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Social Services Global Market Briefing

  • February 2016
  • -
  • TBRC Business Research
  • -
  • 20 pages

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Social services are voluntary benefits and facilities relating to education, food supplies, health care, disaster relief activities and housing services and are offered by private or government establishments to improve living conditions and social well-being of under privileged children, disabled, elderly and the poor in a community.

The total value of the global social services market in 2014 was $5,670 billion. Related to a world population of more than 7 billion in 2014 this equates to about $810 per person globally. Given that World Domestic Product was approximately $78 trillion in 2014 , the market makes up about 7.3% of the global economy.

There is a shift in care away from the nuclear family to society at large, a shift from institutional care to community-based care, and a growing understanding of the importance of cultural competency in serving older immigrants. This will change services to be more segregated based on health problems, mental health conditions and end-of-life care and hence increase the reach of each service and the revenue they generate . During the last five years, social service providers adapted their services and rendered more “at-home” services. These allow elderly people to receive help without having to visit old age homes. This increased employment for services such as counseling, basic clinical consultations, day care and vocational rehabilitation for the elderly. This also helped the industry to attract more funds .

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