Social services are voluntary benefits and facilities relating to education, food supplies, education, health care, disaster relief activities and housing services and are offered by private or government establishments to improve living conditions and social well-being of under privileged children, disabled, elderly and the poor in a community.
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The global social services market has shown high powered growth in the past years with a CAGR of over 6%. The year 2017 recorded highest ever growth in this market with a net value of slightly more than $3 trillion as per TBRC’s inhouse consultants.
TBRC’s latest report show the growing trends in the market for each year, globally and geographically with sourced reasons to support the growth claims.
The report also shows the social services sector to grow at a higher CAGR by 2021 as compared to 2017, along with geographies best suited for investments with highest return rate.
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Growth in the social services market can be considered rapid with such a high CAGR and future growth prospects. This can be attributed to increasing demand for child care and educational services in both developed and developing countries, rapid urbanization, growing children population, new government initiatives, rising per capita income in emerging economies, globalization of educational services, and increasing demand for educated workforce in emerging countries.
Companies included in the report are Bill & Melinda Gates Foundation, World Food Programme, Unicef, University of California System, and The Salvation Army.
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