The growing emphasis on acquiring new skills, such as social skills and decision-making skills, for self-improvement is one of the key factors driving the growth of the market. However, the lack of awareness about the availability of a myriad of personal development programs among individuals despite their keen interest and curiosity for self-improvement is expected to restrain the market growth over the forecast period.
The report by ResearchAndMarkets also highlights the growing popularity of technology-driven platforms for personal growth as a key driver of the market. The report estimates that the global personal development market size is estimated to reach USD 67.02 billion by 2030, growing at a CAGR of 5.5% from 2022 to 2030. The report also identifies the lack of time and awareness of personal development programs as a key restraint to market growth.
The personal development market can be segmented based on instrument, focus area, and region. The instruments used for personal development include books, e-platforms, personal coaching/training, and others. The focus areas of personal development include career development, personal growth, relationships, spirituality, and others. The regions covered in the report include North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
North America dominated the personal development market with a share of 36.61% in 2021, according to the report by Grand View Research. This is attributable to an increase in the number of individuals seeking personal development programs to improve their skills and knowledge. The report also highlights the growing need among employees to develop professional skills as a key driver of the market in North America.
The report by ResearchAndMarkets also provides a detailed analysis of the key players in the personal development market, including Franklin Covey, Hay House Publishing, and Omega Institute. The report includes company description, major business, personal development product introduction, recent developments, and personal development revenue by players for the period 2017-2023. In conclusion, the personal development market is expected to continue to grow in the coming years, driven by the growing emphasis on acquiring new skills for self-improvement and the popularity of technology-driven platforms for personal growth.
However, the lack of awareness about the availability of personal development programs among individuals and the lack of time to participate in such programs are expected to restrain the market growth. The market can be segmented based on instrument, focus area, and region, with North America dominating the market in 2021. The key players in the market include Franklin Covey, Hay House Publishing, and Omega Institute.
