Asia Pacific was the largest region in the global child day care services market, accounting for 33% of the market in 2019. Western Europe was the second largest region accounting for 23% of the global child day care services market. Africa was the smallest region in the global child day care services market.
Companies are offering corporate child care services to help employees to achieve work life balance. Corporate child care is a specific form of child care sponsored or managed by an employer. Companies are either offering in-house child care centers or partnering with the local child care centers to offer the services at discounted rates as a perk for attracting and retaining top employees. For instance, Goldman Sachs has opened an on-site day care center in their offices in Tokyo and New York. In locations where they are not able to provide onsite nursery facilities, Goldman Sachs has partnered with local day care centers. Exxon Mobil has selected Bright Horizons to operate child day care center in Houston campus.
The child day care services market consists of the revenues from child day care services and related goods by entities (organizations, sole traders and partnerships) that provide care for infants or children. These establishments provide care services for preschool children, and for older children when they are not in school. Some of these establishments also offer pre-kindergarten education. This market includes both government and private child care services.
The global child day care services market is expected to grow from USD 294.8 billion in 2019 to USD 309.4 billion in 2020 at a compound annual growth rate (CAGR) of 5%. The low growth is mainly due to economic slowdown across countries owing to the COVID-19 outbreak and the measures to contain it. The market is then expected to recover and grow at a CAGR of 10% from 2021 and reach USD 404.3 billion in 2023.
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Ankur Gupta, Head Marketing & Communications