SAN FRANCISCO, July 27, 2020 /PRNewswire/ -- The global personal development market size is anticipated to reach USD 56.66 billion by 2027, expanding at a CAGR of 5.1% from 2020 to 2027, according to a new report by Grand View Research, Inc. Growing needs amongst employees to meet the company's expectations and develop their domain knowledge, as well as communication skills, is expected to fuel the growth of the industry over the forecast period. Companies are offering self-improvement programs through various online as well as offline platforms.
Key suggestions from the report:
The industry is likely to witness a surge in the usage of books and e-platforms for personal development over the forecast period
By instrument, the personal coaching/ training instrument segment dominated the market in 2019
Asia Pacific is probable to register the fastest CAGR of 7.9% from 2020 to 2027
Countries such as Japan and India are anticipated to witness substantial growth from 2020 to 2027 owing to increasing focus on knowledge enrichment and spirituality for the overall wellbeing.
The personal development industry covers all aspects of individual grooming for professional and personal life through various seminars, workshops, webinars, conferences, books, personal coaching, and digital platforms. Increasing cognizance about self-awareness and mental health is expected to drive the demand for personal development programs. These programs also help individuals to analyze their strengths and weaknesses, which can improve their judgment and help them identify opportunities for personal growth and professional development. The personal development programs help to strengthen critical thinking and decision-making skills amongst individuals, along with their fitness and aptitude.
The rapid spread of digital technologies in the market is anticipated to fuel the demand for virtual platforms for self-improvement. Amidst the ongoing COVID-19 pandemic and the lockdown imposed in several countries to curb its spread, the need for technological platforms and virtual events for personal growth has augmented. Hence, market players are focusing on providing a technology-driven solution for professionals. For instance, SkillPath extended the virtual training module for business professionals with real-time interaction features during the coronavirus pandemic to uphold business endurance. Moreover, by leveraging the advanced technologies, including Augmented Reality (AR), Virtual Positioning System (VPS), Artificial Intelligence (AI), and 3D audio technology, e-platforms are encompassing nearly all characteristics of the in-person self-improvement practices.
Grand View Research has segmented the global personal development market based on instrument, focus area and region:
Personal Development Instrument Outlook (Revenue, USD Million, 2016 - 2027)
Workshops & Seminars
Personal Development Focus Area Outlook (Revenue, USD Million, 2016 - 2027)
Motivation & Inspiration
Personal Development Regional Outlook (Revenue, USD Million, 2016 - 2027)
Middle East & Africa
List of Key Players of Personal Development Market
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.