing training and instructions in a wide variety of subjects. The instruction and training is typically provided in schools, colleges, universities, and training centers.
Social Assistance segment includes establishments that provide a wide range of social assistance services to their clients. It includes child day care services, community food housing and relief services, and individual and family services.
Social Services Global Market Report 2018 is a detailed report giving a unique insight into this market. The report is priced at $8000 for an individual user. To use across your office, the price is $12000 and $16000 if you wish to use across a multinational company.
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