Global Personal Development Market by Instrument (Personal Coaching/Training, Books, Workshops, e-Platforms) and Region (North America, Latin America, Europe, Asia Pacific and Middle East & Africa), Forecast To 2028

Summary of the Report

Global personal development market was worth USD 38.28 Billion in 2019. It is projected to grow at a compound annual rate (CAGR of 5.1%) between 2020 and 2027. The forecast period will see a rise in self-recognition and pursuit of happiness. People are looking for ways to improve their physical and emotional health. Improving social skills and focusing attention on key areas of self-awareness such as emotions, character traits and individual values are becoming more important. The market will continue to grow due to the increasing demands of employees to fulfill company expectations and improve their domain skills.

Market growth is expected to be influenced by the rising popularity of technology-driven platforms that enable self-growth among millennials. The latest digital technology makes it possible for individuals to access self-improvement courses from anywhere in the world. Podcasting, e-books and audiobooks are key market players in the personal-development industry. They can expand their geographic footprint by offering courses globally through other online platforms, such as e-books, podcasting, and e-books. Udemy, Inc., a U.S.-based EdTech platform, launched Udemy for Business, its corporate learning platform, in India, in September 2019. Udemy for Business offers 3,500 business and technical courses that are available to its clients on a monthly basis.

Most of the countries that have been affected by the pandemic, including COVID-19, have declared a lockdown in an effort to stop the spread of the virus. Many small-scale businesses have been shut down due to the economic crisis. Many firms that were affected by the industrial shutdown have announced pay cuts, if any, for their employees to avoid major losses. This situation is driving demand for skills development programs, which increases the skill level of employees. Federal governments are also driving the market with their favorable initiatives. In April 2020, for example, the Australian government announced a series of six-month, half-price online courses in English, Information Technology (IT), psychology and other languages to assist employees with reskilling and upgrading their skills 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.

Online self-improvement is on the rise in this market. The industry is now being more tightly regulated due to copyright and data security concerns. The U.S. government, for example, has taken distance learning and online courses under its Department of Education jurisdiction. To sustain their business growth, service providers are turning to virtual events such as webinars, workshops, seminars, webinars and live chats. This allows people to access the personal development program benefits from a remote location. The market is also growing because of the use of advanced technologies such as deep learning and Augmented Reality (AR) to create personal development technology platforms.

To gain an edge over their competitors, industry players offer customized programs to clients. To improve their services, they incorporate customer feedback and suggestions. It can be difficult to take the time to evaluate your strengths, weaknesses and values. Many people don't know that there are personal development programs available, despite being curious and interested in self-awareness. The market's growth is likely to be hampered by a lack of cognizance and time.

Instrument Insights

With a market share of almost 40.0%, the personal coaching/training segment was dominant in 2019. Personal coaching allows for two-way communication. Training and personal coaching involve direct interaction between participants, which leads to greater involvement in the learning environment. In-person sessions are often more effective for building relationships between learners and instructors.

The fastest CAGR for the books segment (e-books and audiobooks) is 6.8%. Audiobooks will be in high demand due to technological advancements like surround sound 3D audio technology. This improves audio experience. Global governments support digital learning mediums because they are environmentally friendly. The U.K. government has passed a resolution to abolish all Value-Added Taxes (VAT) for e-books starting in December 2020. Because they enable participants to interact with each other and to build professional relationships, workshops and seminars will likely see steady growth between 2020 and 2027.

In 2019, the e-platform segment represented approximately 30% of total revenue. It is expected to experience significant growth between 2020 and 2027. This growth can be attributed to the growing popularity of digital media for personal development. They are easily scalable and do not have the limitations of traditional classrooms. Virtual events allow individuals to connect with their peers worldwide. Future prospects for e-platforms to personal development are promising. They will open up learning opportunities to a wider range of people than ever before.

Focus Area Insights

In 2019, the skillset enhancement segment held over 30% of the market share and is expected to continue its dominance from 2020 through 2027. The segment is expected to grow due to the increasing adoption of personal development programs by working professionals in leadership, people skills, presentation, sales and customer service. The segment will be driven by the increasing demand for skills improvement to make it stand out in today's competitive business environment.

Due to individuals' increasing desire to be more aware of their abilities and make better decisions, the self-awareness market is projected to grow at 6.6% CAGR over the forecast period. Self-awareness is essential for business professionals to increase productivity, employee communication and trust to improve their overall performance. In the coming years, there will be significant growth in the mental health sector. The demand for programs in mental wellness is expected to rise as people become more aware of the importance of mental health. People are turning to courses that help them manage stress and improve their mental health.

In 2019, the revenue share for physical health was more than 25%. In 2019, the industry saw a dramatic increase in both fitness apps and fitness institutes. In the next few years, the motivation and inspiration market is expected to continue growing. People perform at their best when they are motivated and inspired. These programs can also transform how people see their potential.

Regional Insights

North America was the country with the highest revenue share, at more than 35.0% in 2019, and it is expected to continue its lead during the forecast period. The demand for personal development programs is expected to rise as a result of the rapid adoption of e-books and audiobooks. This region is likely to see an increase in awareness of stress and weight management. The Middle East, Africa and South America are expected to see significant growth between 2020 and 2027 due to increased participation in self-improvement programs that focus on communication skills.

In 2019, the European market was worth USD 10.96 billion. This can be attributed to a greater focus on mental well-being. A report by the World Health Organization (WHO) revealed that mental health concerns were evident in the European adolescent population. Personal development programs related to spiritual and psychological fitness are becoming more popular among civilians. In Europe, physical fitness programs will be more prominent.

Asia Pacific's personal development market is forecast to grow at the fastest rate over the forecast period. Due to growing adoption of digital learning media and awareness about improving professional skills to improve career opportunities, the region will see rapid growth. The region saw a rise in self-help apps for weight loss, fitness, and diet. Industry growth is being driven by the widespread adoption of self-improvement apps by the large consumer base in the region.

Market Share Insights & Key Companies

Due to the presence of both global and regional players, the market is fragmented. To expand their market presence and to withstand the fiercely competitive business environment, market participants are entering mergers and acquisitions. In January 2020, Toastmaster International joined forces with Rotary International, an international organization that brings together business leaders and professionals to help people around the globe. Toastmaster International and Rotary partners together to improve their skills, expand their networks, and make a positive difference in communities around the world.

Firms are investing heavily in Research & Development (R&D), in order to incorporate innovative technologies and create solutions or programs that have distinguishing features in order to gain a competitive advantage in business. For their clients, self-improvement programs are offering customized solutions. In December 2019, Nutrisystem, Inc. introduced new personal weight loss programs for 2020. These plans are tailored to your food preferences and body type. These programs offer customized macronutrients and food recommendations for weight loss that are based on personal preferences. The following are some of the most prominent players in personal development:

• Dale Carnegie & Associates, Inc.

• Toastmasters International

• Franklin Covey Co.

• WW International, Inc.

• Wilson Learning

• SkillPath

Up Market Research published a new report titled “Personal Development Market research report which is segmented by Instrument (Personal Coaching/Training, Books, Workshops, e-Platforms), By Players/Companies Dale Carnegie & Associates Inc, SkillPath, Wilson Learning, WW International Inc, Franklin Covey Co, Toastmasters International”. As per the study the market is expected to grow at a CAGR of XX% in the forecast period.

Report Scope

The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.

Global Personal Development Market Report Segments:

The market is segmented by Instrument (Personal Coaching/Training, Books, Workshops, e-Platforms).

Personal Development Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.

Key Benefits for Industry Participants & Stakeholders:

• Industry drivers, restraints, and opportunities covered in the study
• Neutral perspective on the market performance
• Recent industry trends and developments
• Competitive landscape & strategies of key players
• Potential & niche segments and regions exhibiting promising growth covered
• Historical, current, and projected market size, in terms of value
• In-depth analysis of the Personal Development Market

Overview of the regional outlook of the Personal Development Market:

Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into GCC, Turkey, South Africa, and Rest of MEA.

Highlights of The Personal Development Market Report:

1. The market structure and projections for the coming years.
2. Drivers, restraints, opportunities, and current trends of Personal Development Market.
3. Historical data and forecast.
4. Estimations for the forecast period 2028.
5. Developments and trends in the market.

                1. Personal Coaching/Training

                2. Books

                3. Workshops

                4. e-Platforms

7. Market scenario by region, sub-region, and country.
8. Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
9. Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
10. Government Policies, Macro & Micro economic factors are also included in the report.

We have studied the Personal Development Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2028.

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Reasons to Purchase the Personal Development Market Report:

• The report includes a plethora of information such as market dynamics scenario and opportunities during the forecast period
• Segments and sub-segments include quantitative, qualitative, value (USD Million,) and volume (Units Million) data.
• Regional, sub-regional, and country level data includes the demand and supply forces along with their influence on the market.
• The competitive landscape comprises share of key players, new developments, and strategies in the last three years.
• Comprehensive companies offering products, relevant financial information, recent developments, SWOT analysis, and strategies by these players.