Personal Development Market Analysis, Size, Growth, Share, Demand Outlook & Forecast to 2027
The global personal development market size is anticipated to reach USD 56.66 billion by 2027, expanding at a CAGR of 5.1% from 2020 to 2027, according to a new report by Grand View Research, Inc. Growing needs amongst employees to meet the company’s expectations and develop their domain knowledge, as well as communication skills, is expected to fuel the growth of the industry over the forecast period. Companies are offering self-improvement programs through various online as well as offline platforms. The personal development industry covers all aspects of individual grooming for professional and personal life through various seminars, workshops, webinars, conferences, books, personal coaching, and digital platforms. Increasing cognizance about self-awareness and mental health is expected to drive the demand for personal development programs. These programs also help individuals to analyze their strengths and weaknesses, which can improve their judgment and help them identify opportunities for personal growth and professional development. The personal development programs help to strengthen critical thinking and decision-making skills amongst individuals, along with their fitness and aptitude. The rapid spread of digital technologies in the market is anticipated to fuel the demand for virtual platforms for self-improvement. Amidst the ongoing COVID-19 pandemic and the lockdown imposed in several countries to curb its spread, the need for technological platforms and virtual events for personal growth has augmented. Hence, market players are focusing on providing a technology-driven solution for professionals. For instance, SkillPath extended the virtual training module for business professionals with real-time interaction features during the coronavirus pandemic to uphold business endurance. Moreover,