Market Overview
Parental control software is a tool by which parents can control the social media and the internet content used and watched by thier children and keep a watch on their activities. People can become vigilant and proactive by installing parental control software on their home devices and ensuring their child’s safety online. While nothing gives 100% protection like good communication, this software will help filter unwanted content covering a broad range of offensive categories for the child. Parental control software helps people to supervise the search, browsing and screen time activity of the kids. People can allot time limits for each device. Can also set limits for each day or weekly basis. With the help of this feature, people let their kids develop healthy habits of using electronic devices.
Key Trends
The key trend analysed by Credence Research; Inc. is the enhanced government policies for chid safety across the globe. For instance, in December 2021, the Indian government issued an advisory to parents on children’s safe gaming environment. The pandemic and closure of schools have increased the usage of mobile phones by youngsters, and increased screen time is negatively impacting children’s mental health. Therefore the ministry of education has warned parents to deal with such issues.
Another trend is that Credence Research Inc.’s social media platform has grown in the past years, making them the largest source of data gathering and information collection. According to the report published by We Are Social Inc. in collaboration with Hootsuite in 2020, 3.8 billion people were using social media platforms 2020. Parental control software helps parents to watch the time spent by their children on social media, as spending too much time there may affect their mental health.
Economic Impact Analysis
The parental control software market report, 2022-2028, is a comprehensive analysis of the market and its positively impacting trend worldwide, with increasing fashion and need for it.
Recession
According to the Credence Research Inc. market report, the recession is impacting the whole world, and the IT industry is no different than others. With many layoffs from software companies, the impact has slowed down the market growth by a significant amount. The valuation of the companies has gone down, losing the gained market. As the central banks are altering their interest rates, the tech startups and the new entrants in the market are facing most of the problems globally. European Central Bank increased interest rates by 50 basis points to anchor the inflation expectations. IT expenditure will climb up to 4.5 trillion $ by July 2023 by July, although the growth rate is very slow. This in the whole, will be impacting the parental control software market as its mother market is getting impacted.
Ukraine-Russia War Impact
The parental control software markets have not suffered much in this war. Some tech talents have been abandoned or run to their homes in other countries, affecting the market to a very low level. To combat escalating costs and lack of resources, EU nations are closely coordinating their efforts. The tech market in Russia and Ukraine has been impacted badly by the war, which will likely impact the supply chain and software innovation for years to come. Before the Russian invasion, Ukraine was a major player in providing software development services for global customers.
China COVID Outburst December 2022
China is one of the biggest software development hubs. The IT solutions and software industries got a sudden jolt due to the pandemic. Due to the deeply interconnected market, the global IT and web application development industry felt the tremors of the Covid-19 breakdown. When the world is captured in COVID and the major areas of developed industries are locked down, preventive health measures are a greater priority than custom software development. Everything has its pros and cons. China, one of the world’s biggest software development service hubs, was identified as the geographical source of the virus and the country with the largest population of COVID-19 patients.
Regional Analysis
In 2022, the greatest revenue share in the parental control software market was attributed to North America. High demand for the product has developed in the region due to the rise in the use of social media and the increasing involvement of children in internet service. Besides, Europe accounted for the second-largest market for parental control software. The growing adoption of newer technology at a rapid pace compared to other parts of the world has increased the screen time of the younger population driving the demand for parental control software. Furthermore, Germany is home to many information technology firms; the industry is anticipated to present enormous prospects for market expansion.
STAR Analysis
- Situation
The client prepared an advanced technology product which he wanted to introduce in the market a global level, but prior to that he wanted to understand about the market dynamics.
- Task
The client wanted to know about the current and forecasted market size and analyze the opportunities and trends of the market along with the barriers to entry for the future perspective. The client also wanted to know about the different products/services offered by the competitors in the parental control market at a global level. Moreover, the future growth rate and the different categories current and future market size along with the ongoing economic impact on the parental control software market which will help the client to introduce the new product.
- Action
The client got in touch with Credence Research Inc., which assisted the client in solving its issues by offering him a latest report on parental control software market. The report “Global Parental Control Software Market, 2023-2030,” published by Credence Research Inc. in 2023, thoroughly analyzes the region-wise market scenarios concerning the target audience. The report provided with the economic impact of the market and on the market by region based analysis, the impact of Russia-Ukraine war and the affect of the pandemic on the growth and sale of the product. It also provided the value chain analysis in which the analysis is done for the biggest competitors present in the market. Research is done on the prominent segments of the market with the leading one out of them, what are the end use industries of the market and what growth they can provide.
- Result
Credence Research Inc.’s thorough analysis report of the parental control software market provided the client a solid base in the market to be firm and stable with all the competitors present. The report also provided the client with the growth in the profit of the product. The report helped the client to gather industry information quickly and get a holistic view of the market and strenthen his/her credibility and reputation.
