Enjoy complimentary customisation on priority with our Enterprise License!
The personal development market size is forecast to increase by USD 521.65 million, at a CAGR of 5.69% between 2023 and 2028. The report includes historic market data from 2018-2022. Market growth analysis relies on factors such as the surge in cost-effective content development, heightened emphasis on fitness initiatives from both governments and businesses and the burgeoning popularity of educational apps and online platforms for self-improvement. As content creation becomes more affordable, fitness initiatives gain traction, and educational resources expand digitally, the market anticipates significant growth opportunities, catering to evolving consumer preferences and needs. This report also includes an in-depth market growth analysis, market trends and analysis, and market forecasting of historical data.
Companies 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.
The market report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market research and growth and players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
North America accounts for 32% of market growth during the forecast period. Technavio's analysts have provided extensive insight into market forecasting, detailing the regional trends and drivers influencing the market's trajectory throughout the forecast years.
View the Bestselling Market Report Instantly
The growth of the market is driven by the increasing demand for 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 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.
Based on the distribution channel, the market growth analysis by the online segment will be significant during the projection period. Personal development is a lifelong process that involves expanding 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. E-learning platforms such as Coursera Inc. (Coursera), Udemy, and LinkedIn Corp. offer an extensive array of courses covering diverse topics, from mindfulness and leadership to communication skills and time management.
Get a glance at the market contribution of various segments View PDF Sample
The online segment shows a gradual increase in the market share of USD 703.80 million in 2018. 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. Additionally, the growing knowledge of self-awareness and mental health is projected to fuel the demand for such solutions. These solutions also assist individuals in analyzing their strengths and limitations, which may help them improve their judgment and uncover chances for personal and professional development. Hence, the market is expected to grow during the forecast period.
In an era of heightened awareness and emphasis on personal growth and well-being, the personal development market flourishes with a plethora of offerings. From online courses to virtual coaching platforms and mobile apps, accessibility and convenience drive global demand. Amidst globalization and heightened competition, individuals seek to enhance their abilities to thrive in evolving employment environments. Personal development services cater to diverse demographics, including millennials and the aging population, navigating stress and mental health challenges. Fueled by start-up culture and entrepreneurship, rising disposable incomes and social media influence, the pursuit of work-life balance faces constraints of high costs and limited time. Our researchers analyzed the data with 2023 as the base year, along with the market trends and analysis, drivers, and challenges. A holistic market growth analysis and report of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The growing popularity of educational apps and online platforms for self-growth is the key factor driving the market. Online courses offer a diverse array of resources, including courses, tutorials, articles, podcasts, and interactive tools, covering various aspects of personal development such as mindfulness, productivity, leadership, and wellness. Many educational institutions in developed countries are beginning to introduce one-to-one computing initiatives into the learning process. One-to-one computing methods are primarily aimed at enrolling students in digital courses and textbooks via digital devices such as laptops and tablets. This development will lead to the mass adoption of bring-your-own-device (BYOD) policies, thereby increasing demand for computing devices.
As a result, learners are increasingly using m-learning services such as educational apps. In addition to increasing student engagement, factors such as adaptive learning features give users access to next-level content. Additionally, educational apps are popular for various learning experiences, such as teaching children with disabilities. Furthermore, leading the forefront in this arena are prominent market players such as Coursera, offering a vast selection of online courses from top universities and institutions worldwide. Thus, such factors will boost the growth of the market during the forecast period. Additionally, factors such as awareness, globalization, and convenience are also contributing to the expansion of the market for personal development services and online learning platforms.
The rising adoption of cloud computing in the academic sector is the primary trend in the market. 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.
Further, several market players 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 during the forecast period.
Increasing adoption of open-source solutions is a major challenge that affects market expansion. Open-source software offers accessibility and affordability, making it ideal for individuals seeking personal growth tools worldwide. However, the plethora of options available can be overwhelming, leading to fragmentation and difficulty in choosing the right solutions for specific needs. Additionally, ensuring data security and reliability becomes crucial as personal information is often exchanged within these platforms. Besides, most of the audiences prefer these solutions instead of paid solutions as they are capable of delivering the same knowledge as paid sources.
Furthermore, several open-source software offerings cater to diverse needs. Additionally, Audacity serves as a versatile audio editing tool for creating podcasts or practicing public speaking skills. Jupyter Notebooks provides an interactive platform for coding and data analysis, fostering technical proficiency. Therefore, these open-source solutions impose a great number of challenges for the growth of the market and will continue to do the same during the forecast period.
The market development analysis report includes the adoption lifecycle of the market, from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on market penetration. Furthermore, the market research and growth report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Customer Landscape
The global personal development market is influenced by various factors including globalization and workplace structures, demanding a diverse skill set and adaptability. However, challenges such as mental health issues and restraints like lack of time persist. With a focus on wellness and mental health, offerings include coaching services, emotional intelligence training, and mindfulness programs. Both online channels and offline channels are utilized, leveraging technological advancements like virtual reality (VR). Strategic collaborations and customized solutions drive growth in this dynamic market, catering to individual needs for performance enhancement and motivation.
Furthermore, the market faces challenges such as market saturation and opposition to change, compounded by cultural and regional variances and regulatory oversight. Despite this, offerings like educational courses, life coaching, and career coaching abound, aiming to enhance decision-making and domain skills. Utilizing technology-driven platforms and advanced technologies, the market provides virtual events, online self-development programs, and webinars. With a focus on privacy protection and user feedback, the market caters to various needs, including executive coaching and financial coaching, fostering motivation and inspiration in individuals.
The market analysis and report forecasts market expansion by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018-2028
Market Scope |
|
Report Coverage |
Details |
Page number |
161 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 5.69% |
Market Growth 2024-2028 |
USD 521.65 million |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
5.22 |
Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
Performing market contribution |
North America at 32% |
Key countries |
US, Canada, China, Japan, and Germany |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
418 Media LLC, Bertelsmann SE and Co. KGaA, Coursera Inc., Dale Carnegie and Associates Inc., edX LLC, Franklin Covey Co., GAIA Africa Club, Hays Plc, Headspace Inc., Landmark Worldwide Enterprises Inc., LinkedIn Corp., Mindvalley Inc., Omega Institute, OpenSesame Inc., Pluralsight LLC, SkillPath, The Knowledge Academy Ltd, Toastmasters International, Udemy Inc., and Wilson Learning Worldwide Inc. |
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 condition analysis for the market projection period. |
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 market research report to meet your requirements. Get in touch
Get lifetime access to our
Technavio Insights
Cookie Policy
The Site uses cookies to record users' preferences in relation to the functionality of accessibility. We, our Affiliates, and our Vendors may store and access cookies on a device, and process personal data including unique identifiers sent by a device, to personalise content, tailor, and report on advertising and to analyse our traffic. By clicking “I’m fine with this”, you are allowing the use of these cookies. Please refer to the help guide of your browser for further information on cookies, including how to disable them. Review our Privacy & Cookie Notice.