Social Services Global Market Is Valued At Around $3 Trillion In 2017 According To TBRC’s Latest Report

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...

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 is valued at around $3 trillion in 2017 due to increasing government funding for developing nations and increasing number of women employees. Also utilization of technology in child day care centers and increasing applications of digital learning platforms are expected to boost the market during the forecast period.

In the report, the global social services market is divided into two segments. Educational services occupy the major share, accounting for more than 62% of the market and the remaining is attributed to the social assistance segment.

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China was the largest country in the social services market in 2017, accounting for one-fifth of the market share. This was due to a large number of educational institutions, child day care centers and other social service establishments catering to a large population in the country.

This market is highly fragmented and localized with top five competitors in the market making up 0.8% of the total market in 2017. Large proportion is included within state budgets. Bill & Melinda Gates Foundation was the largest competitor of the market, followed by World Food Programme and UNICEF. The Gates Foundation is a private foundation founded by Bill and Melinda Gates in 2000. In developing countries, it focuses on improving people’s health and eradicate hunger and extreme poverty.

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