Personal Development Industry Overview
The global personal development market size is estimated to reach USD 67.02 billion by 2030, growing at a CAGR of 5.5% from 2022 to 2030, according to a new report by Grand View Research, Inc. The growing popularity of technology-driven, self-growth platforms among youngsters is expected to drive the growth of the market over the forecast period. The strong emphasis employees are putting on improving their domain expertise and communication skills to meet the quality standards set by their employers is expected to contribute to the market growth.
Personal development covers several facets of self-improvement and self-growth on both individual and professional fronts. It includes lectures, courses, conferences, webinars, books, e-books, and personal coaching. These courses help individuals in developing their aptitude, critical thinking and decision-making capabilities, and physical and mental health.
Advances in digital technologies are allowing individuals to undertake self-growth programs irrespective of their geographical location. Key market participants such as Franklin Covey Co., Omega Institute, Toastmasters International, and SkillPath are offering self-improvement programs globally through various online methods, including on-demand courses, audiobooks, podcasts, and e-books, as part of their efforts to broaden their user base.
The outbreak of the COVID-19 pandemic has triggered the demand for online self-growth programs. Lockdowns and restrictions on the movement of people imposed by governments worldwide have prompted individuals to opt for online courses to acquire new skills and improve their wellbeing. Moreover, advances in the latest technologies, including Artificial Intelligence (AI), Virtual Positioning System (VPS), and Virtual Reality (VR), enable individuals to undertake self-development courses according to their convenience and preference.
Personal Development Market Segmentation
Grand View Research has segmented the global personal development market based on instrument, focus area, and region.
Based on the Instrument, the market is segmented into Books, e-Platforms, Personal Coaching/Training, and Workshops & Seminars.
- The personal coaching/training segment accounted for the largest share of over 38% in 2021 and is expected to continue dominating the market over the forecast period. Personal training increases the level of interaction between trainers and individuals, which makes it a preferred coaching choice.
- The bookssegment is expected to grow at the highest CAGR of over 7% from 2022 to 2030. The segment growth can be attributed to the continued advances in technology and the subsequent introduction of surround sound and 3D audio in audiobooks, which enhances the audio experience for listeners. Moreover, workshops & seminars allow individuals to connect with professionals and build professional relations.
Based on the Focus Area, the market is segmented into Mental Health, Motivation & Inspiration, Physical Health, Self-Awareness, and Skillset Enhancement.
- The skillset enhancement segment accounted for the largest market share of over 32% in 2021 and is projected to dominate the market over the forecast period. Corporates are opting for self-improvement programs to enhance the capabilities of their sales and customer service on various fronts, including presentation, communication, technology, and productivity.
- The self-awareness segment is anticipated to grow at the highest CAGR of 6.9% from 2022 to 2030. The segment growth can be attributed to the growing emphasis among individuals on self-awareness programs to enhance their decision-making capabilities and lead a better life. Businesses adopt self-awareness programs to enhance their communication skills, productivity, and engagement to improve their overall performance.
Key Companies & Market Share Insights
The market can be described as a fragmented market characterized by the presence of several market players across various regional markets. Key market players are focusing on adopting advanced technologies to offer differentiated, high-quality services to individuals. Many companies are also focusing on mergers & acquisitions to gain a competitive edge in the market and increase their reach.
For instance, in January 2021, wellness company WW International, Inc. partnered with The Vitamin Shoppe, a retail channel for nutritional goods, to encourage healthy living standards and support people throughout their wellness journey. The partnership can be considered strategically productive in the wake of the COVID-19 outbreak, which is prompting individuals to focus on wellness, enhance their way of living, reconsider their professional habits, and subsequently lead a happy and healthy life.
Key market players are investing in research & development to incorporate innovative technologies and design training programs with distinguished features. Customization enables companies to attract more customers. Leading players are also focusing on expanding their geographical footprint. For instance, in September 2019, ed-tech platform provider Udemy, Inc. introduced its service offerings for businesses and corporates in India. The programs for businesses cover IT, data science, software, management, sales, design & development, and personal development, among others. Some prominent players in the global personal development market include:
- Dale Carnegie & Associates, Inc.
- Franklin Covey Co.
- Hay House Publishing
- Landmark Worldwide
- Success Resources America
- Omega Institute
- SkillPath
- Toastmasters International
- Nutrisystem, Inc.
- Esalen Institute and Esalen Center for Theory & Research
Order a free sample PDF of the Personal Development Market Intelligence Study, published by Grand View Research.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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