Article by Rebecca Willis
As generational change and economic dynamics continue to influence our world, rewards and challenges will be equally present in the coach profession. To help you make sense of what is yet to come, this article focuses on three major trends that will shape the future of coaching. After reading, you will get a better sense of the direction the global coaching community is moving toward, so that you can be ready for these changes and adapt strategically.
1. Increased Demand for Coaching Services
Increased demand for coaching services is the number one trend expected to influence every coaching sector. To prove this point, let us take a look at the numbers. Back in 2019, the estimated market size of the coaching industry in the U.S. was $15 billion USD. If the predictions are correct, with the average yearly growth rate of 6.7%, the value can grow to $20 billion USD in just three years.
This colossal market size growth can be explained by the following factor – the changing global perception of coaching. Previously coaching was considered a luxury available only to senior leaders. Now, it has transformed into being perceived as a significant contribution to the success of an organization, in which all stakeholders can participate.
2. Great Coaching Opportunities in Niche Sectors
Coaches specializing in niche sectors will see more employment opportunities on average than coaches who don’t specialize. This trend is particularly important for niche professionals as it reinforces the coach’s brand value, brilliance and uniqueness.
Your ability to monetize this trend will largely depend on your professional experience and the demand in a particular niche. For example, retirement coaches enjoy a surge in popularity as more baby boomers reach the age when they want to maximize their life after retirement. The very same example applies to other niche sectors, such as weight loss coaching, nutrition coaching, financial coaching and others.
Your experience will play a particularly important role in the years to come because of the greater complexity of the challenges that individuals and organizations face. As more companies throughout the world grow and become more globalized, so do their day-to-day operations. Therefore, it is expected that there will be a higher demand for experienced professionals who can keep up with new industry trends, news and knowledge. So, if you want to keep up with the competition, make sure to continue expanding and advancing your expertise in your target niche.
3. Confirmation of Qualifications
Coaching remains an unregulated industry, but it is moving toward becoming more mainstream every day. For this reason, quality assurance is becoming a priority for businesses and individuals who hire coaches.
When coaching was initially on the rise, credentials and qualifications were an optional bonus rather than a requirement. Now, this tendency has shifted as more clients request confirmation of qualifications when hiring coaches.
The International Coaching Federation (ICF) is the main credentialing body for the global coaching community. Most professionals applying to become a coach—at least in an organization—are required to hold an ICF Credential or other international qualification.
As the estimated market size is expected to reach $20 billion USD by 2022, the coaching industry is one of the fastest growing sectors in the world. With more organizations and individuals using coaching services, there is an increasing demand for specialized expertise. In fact, it is predicted that specialized expertise will play an increasingly prominent role in the success of coaching in the coming years.
Hopefully, this article has helped you to prepare for what is about to come in the coaching industry. Remember that continuous learning will add value to your professional self regardless of what is trending in the coaching world.
Article courtesy of www.coachfederation.org