Personal Development Global Market Report 2024

The personal development market size has grown strongly in recent years. It will grow from $48.11 billion in 2023 to $51.06 billion in 2024 at a compound annual growth rate (CAGR) of 6.1%. The historic growth can be attributed to several key factors, including the self-help literature boom, increasing awareness of mental health issues, globalization, changing workplace needs, and the rise of the information age and technology. These factors collectively influenced societal trends and behaviors, leading to greater emphasis on personal development, mental well-being, and adaptation to evolving workplace dynamics in the context of advancing technology and globalization.

The personal development market size is expected to see strong growth in the next few years. It will grow to $64.44 billion in 2028 at a compound annual growth rate (CAGR) of 5.9%. The anticipated growth in the forecast period can be attributed to several factors, including the integration of mental health and well-being initiatives, the utilization of remote and virtual platforms, and the integration of virtual reality (VR) and augmented reality (AR) technologies. Major trends expected during this period include the adoption of remote and digital learning methodologies, a heightened focus on mental health and well-being support, the implementation of hybrid learning models combining in-person and digital components, the continued integration of technology into educational practices, and the rise of employer-sponsored development programs aimed at upskilling and reskilling employees.

The escalating levels of stress and mental health concerns are key drivers behind the growth of the personal development market. Stress and mental health issues encompass a range of emotional, psychological, and physiological challenges individuals encounter when facing pressures, difficulties, or disruptions in their lives. Personal development serves as a valuable tool in addressing these concerns by equipping individuals with the necessary skills and techniques to actively manage their well-being. It offers practical tools and strategies to cope with stress and promote mental health, ultimately leading to better mental health outcomes. For instance, as reported by the American Psychiatric Association in December 2022, a significant portion of individuals anticipated experiencing higher stress levels at the beginning of 2023 compared to previous years. Additionally, according to the National Alliance on Mental Illness in March 2023, a substantial percentage of US adults experienced mental illness in 2021, representing an increase from previous years. Consequently, the growing prevalence of stress and mental health concerns is expected to drive the demand for personal development solutions.

Major companies in the personal development market are prioritizing the development of innovative technological solutions, such as skill benchmark assessment software, to bridge the skills gap and offer tailored development paths. Skill benchmark assessment software employs a criterion-based approach to evaluating skill proficiency, aiding organizations in assessing learners across essential leadership, business, and technical skills. For example, in March 2022, Skillsoft Corporation, a US-based software-as-a-service company, introduced a new Skill Benchmark Assessment feature as part of its Percipio immersive learning platform. This feature enables organizations to objectively measure learners' proficiency across a range of in-demand skills, including technology, digital literacy, innovation, agile methodologies, performance management, digital marketing, virtual leadership, and problem-solving, thereby facilitating targeted skill development initiatives.

In September 2023, UpGrad, an education company based in India, finalized the acquisition of Centum Learning for an undisclosed sum. This strategic move aims to harness the complementary skills of both entities to develop a scalable portfolio, effectively address the critical need for upskilling the enterprise workforce, bolster UpGrad's presence in the enterprise upskilling market, and ultimately drive positive outcomes for learners. Centum Learning, headquartered in India, specializes in providing comprehensive training programs and skill development solutions.

Major companies operating in the personal development market report are Allison Transmission Holdings, Slalom Consulting, WW International Inc, Toastmasters International, Dale Carnegie And Associates Inc., Udemy Inc., Skillsoft Corporation, Coursera Inc., Mindvalley, Headspace, Franklin Covey Co., Skillshare, Hay House Inc., Nutrisystem Inc., Landmark Worldwide Enterprises Inc., GoodHabitz, Gaia Inc., OpenSesame Inc., The Chopra Center, SkillPath, Lifehack, Tony Robbins Holdings, FutureLearn Limited, Cloverleaf, edX LLC.

North America was the largest region in the personal development market in 2023. The regions covered in the personal development market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the personal development market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Personal development encompasses the ongoing process of self-improvement, typically involving the acquisition of new skills, knowledge, and the enhancement of one's abilities and qualities across various life domains, including emotional, social, and professional growth. This journey fosters self-awareness, builds self-confidence, and cultivates a sense of purpose and fulfillment.

The primary instruments utilized in personal development include e-platforms, workshops and seminars, books, personal training, and coaching. E-platforms are digital spaces or online infrastructures that facilitate the exchange of information, services, goods, or interactions among users. They cover a wide range of topics including mental health, motivation, physical health, self-awareness, and skillset enhancement. Skillset enhancement areas include communication, teamwork, decision-making, analytical and problem-solving skills, as well as empowerment-type skills.

The personal development market research report is one of a series of new reports that provides personal development market statistics, including personal development industry global market size, regional shares, competitors with a personal development market share, detailed personal development market segments, market trends and opportunities, and any further data you may need to thrive in the personal development industry. This personal development market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The personal development market consists of revenues earned by entities by providing services such as mental health, motivation and inspiration, physical health, self-awareness, and skillset enhancement. The market value includes the value of related goods sold by the service provider or included within the service offering. The personal development market also includes sales of fitness tracker, smartwatches, virtual reality headsets, and biofeedback devices. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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