Personal Development Market Growth & Trends
The global personal development market size is estimated to reach USD 67.02 billion by 2030, growing at a CAGR of 5.5% from 2022 to 2030, according to a new report by Grand View Research, Inc. The growing popularity of technology-driven, self-growth platforms among youngsters is expected to drive the growth of the market over the forecast period. The strong emphasis employees are putting on improving their domain expertise and communication skills to meet the quality standards set by their employers is expected to contribute to the market growth.
Personal development covers several facets of self-improvement and self-growth on both individual and professional fronts. It includes lectures, courses, conferences, webinars, books, e-books, and personal coaching. These courses help individuals in developing their aptitude, critical thinking and decision-making capabilities, and physical and mental health.
Advances in digital technologies are allowing individuals to undertake self-growth programs irrespective of their geographical location. Key market participants such as Franklin Covey Co., Omega Institute, Toastmasters International, and SkillPath are offering self-improvement programs globally through various online methods, including on-demand courses, audiobooks, podcasts, and e-books, as part of their efforts to broaden their user base.
The outbreak of the COVID-19 pandemic has triggered the demand for online self-growth programs. Lockdowns and restrictions on the movement of people imposed by governments worldwide have prompted individuals to opt for online courses to acquire new skills and improve their wellbeing. Moreover, advances in the latest technologies, including Artificial Intelligence (AI), Virtual Positioning System (VPS), and Virtual Reality (VR), enable individuals to undertake self-development courses according to their convenience and preference.
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Personal Development Market Report Highlights
The growing awareness among individuals to ensure physical and mental wellbeing is driving the growth of the market
The mobile application-based segment is anticipated to grow at a CAGR of over 7% from 2022 to 2030 owing to the increased convenience offered by smartphones and other mobile devices to people looking to opt for self-improvement courses
The skillset enhancement segment dominated the market in 2021 and is expected to grow at a CAGR of over 4% from 2022 to 2030 owing to the rising adoption of self-growth programs
Asia Pacific is estimated to grow at the highest CAGR of around 7% over the forecast period, owing to increased adoption of digital learning and rising consumer awareness of professional skills for landing well-paying jobs
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