Global childcare management software market expected to grow at a CAGR of 7.8% during the forecast period 2018 – 2027
PUNE, INDIA, January 14, 2020 /EINPresswire.com/ — The global childcare management software market is estimated to account US$ 144.2 Mn in 2018 and is expected to grow at a CAGR of 7.8% during the forecast period 2018 – 2027, to account to US$ 293.9 Mn by 2027.
Growing number of daycare centers/kindergarten schools and increasing number of women empowerment activities, as well as opening in-office daycare centers in corporates, are the major drivers propelling the childcare software management market growth. However, the high price of software might be a restraining factor for the market growth as small kindergarten schools may have low budget allocation. Nonetheless, the integration of advanced technologies such as video streaming and ChatBot is expected to generate significant opportunities for the childcare management software market. The rising percentage of female employees in the overall working population of countries, as well as mounting disposable incomes, leads to high dependence of working women on child care and kindergarten centers. Moreover, the declining birth rates have also led to the surge in the spending of an individual on children on their education.
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The major players operating in the market for childcare management software market are Bloomz Inc., Eleyo, Himama, Iclasspro, Kidcheck, Kindyhub, Kwiksol Corporation, Oncare, Softerware, Inc., and Tadpoles LLC among others.
The integration of advanced technologies, including AI, Industrial Internet of Things (IIoT), and more, is gaining traction between varied sectors. In the current market scenario, the emergence of AI into the childcare system is expected to benefit both families and daycare centers. The dependency on AI to estimate the quality of child care is an innovation brought into the market, which is familiar with the name of “surveillance parenting. This factor is expected to trigger the growth of the childcare management software in the coming years. The AI-powered device gives necessary data such as decisions when to feed baby, or firing babysitter, and others. Besides, the technology by using algorithm records mood swings of babies, which later create highlight reel and lowlight reel. This data then notifies parents about their quality of childcare.
Therefore, the integration of AI-powered childcare management is expected to be a trending factor impacting the growth of the childcare management software market.
The childcare management software market has been derived from market trends and revenue generation factors from five different regions across the globe namely; North America, Europe, Asia Pacific, MEA, and SAM. The North America region holds the highest market share, whereas APAC is projected to be the fastest-growing region as well in the coming years. Growing number of women are being employed in North America has resulted in achieving additional economic growth. In 2018, Ontario became the first jurisdiction in the North American region to offer preschool childcare free of charges, and also provided childcare monitoring access to family members, apart from parents. Nevertheless, the West and South Asian regions are experiencing development in preprimary education as well as childcare segment since a decade. The growing awareness about the quality care along with the preschool education services offered to the young children in the regions, anticipated the growth of childcare management software market in APAC.
The childcare management software market by solution is segmented into family and child data management, attendance tracker, accounting, time and activity management, nutrition management, and others. The accounting holds a significant share in the market, whereas, nutrition management is expected to be the fastest-growing solution during the forecast period. Family accounting is the accounts receivable and billing software developed for daycare providers, childcare centers, and preschool administrators. agency accounting facilitates the tracking of child contracts by agency, store agency documents in an electronic format for families, monitor past dues, and others. On the other hand, the nutrition management has an in-built feature of meal-tracking which allow parents to get meal count totals for every status level, such as free and paid while printing classroom menus, meal rosters, and meal count reports depending upon age group.
Table of Content:
1.1 Scope of the Study
1.2 The Insight Partners Research Report Guidance
1.3 Market Segmentation
2. Key Takeaways
3. Research Methodology
3.2 Secondary Research
3.3 Primary Research
4. Childcare Management Software Market Landscape
4.1 Market Overview
4.2 Ecosystem Analysis
4.3 PEST Analysis
4.3.1 PEST Analysis of Childcare Management Software in North America
4.3.2 PEST Analysis of Childcare Management Software in Europe
4.3.3 PEST Analysis of Childcare Management Software in APAC
4.3.4 PEST Analysis of Childcare Management Software in Middle East & Africa
4.3.5 PEST Analysis of Childcare Management Software in South America
5. Childcare Management Software Market – Key Industry Dynamics
5.1.1 Upsurge in number of daycare centers
5.1.2 Contractual alliance between vendors and corporates
5.2.1 High initial cost and data privacy breach of software
5.3.1 Upcoming technological developments in childcare system
5.4 Future Trends
5.4.1 Integration of AI into childcare system
5.5 Impact Analysis of Drivers and Restraints
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Source: EIN Presswire