It might not have been a popular question in 2012, because what if your students are not able to pay for therapy?
This year online life coach companies were at an industry high, according to an analysis of federal data compiled by consulting firm Accenture.
The online life coaching market grew 22% year-over-year since 2009 and topped $200 million, for the second consecutive year, according to the firm’s second annual online personal growth report. The growth rate was up from the 8.6% growth seen in 2012, and was faster than the total online personal growth for all industries in the previous five years.
“Our clients are looking for more tools to help them become a more connected, personal and relevant presence in their online life,” said Mike McDaniel, chief executive officer of The Coach Group, an online life coaching firm based in San Mateo, Calif.
Online life coach companies and the companies selling them often sell an end-of-life support package and a variety of other services, sometimes to the same person. These companies will ask a monthly or annual fee that doesn’t seem unreasonable in itself. The online life coaching market is growing fast as more people learn about and seek out these services.
McDaniel said that he thinks that the growth rate is being pushed higher because more and more people are paying for online personal growth and wellness services.
“I think it’s going to be even larger in 2013 as the industry matures,” he said.
The study analyzed Federal Financial Institutions Data Systems, or Ferns, published monthly by the Federal Reserve Bank of New York. It looks at how companies are making money and where they make money.
Ferns data shows that companies that provide online personal growth services accounted for $1.08 billion in revenues in 2012, far less than companies focused on other areas of personal growth like speech, vision or exercise.
Online personal growth is expected to account for more than $21 billion in revenue by 2016.
In addition, the study shows that online personal coaching companies are seeing their business explode over the past five years.
“When you look at the data and see how the growth of the industry is going on, I think we will see more people using these services,” McDaniel said.
The market analysis doesn’t represent what a person will actually use in a typical day and may not represent the type of thing that you would be interested in if you were looking for a personal coach, said
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