Facts and Figures
- For personal Coaching, the US Market alone is estimated to grow at CAGR of 6.7% to $1.34 Billion by 2022 up from $1.02 Billion in 2016.
- In 2016 there were about 65,000 Coaches worldwide and they have been growing at the rate of about 1500 per year. 70% of the coaches were from North America and Europe, while the rest of world.
- Global Market was upwards of $2.3 Billion in 2016 and growing.
The Story Behind the Scene
Ever wondered why more people are turning to coaches for help? There are many reasons including:
- It is a VUCA world: Gone are the predictability and stability. One is not able to see clearly the path to future, changes are happening fast, and one needs Leaders and Managers who are ready to combat this change. Coaching help develop such leaders and organizations employ external and internal coaches to sharpen the skills of the people.
- There are three to five generations at work today, the leaders and managers need coaching to adapt their styles to suit the millennials, the Gen X and the Gen Y. Money and promotions may not be enough motivation for these new people.
- Life is overwhelming: Nuclear families need to combat the rising expenses, complexity to managing two careers, a family and well as personal aspirations. People are under significant pressure and need assistance from Life Coaches, Health Coaches etc. to manage things better.
- Entrepreneurial life: Many people want to establish their own businesses and many new start-ups are springing to life. The people who have the ideas are not necessarily great businessmen, they need support from Business Coaches to help scale business and transform at key stages of organizational growths.
- Competition everywhere: This means you need to be at your best to win, that means you must have someone who can keep pushing you to be better. A coach is the right fit for people who want to excel in life.
The road ahead for Coaching
More than 75% of the present coaches believe that the number of clients will continue to increase. The following key trends have been observed.
- About 50% of the Coaching
clients are self-sponsored.
- Professionals are hiring coaches to gain competitive advantage, to excel and to grow
- Professionals do not want to wait for their organizations to sponsor or help them
- Professionals also turning to
- As awareness of Group Coaching increases
- Reduced cost per head is a great added benefit
- Groups keep each other accountable and motivated
- The %age of sponsored clients
in increasing slightly, as Industry is sponsoring more candidates, as they need
better leaders and managers.
- Industry is looking for outcomes and effectiveness and hence are looking for Coaches who specialize is specific “Niche”.
- Industry is also training leaders and managers to be Internal Coaches. They need internal conversations to be coaching based conversations that help bring out the best in individuals, developing more independence and autonomy while inculcating result orientation.
The world will need more coaches as the changes become faster and the competition becomes tougher and more and more professionals take their fate in their own hands.