The Business Research Company’s Social Assistance Global Market Report 2021: COVID-19 Impact and Recovery to 2030
LONDON, GREATER LONDON, UK, January 19, 2021 /EINPresswire.com/ — New year, new updates! Our reports have been revised for market size, forecasts, and strategies to take on 2021 after the COVID-19 impact: https://www.thebusinessresearchcompany.com/global-market-reports
Social assistance providers are increasingly using data-driven approaches such as big data and predictive analytics to gather insights related to social assistance services. Predictive analytics involves the use of data, statistical algorithms and machine learning techniques to identify the likelihood of future outcomes based on historical data. Big data analytics involves extracting hidden patterns and useful information from a large set of data. These techniques help in reporting, detecting, or correcting a non-compliance while monitoring target population. In the social services industry overview for example, Hillside Family of Agencies, a human services provider for youth and families, is using predictive analytics to reduce the dropout rates among youth in high school. Good Samaritan Society, a non-profit provider of senior care and services, has partnered with IBM to use big data and analytics software for its clinical and operational data about the patients.
The global social assistance market is expected to grow from $1.28 trillion in 2020 to $1.43 trillion in 2021 at a compound annual growth rate (CAGR) of 11.3%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. As per social assistance industry analysis, the healthcare and social assistance market is expected to reach $1.95 trillion in 2025 at a CAGR of 8%.
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Social Services Global Market Report 2021: COVID-19 Impact and Recovery to 2030
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