What's on the Horizon for the Coaching Industry?

The Coaching Industry has enjoyed a tremendous explosion in the last few years. According to the National Post, Life Coaching is the second-fastest growing industry globally, rivaled only by Information Technology. The Coaching Industry has developed into a much more refined profession and is now hugely successful. 

The life and Business Coaching Industry is estimated to be worth about 2 billion dollars. Statistical data has revealed that more than 53,300 professional coaches worldwide are generating an estimated revenue of $2.4 billion, representing a 19% increase since 2011.  

It is not surprising that the Life Coaching Industry has developed with so much measurable success. And that explains why Life and Business Coaches are in great demand. 

Advances in technology, the unpredictable geopolitical landscape, and the increasing influx of millennials in the workplace will significantly impact the future of coaching. 

What trends should you look forward to in the next decade? Will the number of coaches increase? Will accreditation be mandatory? Will robots replace coaches? Will coaching fees decrease? Let us examine the likely trends.

Market size

In the United States alone, the personal coaching industry was valued at $1.02 billion in 2016, an exponential increase considering that it was $707 million in 2011. The market value is projected to reach $1.34 billion by 2022, averaging about a 6.7% growth rate annually. According to data from the ICF, it is estimated that coaches earn an average annual income ranging from $27,100 to $73,100. 

It is expected that the figure will rise in the next decade. Coaching fees have usually been on the high side since inception. There will be a further split among the relatively few groups of well-trained certified coaches, who deliver top-notch services, and a much larger non-certified group of coaches who offer lower-paid services. 

Growth

As the years pass by, you can expect the number of professional coaches to increase. Over time, the number of experienced coaches will level off as less qualified, and less-motivated coaches drop out due to increased competition. 

Coaching will become as common as personal training, not only for the rich and famous. Furthermore, there will be a few non-professional coaches, and many will enjoy the benefits of coaching from the early years.  

Coaching delivery

The advancement in technology will provide an excellent alternative for coaches to reach out to their clients and deliver service via smartphones, computers, and other mobile devices. 

Virtual coaching will replace face-to-face interactions, and professional coaches will be better equipped to recommend specific e-learning developmental modules for their clients. Still, corporate coaching may continue to be delivered face-to-face. 

Coaching regulation

Some countries are already developing rules for professional coaches, and it is expected that more countries will do the same in the coming years. 

These regulations will require certification, coach-specific training, and college degrees, in addition to adherence to standardized codes of ethics as requirements for professional coaches. 

The coaching industry will continue to evolve, and nearly all professional coaches will be skilled and certified. Coaching will grow to include more certified professionals who are registered with more prominent associations, such as coaching agencies or consulting groups. 

More rigorous assessments will emerge to create a barrier to entry, especially for coaches who work in corporate environments. This will reduce the number of unqualified coaches. Metrics will become standard practice. 

Agencies will develop metrics for measuring coaching performance. New strategies will emerge for measuring returns on the coaching investment.  

What are the Implications of these trends? 

These projected trends indicate that the future is bright for professional coaches. If you want to stay relevant in the coming years, do whatever it takes to differentiate yourself from the park. 

That includes improving your coaching skills and getting certifications and the required training. As the demand for Life coaches continues to increase, you can carve out a niche and establish yourself as the go-to expert in your niche. 

To run a successful coaching business, you must keep expanding and improving your skills based on the latest techniques and most effective trends influencing the Industry. 

The Industry is about to get competitive, but there is nothing to fear as long as you stay on top of your game. You will be able to meet and exceed your client’s expectations and become a recognized expert in your niche.