Yahoo Finance Personal Development Market to Touch Valuation of $59.8 Billion by 2028 | 32% of the Global Revenue Comes from Skills Enhancement
Global personal development market was valued at USD 41.7 billion in 2021, and it is expected to reach a value of USD 59.8 billion by 2028, at a CAGR of more than 5.3% over the forecast period (2022–2028).
Westford, USA, Sept. 27, 2022 (GLOBE NEWSWIRE) -- Demand for personal development market is on the rise. Today, more people than ever are looking for ways to improve their lives and achieve their goals. Personal growth counseling, coaching, and therapy are some effective ways to help people reach their goals. These services can provide relief from stress and anxiety, improve communication skills, and increase self-awareness.
As per SkyQuest’s study on personal development market, over 37% people turn to personal development when they feel stuck in their lives. Personal growth counseling provides a safe environment where individuals can explore their thoughts, feelings, and behaviors. Personal coaching provides guidance and support while therapy helps individuals work through difficult emotions. This type of service can help people address problems that are preventing them from reaching their goals. Personal growth counseling is an affordable way to improve life.
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Many providers in the global personal development market offer packages that include sessions that target specific areas of improvement. Some providers also offer discounts for students and members of the defense personnel.
Personal Development Market is Expanding Rapidly, But Not Without Challenges
SkyQuest’s report found that the demand for these services has increased by 35% over the past five years. Among the reasons for this increased demand are increased stress levels and more people seeking holistic solutions to their problems.
People are also looking for ways to improve their relationships, career opportunities, and overall well-being. This increases the chances that they will turn to personal development services when they encounter difficulties in these areas. This boom in personal development services has given rise to a number of new companies, many of which focus on offering specific programs or products.
However, providers in the global personal development market are facing several key challenges.
One of the main challenges faced by those who offer personal development services is finding a way to differentiate themselves from the competition. Many personal development services are offered by supplement retailers and self-help bookstores, and it can be difficult for providers to set themselves apart from these competitors. Additionally, many services and products in the global personal development market are offered online, which means that providers must compete not only with other online providers, but also with providers who offer similar services in person.
Another challenge facing those who offer personal development services is the low barrier to entry. Many personal development services are available for free or at a very low cost, which makes them an attractive option for those who want to improve their life but do not have much money to spend. This low barrier to entry in the personal development market has led to a number of fake personal development services being offered to unsuspecting consumers, which can be difficult for providers to combat.
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More than 32% of Personal Development Market Revenue Comes From Skills Enhancement
There are a lot of different ways to achieve skills enhancement. Some people prefer using formal learning methods such as attending classes or reading books. Other people prefer using self-learning methods such as Internet resources or eBooks.
Skills enhancement is one of the most popular segments in the global personal development market. This is because skills enhancement products help people to improve their general knowledge and skills, which can make them more employable and successful in their careers. There are a variety of different skills enhancement products available on the market, and each one offers its own set of benefits. Some of the most popular skills enhancement products include memory improvement products, career guidance products, and determination enhancement products.
The personal development market is projected to reach $59.8 billion by 2028. However, while the market is growing, there are significant opportunities for firms that can capitalize on these trends. "There is a need for people to focus on their skills and abilities rather than passively accept their limitations," said Swarnima Aeri, research analyst at SkyQuest.
Individuals also want to explore their potential and find new ways of living. Growth in the cloud-based collaborative learning space is expected to drive the majority of growth in the personal development market over the next seven years, our study predicts. Specifically, more individuals are using digital tools and platforms to develop their skills and knowledge. For example, Lynda.com is used by more than 42 million people with over 1 million paid subscribers worldwide. Moreover, courses from Coursera account for nearly 92 million registrations so far. These platforms allow people of all skill levels to access training and education from top providers. Another area where growth is expected is in self-awareness and life coaching services. This segment is forecasted to grow by 50% over the next eight years as more companies offer these services.
79% believe that improving their skills and knowledge is important for their long-term career prospects, reveals SkyQuest Survey
SkyQuest surveyed 2,400 professionals from enterprises of all sizes in 41 countries about their views on professional development market, and found that 79% believe that improving their skills and knowledge is important for their long-term career prospects. Furthermore, 69% said they want to be able to learn more about themselves so they can optimize their effectiveness. In addition, 68% said they want to be able to develop deeper relationships with colleagues and clients.
The survey also found that nearly a third (31%) of respondents in the personal development market have not developed any new goals in the past 12 months. However, there is some good news: almost half of respondents (47%) say they've developed at least one new goal in the past year, with a focus on personal growth or skill enhancement.
Interestingly, both men and women report having similar development goals; 47% of men and 46% of women said they've developed new goals in the past year with a focus on personal growth or skill enhancement.
The top five personal development goals that respondents listed in order of priority are: developing stronger relationships (38%), acquiring new skills (35%), improving work/life balance (33%), managing stress better (33%), and becoming more efficient at work (29%).
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Top Players in Global Personal Development Market
Dale Carnegie & Associates, Inc. (US)
Franklin Covey Co. (US)
Hay House Publishing (US)
Landmark Worldwide (New York)
Success Resources America (US)
SkillPath (US)
Toastmasters International (US)
Nutrisystem, Inc. (US)
Esalen Institute and Esalen Center for Theory & Research (US)
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