Personal Development Market Growth Trajectory Through 2024-2033

Uday Kiran

Personal Development Market Growth Trajectory Through 2024-2033

The Personal Development Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions - Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Personal Development Global Market Report 2024, 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 growth in the forecast period can be attributed to integration of mental health and well-being, remote and virtual platforms, virtual reality (VR) and augmented reality (AR) integration. Major trends in the forecast period include remote and digital learning, focus on mental health and well-being, hybrid learning models, integration of technology, employer-sponsored development programs.

The rising stress and mental health concerns are driving the growth of the personal development market. Stress and mental health concerns refer to the emotional, psychological, and physiological challenges individuals face when dealing with pressures, difficulties, or disruptions in their lives. Personal development can be used to address stress and mental health concerns by providing individuals with the skills and tools to take an active role in their well-being and by offering practical tools and techniques to manage stress and foster mental health to achieve better mental health outcomes. For instance, in December 2022, the American Psychiatric Association, a US-based professional organization of psychiatrists, reported that more than one in four (26%) said they expected to have higher stress at the start of 2023, up from one in five (20%) last year. Furthermore, in March 2023, according to the National Alliance on Mental Illness, a US-based non-profit organization, 22.8% (57.8 million people) of US adults experienced mental illness in 2021, which increased from previous years. Therefore, rising stress and mental health concerns are expected to propel the growth of the personal development market.

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The personal development market covered in this report is segmented –

1) By Instruments: E-Platform, Workshops And Seminars, Books, Personal Training And Coaching

2) By Focus Area: Mental Health, Motivation And Inspiration, Physical Health, Self-Awareness, Skillset Enhancement

3) By Skillset Enhancement Sub Type: Communication, Teamwork, Decision Making, Analytical And Problem Solving, Empowerment

Major companies operating in the personal development market are focusing on the development of innovative technological solutions, such as skill benchmark assessment software, to address the skills gap and provide personalized development paths. Skill benchmark assessment is software that takes an innovative, criterion-based approach to assessing skill proficiency and is aimed at helping organizations determine their learners' proficiency across various in-demand leadership, business, and technical skills. For instance, in March 2022, Skillsoft Corporation, a US-based software-as-a-service company, launched a new Skill Benchmark Assessment feature, which is part of its Percipio immersive learning platform. This feature takes an innovative, criterion-based approach to assessing skill proficiency. It is designed to measure learners' skills against objective benchmarks and help organizations determine their learners' proficiency across various in-demand leadership, business, and technical skills. The assessments cover a wide range of topics, including technology and security, digital literacy, innovation and creativity, agile methodologies, performance management, digital marketing, virtual leadership, and problem-solving.

The personal development market report table of contents includes: