The childcare sector is set to experience a considerable amount of growth over the next five years at 34.2 percent, according to recent IBISWorld figures.

Australia’s birth rate is expected to reach 332,901 annually by 2019-20, which is a rise to 6.4 percent from the previous five years’ 2.9 percent.

The figures are welcomed news for child care businesses who are set to experience large revenue growth from $9 billion per year in 2014-15 to about $12 billion in 2019-20.

These numbers include long day care, before and after school care, and family day care. Children aged between three and four make up the largest demographic in the data.

In an article with SmartCompany Family Day Care Australia chief executive Carla Northam said there’s already been a substantial amount of growth for the childcare sector.

“Gone are the days of the nine to five workday and there are an increasing number of parents employed outside of standard hours who are seeking flexible care options.

“Family day care is well placed to meet this demand with many educators providing care late at night, early in the morning, overnight and on weekends,” Northam said.

IBISWorld senior industry analyst Lauren Magner said that certain demographic changes within the country will fuel a newborn demand for a range of products and services catering to young parents.

“Demographic changes within Australia will fuel demand for a range of products and services catering to mums and dads of young children, leading to significant transformation within these industries as the economy adjusts to new levels of demand,” Manger said.