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Rapid Urbanization Boosting Social Services Market As Per TBRC’s Latest report

The Business Research Company

Posted 7th January 2019.

The global social services market, during the historic period grew at a compound annual growth rate (CAGR) of around 6%. 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

For the forecasted period, the social services market size is expected to be over $4200 billion by 2021, growing at a CAGR of nearly 7%. This market is expected to grow at high growth rate in the forecast period due to increasing government funding for developing nations, increasing number of women employees, utilization of technologies in child day care centers and increasing applications of digital learning platforms are expected to boost the market during the forecast period.

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Child day care centers are leveraging technologies to allow parents stay connected with their children when they are away for work. Many daycare centers are using apps to provide video streaming of classroom activities and send pictures of kids to parents. This technology enables parents to monitor their child activities at the care center by accessing videos and pictures.

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