In today’s world, we are finding that more people are interested in becoming life coaches, but before launching out, they will like to obtain information on the size of the life coaching market. I can’t criticize anyone for wanting to know what the current market trends is like for life coaching and what the future looks like.
The History of Life Coaching
Some believe that life coaching, as an approach, has its roots in ancient Greece and the Socratic method. However, as a profession, it started in the late eighties by Thomas Leonard, an American financial planner. Leonard is typically regarded as the father of professional life coaching. He was the one who in 1991 established the first coaching school and in 1994 the International Coach Federation (ICF) which is the most recognized accreditation and credentialing body for life coaches around the world.
Others, on the other hand, will argue that life coaching does not have a beginning and cannot be said to be invented or founded by one person alone. They believe that life coaching is an extension of sports coaching and business coaching.
Life Coaching Industry Today
The life coaching industry consists of leadership, executive, personal improvement, relationship, organizational, career coaching, spiritual coaching, and several other niches. The industry includes practitioners that primarily help clients set and achieve personal goals. Such goals can pertain to a client’s career, personal life, or interpersonal relationships. Life coaches are not psychologists, mental health counselors, or business analysts. However, you do see a vast number of these professionals incorporating life coaching approaches in their practice and business. As of 2018, the International Coach Federation boasts a whopping 53,300 members and is on a steady growth trend. (ICF members & coaches only). It is also estimated there are over 100,000 life coaches around the world today.
Statistics show that more and more organizations are hiring life coaches instead of mental health counselors to work in-house with employees seeking future-focused approaches in their life situations. One significant challenge still plaguing the industry is the fact that it remains an unregulated field. There are no state licensing requirements, and so concerns for accountability and quality are frequently raised.
Information on The Size of The Life Coaching Market
Here are some statistics:
• According to Marketdata, it is estimated that the total U.S. personal coaching market size was worth $1.08 billion in 2017, up 6.5% from the previous year. The overall market is forecast to grow at a 5.4% average annual pace, to $1.38 billion by 2022. Research further shows that there will be a brief slowdown in 2019 due to a possible recession.
• A recent ICF study, conducted by PriceWaterhouseCoopers involving nearly 6,000 coaches around the world found that the average annual salary of a full-time coach was just over $82,000. This study declared the average income of a part-time coach was only over $26,000.
• Life coaching has been the second fastest growing industry in the world for over ten consecutive years, behind only IT, according to Real Business.co.uk. The personal development industry is currently worth $11.6bn and is expected to rise at a staggering rate of 6% per annum.
Information on the size of the life coaching market and its future is hopeful, and for those looking to become life coaches, it is a career path worth considering. Life coaching is here to stay.
Writer, Coaches Training Blog community