The US personal development industry is worth $9.9 billion. The market is largely centered on wealthy baby boomers and female customers. It includes programs associated to weight loss, exercise, spirituality, relationships, and far eastern topics. And the market largely depends on the two coasts of the US. Personal coaching services are a particular segment in the personal development industry. Many people are ready to pay a good sum of money for personal coaching, and they should be if they want to get the most out of their life.
Coaching is defined by the International Coach Federation as teaming up with clients in a process that is thought-provoking and creative. It inspires them to make the most of their personal and professional potential. Coaching is a separate service that greatly differs from consulting, therapy, mentoring or training.
The largest segment of the market is represented by personal and life coaching. It was first developed in the United States. Comparatively, the market for corporate coaching is smaller in size. The customers of career coaching or business coaching comprise of retired people, individuals who are in transition phases of their lives (i.e. people who are nearing the end of their career or work lives), baby boomers, and people who want to give back.
There is a growing demand for coaches as consumers continue to search for advice and motivation about dealing with changing technology, career changes, life-work balance, finance, health, relationships, and decide they want more out of life.
What You Should Know About the Coaching Industry
The number of coaches: As per the International Coach Federation, currently, you will find 53,300 coaches, up from 47,500 part-time and full-time coaches internationally in 2011. Among those coaches, about 92% are active. Of these, 33% function in the United States which is a total of 17,500 coaches. You might think that the US market is flooded, but it appears like the demand is still growing.
Size of market and growth: In 2015, the market value for U.S. personal coaching was estimated at $955 million and in 2016, it was $1.02 billion compared to $707 million in 2011. It appears like the market’s value will reach $1.34 billion by 2022. Perhaps, the market will have a 6.7% average annual growth rate from 2016 to 2022.
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