NEW YORK, Nov. 28, 2022 /PRNewswire/ — According to Technavio, the global personal development market size is projected to grow by USD 755.16 million from 2022 to 2027. The market is estimated to grow at a CAGR of 8.31% during the forecast period. North America held the largest share of the global market in 2022, and the market in the region is estimated to witness an incremental growth of 32%.
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Global Personal Development Market – Parent Market Analysis
Technavio categorizes the global personal development market as a part of the specialized consumer services market, which covers revenue generated by consumer service providers, including residential services, home security services, legal services, personal services, renovation, and personal development, consumer auction services, wedding services, and funeral services. Technavio calculates the global specialized consumer services market size based on revenue generated by various specialized consumer service providers such as residential service, home security service, legal service, personal service, renovation and personal development, consumer auction service, wedding service, and funeral service providers.
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Global Personal development Market – Five Forces
The global personal development market is fragmented, and the five forces analysis covers–
Bargaining Power of Buyers
Threat of New Entrants
Threat of Rivalry
Bargaining Power of Suppliers
Threat of Substitutes
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Global Personal Development Market – Customer Landscape
The report includes the market’s adoption lifecycle, from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on the penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Personal Development Market – Segmentation Assessment
Segment Overview
Technavio has segmented the market based on distribution channel, type, and region.
The offline distribution channel segment will grow at the highest rate during the forecast period. The segment has witnessed continuous growth over recent years with increasing favorable demographics and higher per capita income. In addition, parents’ increasing awareness of the essential skills required for the overall development of their child is fostering the growth of the offline segment.
Geography Overview
By geography, the global personal development market is segmented into APAC, North America, Europe, the Middle East and Africa, and South America. The report provides actionable insights and estimates the contribution of all regions to the growth of the global personal development market.
North America held a 32% share of the global personal development market in 2022. The market in the region is estimated to grow at the fastest pace during the forecast period. The growth of the regional market is driven by factors such as the increasing demand for personal development training, the rising number of smart device users, and the expanding number of mobile broadband connections. People in the region increasingly seek strategies to improve their physical and mental well-being. Also, skills that focus on self-awareness, such as emotions, character characteristics, habits, individual values, and the psychological needs that determine individuals’ day-to-day conduct, are becoming more important. All these factors have made North America one of the major markets for personal development globally.
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Global Personal development Market – Market Dynamics
Key factor driving market growth
The rise in cost-effective content development is one of the key factors driving the growth of the market.
Vendors in the market are making significant investments in content marketing strategies in the B2B space. This is helping them to connect with their target audience more effectively.
Vendors are developing very consistent, high-quality, and engaging content to influence audience decisions. They are taking advantage of online platforms and focusing on the weak points of the audience to attract them.
Such strategies adopted by vendors are driving the growth of the global personal development market.
Recent trends influencing the market
The rising adoption of cloud computing in the academic sector is the major trend in the market.
Ed-tech companies in the market are embracing cloud to provide high-quality and flexible learning options to students of personal development.
The preference for online content is also increasing among students as it is cost-effective and can be accessed from anywhere.
Many vendors are helping educational institutions to develop and improve their digital library systems using cloud services.
This trend will have a positive impact on the growth of the global personal development market during the forecast period.
Major challenges hindering market growth
The increasing adoption of open-source solutions will challenge the growth of the market.
Open-source personal development solutions in the market are available for free. They are easily available in the form of magazine articles, YouTube videos, and motivational speakers.
Most audiences prefer them instead of paid solutions as they are capable of delivering the same knowledge as paid sources.
These open-source solutions are creating a great number of challenges for the growth of market vendors, which is negatively impacting the growth of the market.
Driver, Trend & Challenges are the factor of market dynamics that states about consequences & sustainability of the businesses, find some insights from a free sample report!
What are the key data covered in this personal development market report?
CAGR of the market during the forecast period
Detailed information on factors that will drive the growth of the personal development market between 2023 and 2027
Precise estimation of the size of the personal development market and its contribution to the parent market
Accurate predictions about upcoming trends and changes in consumer behavior
Growth of the personal development market industry across APAC, North America, Europe, Middle East and Africa, and South America
Thorough analysis of the market’s competitive landscape and detailed information about vendors
Comprehensive analysis of factors that will challenge the growth of personal development market vendors
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The professional development market share in the US is expected to be valued at USD 3.75 billion by 2026 with a progressing CAGR of 5.52%. The market is segmented by end-user (K-12, higher education, and pre-K-12) and type (online and offline).
The corporate training market share in US is expected to increase by USD 1.21 billion from 2021 to 2026, and the market’s growth momentum will accelerate at a CAGR of 6.49%. The market is segmented by product (technical courses and non-technical courses), end-user (manufacturing, healthcare, BFSI, IT, and others), method (blended learning, offline learning, and online learning), and geography (US).
Personal Development Market Scope
Report Coverage
Details
Page number
156
Base year
2022
Historical year
2017-2021
Forecast period
2023-2027
Growth momentum & CAGR
Accelerate at a CAGR of 8.31%
Market growth 2023-2027
USD 755.16 million
Market structure
Fragmented
YoY growth (%)
6.92
Regional analysis
North America, Europe, APAC, South America, and the Middle East and Africa
Performing market contribution
North America at 32%
Key consumer countries
US, Canada, China, Japan, India, and Germany
Competitive landscape
Leading companies, Competitive Strategies, Consumer engagement scope
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.
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.
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.
Table of contents:
1 Executive Summary
1.1 Market overview
2 Market Landscape
2.1 Market ecosystem
3 Market Sizing
3.1 Market definition
3.2 Market segment analysis
3.3 Market size 2022
3.4 Market outlook: Forecast for 2022-2027
4 Historic Market Size
4.1 Global personal development market 2017 – 2021
4.2 Distribution channel Segment Analysis 2017 – 2021
4.3 Type Segment Analysis 2017 – 2021
4.4 Geography Segment Analysis 2017 – 2021
4.5 Country Segment Analysis 2017 – 2021
5 Five Forces Analysis
5.1 Five forces summary
5.2 Bargaining power of buyers
5.3 Bargaining power of suppliers
5.4 Threat of new entrants
5.5 Threat of substitutes
5.6 Threat of rivalry
5.7 Market condition
6 Market Segmentation by Distribution Channel
6.1 Market segments
6.2 Comparison by Distribution Channel
6.3 Online – Market size and forecast 2022-2027
6.4 Offline – Market size and forecast 2022-2027
6.5 Market opportunity by Distribution Channel
7 Market Segmentation by Type
7.1 Market segments
7.2 Comparison by Type
7.3 Self-awareness and skillset enhancement – Market size and forecast 2022-2027
7.4 Mental health – Market size and forecast 2022-2027
7.5 Physical health – Market size and forecast 2022-2027
7.6 Market opportunity by Type
8 Customer Landscape
8.1 Customer landscape overview
9 Geographic Landscape
9.1 Geographic segmentation
9.2 Geographic comparison
9.3 North America – Market size and forecast 2022-2027
9.4 Europe – Market size and forecast 2022-2027
9.5 APAC – Market size and forecast 2022-2027
9.6 South America – Market size and forecast 2022-2027
9.7 Middle East and Africa – Market size and forecast 2022-2027
9.8 US – Market size and forecast 2022-2027
9.9 Germany – Market size and forecast 2022-2027
9.10 China – Market size and forecast 2022-2027
9.11 Canada – Market size and forecast 2022-2027
9.12 Japan – Market size and forecast 2022-2027
9.13 India – Market size and forecast 2022-2027
9.14 Market opportunity by geography
10 Drivers, Challenges, and Trends
10.1 Market drivers
10.2 Market challenges
10.3 Impact of drivers and challenges
10.4 Market trends
11 Vendor Landscape
11.1 Overview
11.2 Vendor landscape
11.3 Landscape disruption
11.4 Industry risks
12 Vendor Analysis
12.1 Vendors covered
12.2 Market positioning of vendors
12.3 Dale Carnegie and Associates Inc.
12.4 Esalen Institute
12.5 Franklin Covey Co.
12.6 Hay House Publishing
12.7 Landmark Worldwide Enterprises Inc.
12.8 Nutrisystem Inc.
12.9 Omega Institute
12.10 Pluralsight Inc.
12.11 SkillPath
12.12 Skillsoft Corp.
12.13 Success Resources Australia Pty Ltd.
12.14 Toastmasters International
12.15 Udemy Inc.
12.16 Wilson Learning Worldwide Inc.
12.17 WW International Inc.
13 Appendix
13.1 Scope of the report
13.2 Inclusions and exclusions checklist
13.3 Currency conversion rates for US$
13.4 Research methodology
13.5 List of abbreviations
About Us
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Contact
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com/
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