Personal Development Industry Overview
The global personal development market size was valued at USD 41.81 billion in 2021 and is anticipated to expand at a compound annual growth rate (CAGR) of 5.5% from 2022 to 2030. The growing emphasis on acquiring new skills, such as social skills and decision-making skills, for self-improvement, personal development, and gaining self-recognition is a major factor expected to drive the market growth over the forecast period. Moreover, employees often look to match their domain skills with the standards set by their employers, which bodes well for market growth.
Several companies offer personal development courses via online and offline channels. However, the demand for technology-driven platforms is gaining traction as individuals can access programs irrespective of their location. As such, key market players are striking strategic collaborations to serve larger geographies and reach potential customers across the globe. For instance, in June 2019, Franklin Covey Co. partnered with Liz Wiseman, a leadership researcher, and executive advisor, to design and develop a powerful and premier leadership development solution based on Wiseman’s Multipliers books.
Gather more insights about the market drivers, restraints, and growth of the Global Personal Development Market
The work-from-home policy implemented by various organizations in the wake of the COVID-19 outbreak has unfolded opportunities for individuals to hone their skills without hampering their work schedules. This has resulted in the introduction of numerous digital platforms and virtual events for personal development. For instance, Skillpath, a professional training & coaching leader based in the U.S., broadened its virtual training module for professionals with interactive features to help them uphold business endurance during the pandemic.
The market is gaining traction in line with continued globalization. Incumbents are switching to virtual platforms to conduct live chats, workshops, and webinars. Advances in technologies such as artificial intelligence, virtual reality, and augmented reality are also driving the popularity of online self-development programs. However, concerns over data security, privacy protection, and copyright infringement are growing, and the market is becoming heavily regulated as a result. For instance, in the U.S., the Department of Education has taken distance and online learning courses within its jurisdiction.
Key market players are offering customized solutions as part of their efforts to gain a competitive edge. However, busy schedules hold back individuals from analyzing their personal strengths, weaknesses, habits, personalities, and values, which is turning out to be a major challenge for the market. The looming lack of awareness about the availability of a myriad of personal development programs among individuals despite their keen interest and curiosity for self-improvement is also expected to restrain the market growth over the forecast period.
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Personal Development Industry Segmentation
Grand View Research has segmented the global personal development market based on instrument, focus area, and region.
Personal Development Instrument Outlook (Revenue, USD Million, 2018 - 2030)
- Books
- e-Platforms
- Personal Coaching/Training
- Workshops & Seminars
Personal Development Focus Area Outlook (Revenue, USD Million, 2018 - 2030)
- Mental Health
- Motivation & Inspiration
- Physical Health
- Self-Awareness
- Skillset Enhancement
Personal Development Regional Outlook (Revenue, USD Million, 2018 - 2030)
- North America
- Europe
- Asia Pacific
- South America
- MEA (Middle East & Africa)
Market Share Insights:
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.
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.
Key Companies profiled:
Some prominent players in the global Personal Development Industry include
- Dale Carnegie & Associates, Inc.
- Franklin Covey Co.
- 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.
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