A Comprehensive Global Social Services Industry Overview: Major Leaders, Market Size, Growth Trends, Regional Analysis, and Forecast
LONDON, Aug. 29, 2023 /PRNewswire/ -- In its most recent assessment of the social services industry, the Global Market Model has projected a consistent and stable forecasted growth rate (CAGR) for this sector. The influences of economic challenges and inflation, which contributed to heightened costs in the realm of social services due to escalating labor expenses, were already factored into our previous forecast update. Consequently, our projections for this market have maintained their stability throughout this update phase. The substantial inflation rates have compelled governments to curtail budget allotments for social services, a factor that is expected to limit the market's expansion.
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Social services industry worth
In the year 2022, the global social services market attained a valuation of $4,800.6 billion, constituting approximately 4.8% of the worldwide GDP. Projections indicate that the market will witness growth at a compound annual growth rate (CAGR) of 7.1% from 2022 to 2032. The driving forces behind this growth are anticipated to include trends like online learning, crowd funding, and the integration of intelligent technologies into educational processes. These factors are expected to propel the market's progress throughout the forecast period.
Largest segment and region in the social services industry
Within the realm of social services, the educational services sector emerged as the most substantial segment, comprising 66.3% of the total market share in 2022. Likewise, China stood out as the primary market within the social services sector in the same year, contributing to 15.2% of the overall market share.
The Global Market Model helps you spot key social services industry trends by offering insights on the following key industry indicators–
- Number of students
- Number of enterprises
- Number of employees
Leverage the capabilities of the Global Market Model to access essential insights within the social services industry. Our team is dedicated to catering to your unique needs and requests. Feel free to let us know your specific requirements-
https://www.thebusinessresearchcompany.com/global-market-model/demo-request
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The Global Market Model, is a market intelligence platform covering various macroeconomic indicators and metrics for 7000 markets across 58 geographies and 27 industries. The Global Market Model covers multi-layered datasets which help its users assess supply-demand gaps.
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