Personal Development Market Size Report, 2022-2030 (2024)

Report 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.

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.

Instrument Insights

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 2030, 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.

The books segment is expected to grow at the highest CAGR of over 7% from 2022 to 2030. The segment growth can be attributed to the continued advances in technology and the subsequent introduction of surround sound and 3D audio in audiobooks, which enhances the audio experience for listeners. Moreover, workshops & seminars allow individuals to connect with professionals and build professional relations. As such, educational institutions are putting emphasis on organizing virtual workshops & seminars, thus driving the market growth for personal development.

Focus Area Insights

The skillset enhancement segment accounted for the largest market share of over 32% in 2021 and is projected to dominate the market over the forecast period. Corporates are opting for self-improvement programs to enhance the capabilities of their sales and customer service on various fronts, including presentation, communication, technology, and productivity. The physical health segment also accounted for a significant revenue share in 2021 as a result of the continued launch of fitness centers and mobile apps along with the growing consciousness about physical wellbeing among individuals.

The self-awareness segment is anticipated to grow at the highest CAGR of 6.9% from 2022 to 2030. The segment growth can be attributed to the growing emphasis among individuals on self-awareness programs to enhance their decision-making capabilities and lead a better life. Businesses adopt self-awareness programs to enhance their communication skills, productivity, and engagement to improve their overall performance.

The mental health segment is expected to witness substantial growth over the forecast period in line with the rising awareness among individuals about their mental wellbeing. The motivation & inspiration segment is poised for persistent growth from 2022 to 2030. Individuals perform to the best of their abilities when they are motivated and inspired. These programs also aid in transforming individuals’ perceptions of their own abilities.

Regional Insights

North America accounted for the largest revenue share of over 36% in 2021 and is expected to continue dominating the personal development market from 2022 to 2030. The adoption of digitally advanced platforms for self-improvement practices has been significant in North America. The early adoption and growing demand for e-books and audiobooks also bode well for the growth of the regional market.

South America and Middle East & Africa are also poised for significant growth over the forecast period due to increased participation in personal development programs that emphasize communication skills. The rising need among employees to meet their companies’ expectations and improve their domain skills is expected to play a decisive role in driving the growth of the overall market during the forecast period.

Asia Pacific is anticipated to grow at the highest CAGR of approximately 7% over the forecast period. The growth of the regional market can be attributed to the growing preference among individuals for mobile application-based e-platforms for enhancing professional capabilities and ensuring sound career opportunities. The continued launch of a myriad of fitness applications is expected to propel the growth of the regional market.

Europe accounted for a substantial revenue share in 2021 owing to an increasing focus of individuals on mental wellbeing. The growing demand for physical fitness programs along with the rapid adoption of fitness routines is expected to drive the growth of the regional market.

Key Companies & Market Share Insights

The market can be described as a fragmented market characterized by the presence of several market players across various regional markets. Key market players are focusing on adopting advanced technologies to offer differentiated, high-quality services to individuals. Many companies are also focusing on mergers & acquisitions to gain a competitive edge in the market and increase their reach.

For instance, in 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.

Key market players are investing in research & development to incorporate innovative technologies and design training programs with distinguished features. Customization enables companies to attract more customers. Leading players are also focusing on expanding their geographical footprint. For instance, in 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. Some prominent players in the global personal development market include:

• Dale Carnegie & Associates, Inc.

• Franklin Covey Co.

• Hay House Publishing

• Landmark Worldwide

• Success Resources America

• Omega Institute

• SkillPath

• Toastmasters International

• Nutrisystem, Inc.

• Esalen Institute and Esalen Center for Theory & Research

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Personal Development Market Report Scope

Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2030. For this study, Grand View Research has segmented the global personal development market report based on instrument, focus area, and region:

• Instrument Outlook (Revenue, USD Million, 2018 - 2030)

  • Books

  • e-Platforms

    • Mobile Application-based

    • Web Application-based

  • Personal Coaching/Training

  • Workshops & Seminars

• Focus Area (Revenue, USD Million, 2018 - 2030)

  • Mental Health

  • Motivation & Inspiration

  • Physical Health

  • Self-Awareness

  • Skillset Enhancement

• Regional Outlook (Revenue, USD Million, 2018 - 2030)

  • North America

    • U.S.

    • Canada

    • Mexico

  • Europe

    • U.K.

    • Germany

  • Asia Pacific

    • China

    • Japan

    • India

  • South America

    • Brazil

  • Middle East & Africa