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The personal development market is estimated to grow at a CAGR of 8.31% between 2022 and 2027. The size of the market is forecast to increase by USD 755.16 million. The growth of the market depends on several factors, including the rise in cost-effective content development, the increased focus on fitness initiatives by governments and companies, and the growing popularity of educational apps and online platforms for self-growth.
This report extensively covers market segmentation by distribution channel (online and offline), type (self-awareness and skillset enhancement, mental health, and physical health), and geography (APAC, North America, Europe, Middle East and Africa, and South America). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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Technavio categorizes the global personal development market as a part of the Education Services and within the global Consumer Discretionary industry. The parent global specialized consumer services market covers revenue generated by the consumer service providers, including residential services, home security services, legal services, personal services, renovation, and interior design services, consumer auction services, wedding services, and funeral services. Our research report has extensively covered external factors influencing the parent market growth during the forecast period.
The rise in cost-effective content development is notably driving the personal development market growth, although factors such as increasing adoption of open-source solutions may impede market growth. Our researchers studied the data for years, with 2022 as the base year and 2023 as the estimated year, and presented the key drivers, trends, and challenges for the market. Although there has been a decrease in demand for the market during the COVID-19 pandemic, a holistic analysis of drivers will help companies refine marketing strategies to gain a competitive advantage.
Key Personal Development Market Driver
The rise in cost-effective content development is notably driving the self help industry growth. Vendors are investing heavily in content marketing strategies in the extremely competitive B2B marketing landscape. Content marketing has shown to be one of the most effective ways to increase audience involvement. More than any other strategy, the presence of consistent, high-quality, and engaging content influences audience decisions. Personal development vendors are taking advantage of these platforms and focusing on the weak points of the audience to attract them. The market is growing at a positive rate, and it is expected to remain the same during the forecast period.
Key Personal Development Market Trend
The rising adoption of cloud computing in the academic sector is the primary trend driving the self help industry growth. Cloud infrastructure offers ed-tech companies the flexibility and accessibility that the education sector demands. Students and institutions increasingly prefer online content to traditional printed textbooks due to the lower cost of acquisition and ease of use on the go. Educational institutions encourage students to bring their own digital devices to access digital learning content. Several vendors are helping more educational institutions develop and improve their digital library systems using cloud services. With the rapid development of critical infrastructure in emerging economies such as China and India, their education systems are increasingly competing with those in advanced economies such as the US and the UK. Thus, the adoption of smartphones as the primary platform for educational content is expected to boost the growth of the market in focus during the forecast period.
Key Personal Development Market Challenge
The increasing adoption of open-source solutions may impede self help industry growth. Open-source personality development solutions offer free-of-cost solutions and are available in the form of magazine articles, YouTube videos, and talks by motivational speakers. Most audiences prefer these solutions instead of paid solutions as they are capable of delivering the same knowledge as paid sources. Therefore, these open-source personality development solutions pose a challenge for the global personality development market and will continue to do so during the forecast period.
Key Personal Development Market Customer Landscape
Our analysis of the Life Cycle of the market indicates a movement from the innovator’s stage to the laggard’s stage. The report illustrates the lifecycle of the market, focusing on the adoption rates of the major countries including the US, Canada, China, Japan, India, and Germany. Technavio has included key purchase criteria, adoption rates, adoption lifecycles, and drivers of price sensitivity to help companies evaluate and develop growth strategies from 2022 to 2027.
Global Personal Development Market Customer Landscape
Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product / service launches, to enhance their presence in the market
Skillsoft Corp. - Under this unified segment, the company is engaged in the sale, marketing and delivery of its content learning solutions in areas such as Leadership and Business, Technology and Developer, and Compliance. The company's key offerings include personal development services such as Personal development planning.
We also have detailed analyses of the market’s competitive landscape and offer information on 20 market vendors, including :
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The market share growth by the online segment will be significant during the forecast period. Personal development is a lifelong process that involves expanding one's knowledge and improving personal skills. It allows people to assess their skills and qualities, consider their aims in life, and set new goals. The rapid use of digital technology in the market is expected to increase the demand for virtual platforms for self-improvement during the forecast period.
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The online segment showed a gradual increase in market share, from USD 529.97 million in 2017 and continued to grow by 2021. The need for technology platforms and virtual events for personal growth has increased owing to the outbreak of COVID-19 and the lockdowns enforced in numerous nations to contain its spread. As a result, industry participants are concentrating on delivering technology-driven solutions for professionals. Furthermore, e-platforms are incorporating practically all aspects of in-person self-improvement methods by using modern technologies such as Augmented Reality (AR), Virtual Positioning systems (VPS), Artificial Intelligence (AI), and 3D audio technology. Furthermore, our report provides a brief analysis of the historical and forecast market share and their segment along with their reasons for growth from 2017 to 2027.
The growth of this segment is primarily attributed to the increasing adoption of the personal development market, which is driven by an increase in the global demand for the personal development industry.
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North America is projected to contribute 32% by 2027. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
The growth of the personal development market is driven by the increasing demand for personal development training, the number of smart device users, and the number of mobile broadband connections across North America. Increasing self-awareness and the pursuit of happiness are projected to fuel the demand for personal development solutions during the forecast period. People are increasingly seeking strategies to improve their physical and mental well-being. Furthermore, increasing social skills and focusing on crucial areas for self-awareness, such as emotions, character development, habits, individual values, and the psychological needs that determine an individual's day-to-day conduct, are becoming more important. North America accounted for the major revenue and is predicted to continue its dominance during the projection period. The need for personal development solutions is likely to be driven by the early adoption of audiobooks, e-books, and other digitally enhanced platforms for learning activities. Increased awareness of the need for reducing stress and controlling weight is also expected to drive demand in the market during the forecast period.
In 2020, during the outbreak of COVID-19, many small businesses were forced to close due to the economic downturn. To cater to customers during the forecast period, service providers are shifting to virtual events such as online workshops, seminars, webinars, and live chats, which allow customers to enjoy the advantages of personal development solutions from remote locations. Furthermore, the combination of modern technologies utilized for personal development technology platforms, such as deep learning, Augmented Reality (AR), and Artificial Intelligence (AI), has fueled the growth of the market. Hence, the market in the region is expected to grow during the forecast period.
Our report forecasts revenue growth at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027. The market has been segmented by distribution channel, type, and region.
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Personal Development Market Scope |
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Report Coverage |
Details |
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Page number |
120 |
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Base year |
2022 |
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Historical year |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 8.31% |
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Market growth 2023-2027 |
$755.16 million |
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Market structure |
Fragmented |
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YoY growth (%) |
6.92 |
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Regional analysis |
North America, Europe, APAC, South America, and the Middle East and Africa |
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Performing market contribution |
North America at 32% |
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Key consumer countries |
US, Canada, China, Japan, India, and Germany |
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Competitive landscape |
Leading companies, Competitive Strategies, Consumer engagement scope |
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Key companies profiled |
Coursera Inc., Dale Carnegie and Associates Inc., edX LLC, Esalen Institute, Franklin Covey Co., Hay House Publishing, Landmark Worldwide Enterprises Inc., LinkedIn Corp., Nutrisystem Inc., Omega Institute, OpenSesame Inc., Pluralsight Inc., SkillPath, SkillShare Inc., Skillsoft Corp., Success Resources Australia Pty Ltd., Toastmasters International, Udemy Inc., Wilson Learning Worldwide Inc., and WW International Inc. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and market condition analysis for the forecast period. |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Distribution Channel
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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