Dublin, Aug. 17, 2023 (GLOBE NEWSWIRE) -- The "U.S. Child Care Market Size, Share & Trends Analysis Report By Type (Early Care, Early Education & Daycare, Backup Care), By Delivery Type (Organized Care Facilities, Home-based Settings), And Segment Forecasts, 2023 - 2030" report has been added to ResearchAndMarkets.com's offering.
The "U.S. Child Care Market" is expected to reach USD 83.6 billion by 2030, with a CAGR of 4.18% over the forecast period. The growth in the market is driven by increased awareness regarding early education, high demand for early education centers, and the rising number of working parents.
Factors Driving Market Growth:
- Increase in Awareness Regarding Early Education: There is a growing awareness among parents about the importance of early education for children. As parents recognize the benefits of early education, the demand for early education and daycare centers is on the rise.
- High Demand for Early Education Centers: The need for early education and daycare services is increasing as more parents join the workforce and seek reliable care and education for their children during working hours.
- Government Initiatives: The U.S. government is taking steps to make child care more affordable for families. In February 2023, a new child care bill was proposed by lawmakers of the Biden government, aiming to make child care more accessible and affordable across the country.
- Advancement in Learning Technologies: The market is benefiting from the advancement of learning technologies for children. Educational tools like Starfall, based on advanced technology, are transforming the U.S. childcare market by providing engaging activities and games for children to learn art, languages, and mathematics.
Impact of COVID-19:
The COVID-19 pandemic temporarily closed childcare facilities due to government restrictions. Although services resumed shortly, the increased risk of infection led to higher operating costs for service providers. In 2020, there was a nearly 47% increase in operating costs, with home-based services witnessing a 70% rise since the pandemic. The increased costs have negatively impacted the market and affordability of childcare services.
Market Segmentation:
The report highlights different segments of the U.S. Child Care Market, including:
- Type: The early education & daycare segment dominated the market in 2022. This can be attributed to child development & early education centers partnering with employers to support employee child care and the adoption of technology to transform daycare into proper early education.
- Delivery Type: Organized care facilities dominated the market in 2022 due to the growing demand for more facilities, driven by the increasing number of families with both parents working and single-parent families.
Key Players:
Some of the key players in the U.S. Child Care Market include Bright Horizons Family Solutions, KinderCare Learning Centers LLC, Learning Care Group Inc, Spring Education Group, Cadence Education, The Learning Experience, Childcare Network, Kids 'R' Kids, Primrose Schools Franchising SPE LLC, and Goddard Franchisor LLC.
Strategic Initiatives:
Key players in the market are undertaking strategic initiatives to expand their quality of service. For example, Bright Horizons Family Solutions, Inc. announced an agreement in May 2022 to acquire Only About Children, a child care services provider based in Australia. The acquisition aims to apply its quality techniques in the U.S. and enhance the quality of services.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 67 |
| Forecast Period | 2022 - 2030 |
| Estimated Market Value (USD) in 2022 | $60.4 Billion |
| Forecasted Market Value (USD) by 2030 | $83.6 Billion |
| Compound Annual Growth Rate | 4.1% |
| Regions Covered | United States |
For more information about this report visit https://www.researchandmarkets.com/r/29e4ox
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