The Pandemics Impact on the Coaching Industry
The last year and a half have been a rolling challenge of ups and downs and transitions for all people around the globe. So many industries have been radically impacted. Some for the better and some for the worse. Coaching is one of the industries that has been seeing a significant boom during this time and we are anticipating continuing to see accelerated growth within the coaching industry as well as significant increases in demand within the market.
Here are out top take-aways from our instructors’ experience, graduate reports from within the workforce, industry research and data…
According to Encora Inc.’s assistant VP, Umesh Venkatesh, “The estimated market size of the Coaching Industry is $15 billion in 2019 with a total of $7.5 billion worth market value in the US alone. I expect the market value to reach $20 billion by 2022 with a 6.7% average yearly growth rate from 2019 to 2022. Moreover, according to PwC, the Coaching Industry was the second fastest growing sector in the world. It is estimated that there are currently 5,86,292 coaches worldwide in 2019. About 92% of these are active. Of these, 42% operate in the United States — a total of 2,88,500 coaches. One would think that the U.S. market is saturated, but demand appears to still be growing”.
The pandemic has significantly accelerated the growth of the coaching industry and demand for services are through the roof. Here are the top reasons why this expedited growth is occurring:
- Millions and millions of people worldwide are currently in some sort of personal or career transition and need guidance and support
- Stress, depression, and anxiety are at higher levels than they have ever been globally, and life coaches help provide tangible and applicable tools to support people experiencing these
- Coaches help people uncover their highest values and purpose which is something many people have felt disconnected from or unclear about previously
- During the pandemic people had more time and space to dive inward and really think about what they want to be experiencing, doing, or creating within their lives that may be different than what they were doing previously
- Millions of people need support both processing and releasing the things they have both witnessed and experienced during the pandemic
The bottom line is the coaching industry is both thriving as well as creating much needed help to people world-wide! If you are a coach, there is so much opportunity for your business to expand right now. If you are considering becoming a coach, now is definitely the time.