Product ID: SQSG50B2007
Report ID: SQSG50B2007 | Region: Global | Published Date: September, 2022 | Pages: 157 | Tables: 68 | Figures: 75
Global Personal Development Market size was valued at USD 41.81 billion in 2021 and is poised to grow from USD 44.11 billion in 2022 to USD 71.42 billion by 2030, growing at a CAGR of 5.5% in the forecast period (2023-2030).
Personal development activities include those that increase self-awareness and identity, foster talent, and potential, create a more employable workforce, improve quality of life, and help ambitions and dreams come true. It takes a lifetime to develop personally. It's a crucial technique for encouraging you to pause, reflect on your goals in life, evaluate your talents and attributes, and set objectives in order to realize and maximize your potential.
In addition to official and informal activities for developing others in a variety of positions, such as instructors, guides, counselors, managers, life coaches, and mentors, the concept is not just confined to self-help. When personal development occurs in a setting of institutions, it refers to the procedures, plans, activities, equipment, strategies, and evaluation procedures that promote human growth on an individual basis.
US Personal Development Market is poised to grow at a sustainable CAGR for the next forecast year.
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Global personal development market is segmented based on the instruments, focus area, and region. Based on the instruments, the global personal development market is segmented as Books, e-platforms, personal coaching/training, others. Based on focus area, the global personal development market is segmented as mental health, motivation & inspiration, physical health, self-awareness, skillset enhancement, others. Based on region, it is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.
Personal Development Market Analysis by Instruments
In terms of instruments, the personal training/coaching segment led the global personal development market in terms of revenue in 2019. This can be due to the two-way communication that personal coaching provides being effective. Over the next ten years, the books segment is expected to have significant revenue growth. In 2019 and the years to come, the e-platform segment is anticipated to post significant revenue growth.
Personal Development Market Analysis by Focus Area
Global personal development market has been segmented on the basis of focus area, mental health, motivation & inspiration, physical health, self-awareness, skillset enhancement, and others. With a market share of over 32% in 2021, the skillset enhancement segment is expected to continue to dominate the market during the forecast period. To improve their sales and customer service on a variety of fronts, including presentation, communication, technology, and productivity, corporations are choosing to invest in self-improvement programs. Due to the continuous development of exercise facilities and mobile apps as well as the rising awareness of physical wellbeing among people, the physical health category also accounted for a sizable revenue share in 2021. The segment's expansion can be attributed to people's increasing attention to self-awareness programs to improve their capacity for decision-making and lead a better life. Self-awareness programs are adopted by businesses to improve employees' engagement, productivity, and communication abilities.
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North America held the largest share of the global personal development market. In North America, there has been strong uptake of digitally upgraded platforms for self-improvement activities. It is anticipated that early adoption of audiobooks, e-books, and other technologically advanced learning platforms will increase demand for personal development courses in the region. Due to an increase in the number of people participating in various self-improvement programmes that focus on improving communication skills, South America, the Middle East, and Africa are predicted to experience significant growth between 2020 and 2027. The early uptake and rising interest in e-books and audiobooks are also encouraging signs for the expansion of the local industry.
In addition, the Asia-Pacific region is anticipated to contribute significantly to the expansion of the personal development market globally over the course of the forecast period as a result of growing government backing for innovative initiatives to improve kids' skills. For instance, the Delhi government introduced a daily online "English and Personality Development" programme in May 2020 for children in classes 10 and 12. The British Council and MacMillian Education are partners in the program's introduction. Approximately 2,70,000 students, according to officials (class 10 and 12 combined) were able to access the link and enroll in the course.
According to projections, the European Personal Development Market will grow at a large rate, primarily as a result of people's increased attention to maintaining their mental health. People from the general public are taking part in personal development initiatives that primarily focus on psychological and spiritual growth in Europe. Additionally, the rise of this market in the European region is expected to benefit from an increase in physical exercise programmes.
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Personal Development Market Driver
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Global personal development market is relatively fragmented, with a high level of competition. Major market players are spending in R&D to include cutting-edge technologies and create training programmes with unique features. Customization enables businesses to draw in more clients. Leading players also emphasize increasing their geographic reach.
Top Players in the Global Personal Development Market
Personal Development Market Recent Developments
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According to our global personal development market analysis, in terms of Instrument, 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 e-platforms segment is anticipated to witness substantial growth from 2022 to 2028, which can be attributed to the growing preference for mobile application-based e-platforms for personal development courses due to the convenience associated with them in terms of time and location
|Market size value in 2021||USD 41.81 billion|
|Market size value in 2030||USD 44.11 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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For the Global Personal Development Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Personal Development Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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