Personal Development Market Size, Share & Trends Analysis Report By Instrument (Books, e-Platforms), By Focus Area (Mental Health, Physical Health), By Region, And Segment Forecasts, 2023 - 2030

Report Overview

The global personal development market size was estimated at USD 43.77 billion in 2022 and is anticipated to grow at a compound annual growth rate (CAGR) of 5.5% from 2023 to 2030. The market for personal development is expected to witness significant growth over the forecast period, driven by individuals' strong emphasis on acquiring new skills for self-improvement, personal development, and self-recognition, as well as their focus on enhancing social skills, self-awareness, character traits, values, behavior, attitude, and decision-making, while also aligning their domain skills with employer standards. In addition, individuals are also opting for self-improvement programs to enhance physical and mental health.

Several companies are offering self-improvement courses via both online and offline channels. However, the demand for technology-driven platforms for self-improvement is particularly gaining traction as advances in technology are allowing individuals to access them irrespective of their geographical location. As such, key market players are adopting the latest, advanced technologies to serve various geographies more extensively and reach potential customers globally by striking strategic collaborations to strengthen their product portfolio. For instance, in March 2022, Skillsoft Corporation launched Skill Benchmark Assessments, a new feature on their Percipio platform. It allows organizations to assess learners' proficiency in in-demand technology, leadership, and business skills and provide personalized development paths for skill mastery. Such strategies by key players are expected to drive market growth over the forecast period.

The implementation of "work-from-home" policies by organizations during the COVID-19 pandemic has created opportunities for individuals to enhance their abilities while maintaining their professional commitments. This has led to the emergence of digital platforms and virtual events focused on self-awareness and self-improvement. Market leaders, such as Skillpath, have responded by offering technologically advanced courses that allow individuals to efficiently utilize their time, develop their skills, and acquire new ones. For instance, the company has expanded its virtual training module with interactive features to support professionals in maintaining business endurance during the pandemic.

Online self-development programs are gaining significant popularity as the self-improvement industry embraces virtual platforms for seminars, live chats, workshops, and webinars, allowing individuals worldwide to access their preferred programs. Technological advancements such as artificial intelligence (AI), virtual reality (VR), and augmented reality (AR) are further enhancing these programs. However, increasing concerns around data security, privacy protection, and copyright infringement have led to growing regulations. For instance, the U.S. Department of Education has undertaken measures to regulate online and distance learning courses within its jurisdiction.

Market leaders in the personal development industry are focusing on providing customized solutions to gain a competitive advantage, actively incorporating user feedback to enhance their services and expand their offerings. However, several challenges arise from individuals' busy schedules, which hinder their ability to self-analyze and explore personal strengths, weaknesses, habits, personalities, and values. In addition, limited awareness about the availability of a broad range of personal development programs poses a potential barrier to market growth, despite individuals' strong interest and curiosity in self-improvement.

Instrument Insights

The personal coaching/training segment held the largest revenue share of over 38% in 2022. The increasing demand for personalized guidance, focus on skill enhancement and performance improvement, emphasis on self-awareness and personal growth, the rise of entrepreneurship and career advancement, technological advancements, and shifting workforce dynamics have collectively propelled the growth of this segment. In addition, virtual platforms and online coaching programs have made personal coaching more accessible and convenient, further contributing to its dominance in the market.

The personal coaching/training segment is further divided into executive and leadership coaching, financial coaching, career coaching, and others. The financial coaching segment held a significant revenue share of over 23% in 2022. This is attributed to the advancement of digital technology that revolutionized the personal development landscape, enabling individuals to access self-growth programs and personal development offerings regardless of their geographical location. This accessibility provided by digital platforms is expected to be a key driver in the further growth of the segment.

The books segment is expected to grow at the fastest CAGR of over 7% from 2023 to 2030. This is attributed to technological advancements, such as the introduction of surround sound and 3D audio in audiobooks, which enhance the audio experience for listeners. This has contributed to the increasing demand for e-books among students and professionals, driving the segment's growth. In addition, workshops and seminars provide opportunities for individuals to interact, connect with professionals, and build professional relationships. As educational institutions strongly emphasize organizing virtual workshops and seminars, it is expected to further drive the market’s growth.

Focus Area Insights

The skillset enhancement segment held the largest revenue share of over 31% in 2022. The growth of the personal development segment can be attributed to the increasing demand for self-improvement programs by corporations aiming to enhance the capabilities of their sales and customer service personnel across various areas, such as presentation skills, communication, technology, organizational development, and productivity. This is driven by professionals' growing need to improve their skills and stand out in the highly competitive environment.

The self-awareness segment is anticipated to grow at the fastest CAGR of 6.9% from 2023 to 2030. The segment's growth is attributed to the growing recognition among individuals of the significance of participating in self-awareness programs. These programs aim to enhance their decision-making capabilities and improve their quality of life. For business professionals specifically, self-awareness programs have been beneficial in improving communication skills, productivity, engagement, and trust, resulting in overall performance enhancement.

Regional Insights

The North America regional market held the largest revenue share of over 36% in 2022 and is expected to continue dominating from 2023 to 2030. This can be attributed to factors such as advanced technological infrastructure, early adoption of digital platforms, and a strong culture of self-improvement. The region's robust infrastructure, including high-speed internet and widespread availability of devices, enables seamless access to personal development resources. In addition, the presence of established industry players and a thriving market for personal development services contribute to North America’s leadership. The region’s economic prosperity and individuals’ willingness to invest in self-improvement programs further drive market dominance.

Asia Pacific is anticipated to grow at the fastest CAGR of 7.2% over the forecast period. The growth of the regional market is driven by the increasing preference among individuals for mobile application-based e-platforms to enhance their professional capabilities and secure better career opportunities. In addition, the continuous introduction of various applications focused on promoting proper diet, weight loss, and overall fitness is expected to propel further the market’s growth. These factors contribute to the rising demand for personalized mobile solutions in personal development, fostering the expansion of the regional market.

The South America and Middle East & Africa regional markets are also poised for significant growth over the forecast period owing to the strong focus on including communication skills in self-improvement programs. The rising levels of standards among personal coaches and trainers are expected to play a decisive role in driving the growth of the overall market over the forecast period.

Key Companies & Market Share Insights

The personal development market can be described as a fragmented market characterized by the presence of several market players across various regional markets. Key market players are focusing on adopting advanced technologies to offer differentiated, high-quality services to individuals. Several companies are also focusing on mergers & acquisitions to gain a competitive edge in the market and increase their reach. For instance, in January 2023, Skillsoft Corporation and GoodHabitz, an international Ed-tech company, partnered to offer customers and learners an extensive content library that focuses on promoting mental health and well-being in the workplace. In addition, this partnership aims to provide a wide range of skills, including communication, leadership development, and personal productivity. Such strategies by key players are expected to drive the market’s growth over the forecast period. Some prominent players in the global personal development market include:

• Dale Carnegie & Associates, Inc.

• Franklin Covey Co.

• Hay House Publishing

• Landmark Worldwide Enterprises Inc.

• Nutrisystem, Inc.

• OpenSesame Inc.

• SkillPath

• Skillsoft Corporation

• Success Resources America Pty Ltd

• Toastmasters International

Personal Development Market Report Scope

Global Personal Development Market Report Segmentation

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2030. For this study, Grand View Research has segmented the global personal development market report based on instrument, focus area, and region:

• Instrument Outlook (Revenue, USD Billion, 2018 - 2030)

  • Books

  • e-Platforms

    • Mobile Application-Based

    • Web Application-Based

  • Personal Coaching/Training

    • Executive and Leadership Coaching

    • Financial Coaching

    • Career Coaching

    • Others

  • Workshops & Seminars

• Focus Area Outlook (Revenue, USD Billion, 2018 - 2030)

  • Mental Health

  • Motivation & Inspiration

  • Physical Health

  • Self-Awareness

  • Skillset Enhancement

    • Communication

    • Teamwork

    • Decision Making

    • Analytical and Problem Solving

    • Empowerment

    • Others

• Regional Outlook (Revenue, USD Billion, 2018 - 2030)

  • North America

    • U.S.

    • Canada

    • Mexico

  • Europe

    • U.K.

    • Germany

    • France

    • Italy

    • Spain

  • Asia Pacific

    • China

    • Japan

    • India

    • South Korea

  • South America

    • Brazil

  • Middle East & Africa

    • UAE

    • South Africa