The market is expected to rise with an impressive CAGR of 6.7% during the forecast period (2022-2032). It is projected that the market will be US$ 22.4 billion by 2022 and expected to grow to US$ 42.8 billion by the end of 2032.
The babysitting services market is expected to drive by the rise in the trend for nuclear families and the working parent population worldwide. As couples moving to urban cities are looking for a more flexible and financially stable life, they potentially demand babysitters to take care of the child on their back. With the rising busy lifestyle, parents wouldn’t able to look after their children prominently. Owing to this factor, babysitters are appointed by the parent for both live-in and live-out babysitters who educate, develop necessary skills, and provide behavioural learning to the children.
The market is highly benefited from continuous technological innovation. As a result, digital apps and webs have been designed by the market players to offer services and make it easy for parents to find potential babysitters. Moreover, the adoption of childcare software management systems by babysitter service providers to enable efficient learning infrastructure for children and track their daily activities is creating a lucrative opportunity for market growth in the forecast period (2022-2032).
Key Takeaways from Market Study
- The growth rate of the market during the historic period (2017-2021) was 5.4%
- North America accounts for the leading share with 36.0% of the babysitting services market
- East Asia is projected to grow with the highest CAGR of 7.6% during the forecast period (2022-2032)
- The babysitting service market is set to enjoy a valuation of US$ 22.4 billion in 2022.
- Live-out babysitting as services hold a leading share in the segment by type.
Technological innovation in babysitting service offerings will create huge potential opportunities for market the participant,” says a Fact.MR analyst.
With the presence of various market participants in the market, the babysitting services market is highly fragmented. These market participants are taking favourable initiatives like acquisition to enhance their market share and consumer base in the industry. The adoption of online platforms to find and screening of potential babysitters is the key innovation that will create lucrative opportunities for market expansion in the forthcoming period.