Personal Development Market

Personal Development Market Size & Growth (2020 – 2027)

The global personal development market was calculated at USD 38.28 billion in 2019 and is expected to grow at a CAGR of over 5.1% from 2020 to 2027. Increasing consciousness about self-recognition, and therefore, the pursuit of happiness is predicted to drive the demand for private development programs during the forecast period. Individuals are gradually trying to find ways to achieve physical also as emotional fitness. Also, improving social skills and that specialize in critical areas for self-awareness, like emotions, character traits, habits, individual values, and the psychological need that shapes the day-to-day behavior of people are gaining importance. Growing needs amongst employees to satisfy the company’s expectations and develop their domain skills is further anticipated to fuel the expansion of the market.

The personal development industry covers all aspects of individual grooming for professional and private life through various seminars, workshops, webinars, conferences, books, personal coaching, and digital platforms. Increasing cognizance about self-awareness and psychological state is predicted to drive the demand for private development programs. These programs also help individuals to research their strengths and weaknesses, which may improve their judgment and help them identify opportunities for private growth and professional development. The private development programs help to strengthen critical thinking and decision-making skills amongst individuals, alongside their fitness and aptitude.

Market Growth and Trends

The global personal development market is witnessing a surge within the utilization of online mediums for self-improvement. Hence, the industry is being increasingly regulated due to data security and copyright concerns. Service providers are switching to virtual events, like online workshops, seminars, webinars, and live chats, to sustain their business growth during this pandemic by letting people leverage the private development program benefits from their remote location. Moreover, the blend of advanced technologies, like deep learning, Augmented Reality (AR), and Artificial Intelligence (AI), used for private development technology platforms is further propelling the market growth.

Market Drivers and Restraints

The growing popularity of EdTech for personal development practices is that they're highly scalable and are easily adapted to remote work settings. Additionally, virtual learning platforms facilitate global peer-networking. The utilization of virtual platforms of private development training is even brighter because it allows access to learning for a bigger population of learners. The growth if virtual learning is closely followed by personal coaching and training also as workshops and seminars. Personal development focus areas also are expected to point out the most important concentration in areas associated with psychological state, motivation, and inspiration, also as physical health. The personal development market is additionally strongly driven by the trouble of federal governments. Majority of companies are offering professional development programs through online platforms. The growth of digital technologies within the market is predicted to steer to a surge within the demand for self-improvement.

Industry players are introducing customized programs for clients to realize a competitive edge over others. They incorporate the feedback and suggestions given by customers to improvise their service offerings. However, with a busy lifestyle, it's difficult for people to seek out time to research their strengths, weaknesses, personalities, values, and habits. Moreover, despite having interest and curiosity regarding self-awareness, several people aren't conscious of the supply of private development programs. Lack of time and cognizance amongst individuals is probably going to hamper the expansion of the market during the forecast period.

Impact of Covid-19 on Personal development Market

The increasing adoption of digital technologies in the international marketplace is anticipated to fuel the call for virtual platforms in future. Amidst the continued coronavirus pandemic and the lockdown imposed in several countries to curb its spread, the necessity for technological platforms and virtual events for private growth has augmented. Hence, market players are that specialize in providing a technology-driven solution for professionals. For instance, SkillPath recently extended its virtual training module for corporate professionals with features like real-time interaction during the COVID-19 period to uphold endurance in their business. Moreover, by leveraging the advanced technologies, including Augmented Reality (AR), Virtual Positioning System (VPS), AI and 3D audio technology, e-platforms are encompassing nearly all characteristics of the in-person self-improvement practices.

REPORT COVERAGE:

Market Segmentation

Personal Development Market - By Instrument

• Books
• e-Platforms
• Personal Coaching/Training
• Workshops & Seminars

Personal Development Market - By Focus Area

• Mental Health
• Motivation & Inspiration
• Physical Health
• Self-awareness
• Skillset Enhancement

Personal Development Market - By Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

In 2019, North America accounted for the largest revenue share with more than 35.0% and is expected to maintain its lead in the global personal development market over the forecast period. Early adoption of audiobooks, e-books, and other digitally advanced platforms for learning practices is expected to drive the demand for personal development programs in the area. South America and the Middle East and Africa are foreseen to develop with a considerable growth rate between 2020 and 2027 due to a surge in the participation in various self-improvement programs that concentrate on improving communication skills.

The European market is lao estimated to develop with a significant rate mainly credited to the rising individual focus on the maintaining mental well-being. Civilians in Europe are increasingly participating in personal development programs, which mainly concentrate on psychological and spiritual reinforcement. Also, hike in physical fitness programs are supposed to act positively for the expansion of this market in the European region.

The personal development market in Asia Pacific is expected to witness the fastest growth over the outlook period because of the rising implementation of digital learning mediums and the mounting consumer awareness related to improved professional skills for lading in well-paid job. Also, the APAC region recorded an increase in the installation of various self-help applications for focusing on fitness, diet, and weight loss. The rising demand for self-improvement programs by huge user base in the area is also supposed to fuel industry growth in future.

Key Market Players

Some of the prominent players in the global personal development market include:

1. Dale Carnegie & Associates Inc.
2. Franklin Covey Co.
3. Landmark Worldwide
4. Success Resources America
5. Omega Institute
6. SkillPath
7. Toastmasters International
8. Nutrisystem Inc. and Others

Recent Developments

• By leveraging the advanced technologies, including Augmented Reality (AR), Virtual Positioning System (VPS), AI (AI), and 3D audio technology, virtual platforms can incorporate nearly all characteristics of the in-person self-improvement practices. Udemy, Inc., an EdTech platform provider recently introduced its special business version, for promoting corporate learning in India.
• The Australian government introduced a few six-month online courses for half-price in the areas of psychology, English, IT, and foreign languages, which are aimed to aid employees to upskill their proficiencies during the coronavirus timeframe.
• The U.S. government has also undertaken distance and online learning courses within its jurisdiction within the Department of Education.