Trusted Business Insights answers what are the scenarios for growth and recovery and whether there will be any lasting structural impact from the unfolding crisis for the Personal Development market.
Trusted Business Insights presents an updated and Latest Study on Personal Development Market 2020-2029. The report contains market predictions related to market size, revenue, production, CAGR, Consumption, gross margin, price, and other substantial factors. While emphasizing the key driving and restraining forces for this market, the report also offers a complete study of the future trends and developments of the market. The report further elaborates on the micro and macroeconomic aspects including the socio-political landscape that is anticipated to shape the demand of the Personal Development market during the forecast period (2020-2029).
It also examines the role of the leading market players involved in the industry including their corporate overview, financial summary, and SWOT analysis.
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Report Overview: Personal Development Market
The global personal development market size was valued at USD 38.17 billion in 2020 and looks set to grow at a compound annual growth rate (CAGR) of 4.9% from 2021 to 2027. Increasing consciousness about self-recognition and the pursuit of happiness is expected to generate the demand for personal development programs during the forecast period. Individuals are gradually looking for ways to attain physical as well as emotional fitness. Moreover, improving social skills and focusing on critical areas for self-awareness, such as emotions, character traits, habits, individual values, and the psychological need that shapes the day-to-day behavior of individuals are gaining importance. Growing needs amongst employees to meet the companys expectations and develop their domain skills is further anticipated to fuel the growth of the market.
The rising popularity of technology-driven platforms for self-growth amongst millennials is also expected to positively impact market growth during the forecast period. State-of-the-art digital technology allows individuals to take up self-improvement programs and learn from any remote location in the world. Key market participants in the personal development industry are leveraging the benefits of podcasting, on-demand courses, e-books, audiobooks, and other online platforms to expand their geographical footprint by offering their courses worldwide. For instance, in September 2019, U.S.-based EdTech platform provider, Udemy, Inc., launched Udemy for Business, its corporate learning platform in India. Udemy for business comprises 3,500 technical and business courses, made available for its clients on a subscription basis.
Amidst the COVID-19, most of the countries affected by the pandemic have declared a lockdown to control further spread of the virus. The economic crisis has led to the shutting down of many small-scale companies. Several firms impacted by the industrial shutdown are declaring pay cuts for employees, if not layoffs, to avoid catastrophic losses. In this situation, increasing the need among employees to be proficient is boosting the demand for skill development programs. Furthermore, the market is driven by favorable initiatives undertaken by federal governments. For instance, in April 2020, the Australian government announced an array of half-price six-month online courses for psychology, English, Information Technology (IT), and foreign languages intended to help employees reskill and upskill their proficiencies during the coronavirus pandemic. The government-subsidized short-term online courses in areas of health, nursing, IT, teaching, and science are hosted by universities as well as private providers.
The market is witnessing a surge in the utilization of online mediums for self-improvement. Hence, the industry is being increasingly regulated owing to data security and copyright concerns. For instance, the U.S. government has undertaken distance and online learning courses within its jurisdiction in the Department of Education. Service providers are switching to virtual events, such as online workshops, seminars, webinars, and live chats, to sustain their business growth in this pandemic by letting people leverage the personal development program benefits from their remote location. Moreover, the blend of advanced technologies, such as deep learning, Augmented Reality (AR), and Artificial Intelligence (AI), used for personal development technology platforms is further propelling the market growth.
Industry players are introducing customized programs for clients to gain 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 is difficult for individuals to find time to analyze their strengths, weaknesses, personalities, values, and habits. Moreover, despite having interest and curiosity regarding self-awareness, several people are not aware of the availability of personal development programs. Lack of time and cognizance amongst individuals is likely to hamper the growth of the market during the forecast period.
The personal coaching/training segment lead the market with a revenue share of nearly 40.0% in 2019. This is attributed to the two-way communication provided by personal coaching. Personal coaching and training involve real-time interaction between participants and instructors, which results in higher involvement in the learning environment. Moreover, building a relationship between learner and instructor is often much more feasible during in-person sessions.
The books segment, including e-books, audiobooks, and printed books, is anticipated to register the highest CAGR of 6.8% during the forecast period. Technological advancements such as the emergence of surround sound 3D audio technology, which improves the audio experience, are expected to propel the demand for audiobooks. Moreover, the governments globally are supporting digital mediums for learning as it is environmentally friendly. For instance, the U.K. government passed a resolution to eliminate all Value-Added Tax (VAT) on e-books from December 2020. Workshops and seminars are likely to observe steady growth from 2020 to 2027 as they allow the individuals to connect, interact, and build professional relations with fellow participants.
The e-platform segment accounted for approximately 30.0% share of the overall revenue in 2019 and is expected to witness substantial growth from 2020 to 2027. The primary factor contributing to this growth is the increasing popularity of digital mediums for personal development practices as they are highly scalable without the time and location restrictions like a traditional classroom setting. Besides, virtual events provide individuals with an opportunity to network with peers globally. The future of e-platforms for personal development is anticipated to be promising and shall open learning to a broader section of the population than ever before.
Focus Area Insights: Personal Development Market
The skillset enhancement segment accounted for the largest share of over 30.0% in 2019 and is expected to maintain its lead from 2020 to 2027. Increasing adoption of personal development programs amongst working professionals for leadership, people skill, presentation, sales, organizational development, customer service, productivity, technology training, communication, individual growth, and other skill improvement is expected to drive the segment. Furthermore, the growing need for refining the skills amongst individuals to stand out in the current competitive business environment is expected to drive the segment during the forecast period.
The self-awareness segment is expected to expand at the highest CAGR of 6.6% during the forecast period due to the increasing need among individuals to analyze their capabilities for better decision making. Moreover, self-awareness is crucial to a business professional to boost productivity, employee communication, trust, and engagement to improve the organizations overall performance. The mental health segment is anticipated to witness substantial growth in the next few years. Increasing awareness about mental health and psychological well-being is anticipated to generate the demand for mental wellness programs. Hence, individuals are moving towards courses offered to improve their mental health and handle stress in their day-to-day life.
The physical health segment accounted for a revenue share of more than 25.0% in 2019. The industry witnessed a significant surge in the number of fitness institutes as well as fitness app users worldwide. The motivation and inspiration segment is likely to witness steady growth during the coming years. Individuals perform to the best of their ability if they have enough inspiration and motivation. These programs also help transform the way individuals recognize their capabilities.
Regional Insights: Personal Development Market
In 2019, North America accounted for the largest revenue share of more than 35.0% and is expected to maintain its lead over the forecast period 2021-2027. Early adoption of audiobooks, e-books, and other digitally advanced platforms for learning practices is expected to generate the demand for personal development programs in the region. Increasing awareness about stress and weight management is also likely to fuel the demand in this region. South America and the Middle East and Africa are anticipated to witness significant growth from 2020 to 2027 owing to a rise in participation in the self-improvement programs focusing on communication skills.
The European market was valued at USD 10.96 billion in 2019. This is mainly attributed to the increasing focus on the mental well-being of the individuals. According to a report published by the World Health Organization (WHO), in May 2020, the health behavior of individuals belonging to the adolescent group in Europe reveals mental health concerns. Civilians are expected to increasingly participate in personal development programs relating to psychological and spiritual fitness. Moreover, physical fitness programs are expected to gain prominence in the European region.
The personal development market in Asia Pacific is expected to witness the fastest growth over the forecast period. The region is poised to observe vigorous progress in the future due to the increasing adoption of digital learning mediums and growing awareness about enhancing professional skills for better career opportunities. Moreover, the region witnessed a surge in the adoption of self-help apps for fitness, diet, and weight loss. The adoption of self-improvement programs by the extensive consumer base in the region is fueling industry growth.
Key Companies & Market Share Insights: Personal Development Market
The market is fragmented due to the presence of global as well as numerous regional players. Market participants are entering into mergers and acquisitions to expand their business presence and withstand the competitive business environment. For instance, in January 2020, Toastmaster International partnered with Rotary, the international organization which brings together businesses and professional leaders to provide humanitarian services, goodwill, and peace around the world. With this partnership, members of Toastmaster International and Rotary help each other to upgrade their skills, increase their network, and build a positive impact on communities across the globe.
The firms are investing significantly in Research & Development (R&D) activities to integrate innovative technologies and develop solutions or programs with distinguishing features to gain a competitive edge in business. Self-improvement program providers are also offering tailor-made solutions to their clients for expanding their client base. For instance, in December 2019, Nutrisystem, Inc. launched new personal weight loss plans for 2020, which are based on food preferences and body type. The new programs provide food recommendations and custom macronutrients for weight loss based on individual favorites. Some of the prominent players in the personal development market include:
Key companies Profiled: Personal Development Market Report
- Dale Carnegie & Associates, Inc.
- Toastmasters International
- Franklin Covey Co.
- Omega Institute
- Success Resources America
This report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2016 to 2027. For this study, Trusted Business Insights has segmented the global personal development market report based on instrument, focus area, and region:
Instrument Outlook (Revenue, USD Billion, 2016 – 2027)
- Personal Coaching/Training
- Workshop & Seminars
Focus Area Outlook (Revenue, USD Billion, 2016 – 2027)
- Mental Health
- Motivation & Inspiration
- Physical Health
- Skillset Enhancement
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