Global Childcare Management Software Market Challenges For Huge Adoption Upto 2027
Child care management software, also referred to as child care administrative software or daycare accounting software, is business software designed specifically for use by child care centers, preschools, and similar child-oriented facilities. They can be either run from local computers or via mobile/hand-held access to other systems running elsewhere. The software is intended to increase staff productivity by recording unique child and family information.
The global childcare management software market is estimated to account to 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.
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The global childcare management software market is experiencing steady growth in the forecast period. The increasing number of daycare centers and contractual alliance between vendors and corporates are owing to the surge the childcare management software market globally. Due to rise in the number of daycare centers, vendors of childcare management software are looking ahead to offering contractual alliances with corporate and government facilities. Strategic alliance with corporates and government organizations enable parents to monitor their children in a better way. To provide convenience to women employees, both private and public sectors have started offering in-office childcare centers, and this factor is a crucial driver for childcare management software market. Thus, it impact the growth of childcare management software market in the current scenario.
A key trend that will prominently affect the childcare management software market in the coming years is the transforming trend of upcoming technological developments in childcare system in the forecast period. This factor is expected to boost the childcare management software market. 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. Therefore, the integration of AI-powered childcare management is expected to be a trending factor impacting the growth of the childcare management software market.
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 nutrition management market is growing with the fatsest growth rate. The nutrition management solution of the childcare management software simplifies record keeping of children at childcare, daycare, and preschool. The software maintains a record of food for day centers that participate in the USDA Child and Adult Care Food Program (CACFP). Details related to menu planning, meals served, print meal roll call sheets and monthly reimbursement spending, and the growth of the industry in developing countries is foreseen to drive the growth of the segmentation the childcare management software market globally. 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. This factor is leapfrogging the growth of the revenue size of childcare management software globally.
APAC is the fastest-growing region on the back of the developing economies, steady growth, and rising adoption of innovative, advanced technologies. The West and South Asian regions are experiencing development in pre-primary education as well as childcare segment since a decade. The countries in these regions have also reported remarkable growth in the gross enrolment ratios, which is mainly attributed to the rise in the number of children participating in the preschool programs, along with child care benefits. Therefore, in the recent year, the number of child care and pre-primary institutions has doubled in different countries with the progress in the pre-primary education as well as childcare industry. 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.
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The overall childcare management software market size has been derived using both primary and secondary source. The research process begins with exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the childcare management software market. Also, multiple primary interviews were conducted with industry participants and commentators to validate data and analysis. The participants who typically take part in such a process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers, and external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the childcare management software market.
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