Personal development and enrichment is something that is of utmost importance. However, before the year 2020 bestowed upon us one of the most terrifying viruses, personal development was something that was yet to get high amounts of attention. Only after the pandemic hit us, have people started valuing life and the family around us. There is a sudden surge with wanting to invest both time and money into personal development.
People are all out to read self-help books, watch shows that can help build their knowledge and take the time to spend some time for both your mental and physical health. Something as important as mental health, also gained quite a lot of popularity after the pandemic hit.
However, when the pandemic soared globally, it triggered in citizens anxiety, fear, and feelings that no one thought ever existed. But now, almost every person and organization is fixating upon the importance of giving your mental health priority. With the new introduction of work from home, people have never felt more connected to family and work towards a great work-life balance.
Even some companies that have functioned for decades with 5 days of the workweek have now transformed and created new styles of working. Several companies have permanently switched to work from home so their employees as part of helping and contributing towards the mental health of their employees. Due to this sudden attention towards personal development, this industry has now started thriving.
What does the Personality Development Industry have to Offer?
The personal development industry covers most aspects associated with grooming an individual for personal or professional purposes. This includes several tools such as Seminars, personal coaching, webinars, conferences, and more. With the rise of digitization, people are now able to access the same services online too, thereby saving time and allowing people to indulge in these activities from the leisure of their home.
Through these activities and virtual events, people learn how to improve social and professional skills through their emotions, habits, and more.
Udemy, Inc., and Edtech recently launched a business version of their services, targeting the promotion of corporate learning. With work from home models going on in most offices, employees can now take some time towards personality grooming to help improve their professional skills. Looking at this as an opportunity, these companies have launched corporate learning services which include fascinating features such as Augmented Reality, Virtual Positioning Systems, Artificial technology, and even 3D technology.
In another recent development, the Australian government introduced a couple of six-month online courses for half the price rates revolving around Psychology, Foreign languages, Information technology, and English.
Several other countries have opened up their educational facilities towards international students in such a way that they can access and get certifications online too. This has come into the picture due to how several students have been unable to travel due to the pandemic.
Market Share and Future Growth
Some of the best market research companies have predicted that the personal development industry is only going to soar to newer heights in the next few years.
As per several market research reports a large percentage of personal development platform users consists of Millenials.
When it comes to personal coaching, this segment dominated the market with a revenue share of 40.0% back in 2019.
This type of segment gained quite a lot of popularity due to the personal bond shared between the teacher and learner.
Since personal coaching involves real-time interaction and involvement, it is a preferred choice for several people.
Another segment that is on its way towards great popularity books. Not just a hard copy stylebook, buy books in the form of e-books and audiobooks. The reason its popularity will only increase is due to the introduction of technological advancements. By involving 3D audio technology and other tools to improve the sound experience, people are now enjoying e-books.
Finally, the e-platform segment accounts for over 30% share of the overall revenue back in 2019.
The major reason behind this growth is due to how the popularity of digital mediums to help with personal development has increased so much.
This has eliminated factors such as location restrictions and has broken out of the traditional classroom setting.
Especially the e-platforms that are gaining popularity. The personality development industry will only witness newer demands and with every innovation, work towards improving, providing quality life. Newer innovations will open new avenues post which only the sky will be the limit.