EdTech set to lead in the personal development industry
The personal development market is expanding as companies are ramping up self-improvement programmes through the use of EdTech for their employees amid the COVID-19 pandemic.
A report released by Grand View Research, Inc, states that the global personal development market size is expected to reach USD 56.66 billion by 2027.
The personal development industry covers all aspects of individual grooming for professional and personal life through various seminars, workshops, webinars, conferences, books, and personal coaching.
This growth experienced by this sector clearly reflects the growing need for employee upskilling initiatives, as businesses ramp up personal development offerings to develop knowledge, as well as communication skills among their employees.
An increase in the overall understanding of how self-awareness and mental health impact workplace culture is expected to drive the demand for personal development programmes.
This increase reflects an overall shift in employee perception, which recognises the importance of having employees that are able to analyse their own strengths and weaknesses.
Employees that have strong self-awareness have better decision-making abilities, thus helping them identify opportunities for personal growth and professional development.
Personal development programmes also help to strengthen the critical thinking ability of employees, which is a much-needed skill for modern-day organisations.
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EdTech growth is expected to experience a growth surge by 2027
Grand View Research’s research shows that a large majority of companies are offering professional development programmes through online platforms.
The growth of digital technologies in the market is expected to lead to a surge in the demand for virtual platforms for self-improvement.
Virtual platforms are seen to be quickly taking over as the main mode of skill-development: By leveraging the advanced technologies, including Augmented Reality (AR), Virtual Positioning System (VPS), Artificial Intelligence (AI), and 3D audio technology, virtual platforms can incorporate nearly all characteristics of the in-person self-improvement practices.
Additionally, Udemy, Inc., an EdTech platform provider launched Udemy for business, its corporate learning platform in India.
Udemy for business comprises 3,500 technical and business courses which is made available for its clients on a subscription basis.
The growing popularity of EdTech for personal development practices is that they are highly scalable and are easily adapted to remote work settings.
Additionally, virtual learning platforms facilitate global peer-networking. The use of virtual platforms of personal development training is even more promising as it allows access to learning for a larger population of learners.
The growth if virtual learning is closely followed by personal coaching and training as well as workshops and seminars.
Personal development focus areas are also expected to show the largest concentration in areas related to mental health, motivation, and inspiration, as well as physical health.
The personal development market is also strongly driven by the effort of federal governments.
The Australian government recently announced an array of half-price six-month online courses for psychology, English, IT, and foreign languages intended to help employees reskill and upskill their proficiencies during the coronavirus pandemic.
The U.S. government has also undertaken distance and online learning courses within its jurisdiction in the Department of Education.