2024 Global Market Overview: Vocational Rehabilitation Services Industry

"The Business Research Company recently released a comprehensive report on the Global Vocational Rehabilitation Services Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, The vocational rehabilitation services market size has grown strongly in recent years. It will grow from $5.15 billion in 2023 to $5.45 billion in 2024 at a compound annual growth rate (CAGR) of 5.7%. The growth in the historic period can be attributed to americans with disabilities act (ada), government funding, vocational training and skill development, employer partnerships.

The vocational rehabilitation services market size is expected to see strong growth in the next few years. It will grow to $6.73 billion in 2028 at a compound annual growth rate (CAGR) of 5.4%. The growth in the forecast period can be attributed to advances in assistive technology, remote work and telecommuting, digital and e-learning, social services integration. Major trends in the forecast period include technology and assistive tools, remote work and telecommuting, mental health and trauma-informed care, transition services for youth.

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Market Drivers and Trends:

An increase in the number of companies expressing interest in hiring individuals with disabilities is expected to drive the vocational rehabilitation services market. There is a rise in companies recruiting people with disabilities to empower them and also provide them with a source of income opportunity, which in turn benefits the company with loyal employees and a diverse workplace. According to the Bureau of Labor Statistics, in 2022, the employment rate for individuals with disabilities increased to 21.3%, up from 19.1% in 2021 in the United States. Similarly, in August 2022, in a collaborative initiative entitled 'Inclusion To Action,' Microsoft Corporation, a US-based technology company and EnAble India, an India-based non-profit organization have joined forces to establish a platform with the objective of creating 100,000 employment and skill development opportunities for individuals with disabilities in India. This endeavor, which encompasses the participation of over 100 organizations and emphasizes technical and vocational skilling, mentorship, internships, and employment prospects, is designed to address the employment disparity experienced by people with disabilities and advance their economic empowerment.

Organizations operating in the vocational rehabilitation services market are focusing on integrating technology to make the administration work easier, connecting individuals with their counselors, and handling data. For instance, in August 2022, Microsoft Corporation, a US-based technology company in collaboration with EnAble India, an India-based non-profit organization launched the 'Inclusion to Action' initiative, uniting over 100 organizations from various sectors to create 100,000 opportunities for persons with disabilities (PwDs). This program focuses on tech skilling, mentorship, internships, and employment opportunities. It seeks to empower individuals with disabilities and promote inclusive product development, digital accessibility, and enhanced productivity through training on modern workplace applications. The aim is to transform employment prospects and create a more inclusive workforce, particularly for those with disabilities.

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Major Key Players of the Market:

Rehabilitation Services Administration, Vocational Rehabilitation and Employment, illuminate VR Services Ltd., Vocational Rehabilitation Association, Easterseals Northern Indiana Inc., RISE Inc., Vocational rehabilitation of the handicapped person, Georgia Vocational Rehabilitation Agency, New York State Education Department, Alabama Department of Rehabilitation Services, Alaska Department of Labor and Workforce Development, Arizona Rehabilitation Services Administration, Arkansas Rehabilitation Services, California Department of Rehabilitation, Colorado Division of Vocational Rehabilitation, Connecticut Department of Rehabilitation Services, Delaware Division of Vocational Rehabilitation, District of Columbia Vocational Rehabilitation Services, Florida Division of Vocational Rehabilitation, Hawaii Division of Vocational Rehabilitation, Idaho Division of Vocational Rehabilitation, Illinois Department of Human Services Division of Rehabilitation Services, Indiana Vocational Rehabilitation Services, Iowa Vocational Rehabilitation Services, Kansas Rehabilitation Services, Kentucky Office of Vocational Rehabilitation, Louisiana Rehabilitation Services, Maine Division of Vocational Rehabilitation, Maryland Division of Rehabilitation Services, Massachusetts Rehabilitation Commission, Michigan Rehabilitation Services, Minnesota Vocational Rehabilitation Services, Mississippi Department of Rehabilitation Services, Missouri Vocational Rehabilitation, Montana Vocational Rehabilitation, Nebraska Vocational Rehabilitation, Nevada Bureau of Vocational Rehabilitation

Vocational Rehabilitation Services Market 2024 Key Insights:

• The vocational rehabilitation services market size is expected to see strong growth in the next few years. It will grow to $6.73 billion in 2028 at a compound annual growth rate (CAGR) of 5.4%.
• Growing Corporate Interest In Disability Employment Boosts Vocational Rehabilitation Services
• Tech Integration Drives Innovation In Vocational Rehabilitation Services
• Western Europe was the largest region in the vocational rehabilitation services market in 2023

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