Global Digital Badges Market | Size, Trends, Forecast

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Global Digital Badges Market Analysis – Segmentation By Type (Participation, Recognition, Achievement, Contribution, Certification), By End-Users (Education, Corporate, Retail, Gaming, Transportation, Others) and Region — Forecast till 2025

Pulished: August, 2020

ID: 9986

Pages: 150

Global Digital Badges Market Size & Growth (2020 – 2025)

The global digital badge market was assessed to be USD 128.6 million in 2019 and is anticipated to arrive at USD 418.8 million by 2025, registering an annual expansion rate of 18.34% throughout the calculate timeframe.

Digital badges are electronic records of traditional certificates but contain verified metadata that states about the qualification and the way to achieve it. Unlike traditional credentials, they cannot be copied or modified, and they can be easily shared online. These badges can be obtained in various settings, including online platforms where the number is increasing.

The global digital badge market has received a growing boost due to rapid advancements made by the online learning and education industry worldwide. Digital badges have gained popularity in the industry due to their role as a key subset of the digital identification mechanism that enables online access and verification of skills and achievements. Digital badges can be obtained in a variety of learning settings, including formal and informal settings. These badges are rapidly gaining popularity in the online learning industry, but the market is still in an emerging stage, possibly due to lack of clarity in their applications.

Different services and platforms associated with the assignment of digital credentials are offered to companies and stakeholders in the education sector. These degrees can be applied for or awarded to a wide range of entities, such as those seeking credentials in higher education, associations, training programs, and boot camps. Those interested can verify them by accessing metadata and in an easy to understand visual format.

The information provided in the study helps participants shed light on current trends that shape new frontiers in the global digital badge market. Critical assessment of the dynamics of demand for digital credentials in various regions helps provide insight into the main untapped application segments.

Recent developments:

September 2019: The Professional English Test (OET), the premier English test for healthcare professionals, is the first English test approved by healthcare regulatory bodies to reward successful applicants with Digital Badges.
September 2019: The Institute of Engineering Management (EMI) has partnered with digital credential provider Credly through its Acclaim platform to provide its certification holders with a digital credential of their EMI certifications.
February 2019: Badges for the HAP accreditation program began to be issued through Acclaim and HPass. These two platforms are complementary.

Market Growth and Trends:

The advent of digital badges has created a new way of evaluating students as per their learning preference in education. With badges, students can be rewarded based on their overall performance and not just a test to promote learning. Digital badges allow educators to appreciate students for their achievements. These successes could be in the areas of learning, positive behavior, efforts, skills, etc. They can also be awarded to students who strive to excel, motivate and encourage learning.
Digital badges can be incorporated into all levels and areas of learning, including goals and objectives. A group of researchers conducted a study in 2018 to determine the effect of digital badges on the definition of learning objectives and the motivation of students to achieve them. The result was positive. The research examines whether or not digital credentials are effective educational tools, as well as how best to use them in higher education institutions. Other uses of badges in higher education include virtual accreditation systems that allow students to present newly acquired skills and master new content.

Market Drivers and Restraints:

The growing demand for digital learning and social learning via online media is a major trend which is increasing the demand for digital badges. The digital badge market is also benefiting from an increase in the volumes of investments by companies in developing the professional skills of their employees. This is a crucial trend in various industries. The shift to digital learning and education, especially in developing nations, has created promising opportunities in this market. The growing attention by professionals to the need to constantly update their skills is catalyzing the expansion of the global digital badge market. The advent of professional development programs from leading ERP vendors such as SAP, Oracle, SAS and IBM is driving the rapid expansion of the digital badge market.

However, the outlook for the global digital badge market is hampered by a shortage of robust infrastructure in several emerging regions. The slow adoption of digital accreditation programs in Africa is a case in point. In addition, the lack of universal acceptability between institutions and countries is a major challenge for providers of digital credentials in various regions of the world. However, the growing trend towards gamification has more people in its field.

Impact of Covid-19 on the Digital Badges Market:

It is clear that the Covid-19 pandemic has its adverse effects on almost industries, but at the same time, it has become boon for digital offerings. The growing work from home culture, the lockdown of nations, bans on travelling and measures for physical distancing have opened ways for digital education, which is likely to expand without any interruption in the following decades. This is going to boost the demand for digital badges in the foreseen period.

Market segmentation:

By type, the global digital badges market is segmented into participation, recognition, achievement, contribution, and certification.
For end users, the digital badges market is segmented into education, corporate, retail, gaming, transportation, etc. The education segment is classified into K-12 and higher education segment while the business segment is classified into small and medium enterprises (SMEs) and large enterprises. Of these, the education division accounted for the dominant portion that is likely to continue in the outlook period in this industry.

Regional Analysis:

Based on the regional outlook, the global market is spread across North America, Europe, Asia Pacific, Latin America and Middle East and Africa. The developing regions like the Asia Pacific should be potentially attractive markets for digital badges. Growth is driven by the rapid pace of new product launches and improvements. It is also expected that the growing employer focus on talent development will stimulate these regional markets. Developed regions, such as the United States, should experience new market avenues. This is attributed to the many products that are constantly being released to meet a wide variety of end-user learning and skill needs.

Key market players:

The main players in the global digital badge market are identified in all major regions based on their origin, their presence in different areas, recent developments, product diversification and sector expertise. Some of them are Credly Inc. (US), Accredible (US), Nocti Business Solutions (US), RedCritter Corp. (US), Accreditrust Technologies LLC (US), Concentric Sky Inc. (US), Forall Systems Inc. (US), Blackboard Inc. (US), Badgecraft (Lithuania) and LearningTimes LLC (United States). These players mainly contribute to the growth of the market.

1. Introduction

1.1 Market Definition

1.2 Scope of the report

1.3 Study Assumptions

1.4 Base Currency, Base Year and Forecast Periods

2. Research Methodology

2.1 Analysis Design

2.2 Research Phases

2.2.1 Secondary Research

2.2.2 Primary Research

2.2.3 Data Modelling

2.2.4 Expert Validation

2.3 Study Timeline

3. Report Overview

3.1 Executive Summary

3.2 Key Inferencees

4. Market Dynamics

4.1 Impact Analysis

4.1.1 Drivers

4.1.2 Restaints

4.1.3 Opportunities

4.2 Regulatory Environment

4.3 Technology Timeline & Recent Trends

5. Competitor Benchmarking Analysis

5.1 Key Player Benchmarking

5.1.1 Market share analysis

5.1.2 Products/Service

5.1.3 Regional Presence

5.2 Mergers & Acquistion Landscape

5.3 Joint Ventures & Collaborations

6. Market Segmentation

6.1 Digital Badges Market, By Type

6.1.1 Participation

6.1.2 Recognition

6.1.3 Achievement

6.1.4 Contribution

6.1.5 Certification

6.1.6 Market Size Estimations & Forecasts (2019-2024)

6.1.7 Y-o-Y Growth Rate Analysis

6.1.8 Market Attractiveness Index

6.2 Digital Badges Market, By End-Users

6.2.1 Education

6.2.2 Corporate

6.2.3 Retail

6.2.4 Gaming

6.2.5 Transportation

6.2.6 Market Size Estimations & Forecasts (2019-2024)

6.2.7 Y-o-Y Growth Rate Analysis

6.2.8 Market Attractiveness Index

7. Geographical Landscape

7.1 Global Identity Governance and Administration Market, by Region

7.2 North America - Market Analysis (2018 - 2024)

7.2.1 By Country

7.2.1.1 USA

7.2.1.2 Canada

7.2.2 By Type

7.2.3 By End-Users

7.3 Europe

7.3.1 By Country

7.3.1.1 UK

7.3.1.2 France

7.3.1.3 Germany

7.3.1.4 Spain

7.3.1.5 Italy

7.3.1.6 Rest of Europe

7.3.2 By Type

7.3.3 By End-Users

7.4 Asia Pacific

7.4.1 By Country

7.4.1.1 China

7.4.1.2 India

7.4.1.3 Japan

7.4.1.4 South Korea

7.4.1.5 South East Asia

7.4.1.6 Australia & NZ

7.4.1.7 Rest of Asia-Pacific

7.4.2 By Type

7.4.3 By End-Users

7.5 Latin America

7.5.1 By Country

7.5.1.1 Brazil

7.5.1.2 Argentina

7.5.1.3 Mexico

7.5.1.4 Rest of Latin America

7.5.2 By Type

7.5.3 By End-Users

7.6 Middle East and Africa

7.6.1 By Country

7.6.1.1 Middle East

7.6.1.2 Africa

7.6.2 By Type

7.6.3 By End-Users

8. Key Player Analysis

8.1 Credly Inc.

8.1.1 Business Description

8.1.2 Products/Service

8.1.3 Financials

8.1.4 SWOT Analysis

8.1.5 Recent Developments

8.1.6 Analyst Overview

8.2 Accredible

8.3 Nocti Business Solutions

8.4 RedCritter Corp

8.5 Accreditrust Technologies LLC

8.6 Concentric Sky Inc

8.7 Forall Systems Inc.

8.8 Blackboard Inc

8.9 Badgecraft

8.10 LearningTimes LLC

9. Market Outlook & Investment Opportunities

Appendix

List of Tables

List of Figures

Global, regional and country-level analysis and forecasts of the study market; providing Insights on the major countries/regions in which this industry is blooming and to also identify the regions that are still untapped
Segment-level analysis in terms of Type, End-Users along with market size forecasts and estimations to detect key areas of industry growth in detail
Identification of key drivers, restraints, opportunities, and challenges (DROC) in the market and their impact on shifting market dynamics
Study of the effect of exogenous and endogenous factors that affect the global market; which includes broadly demographic, economics, and political, among other macro-environmental factors presented in an extensive PESTLE Analysis
Study the microenvironment factors that determine the overall profitability of an Industry, using Porter’s five forces analysis for analysing the level of competition and business strategy development
A comprehensive list of key market players along with their product portfolio, current strategic interests, key financial information, legal issues, SWOT analysis and analyst overview to study and sustain the market environment
Competitive landscape analysis listing out the mergers, acquisitions, collaborations in the field along with new product launches, comparative financial studies and recent developments in the market by the major companies
An executive summary, abridging the entire report in such a way that decision-making personnel can rapidly become acquainted with background information, concise analysis and main conclusions
Expertly devised analyst overview along with Investment opportunities to provide both individuals and organizations a strong financial foothold in the market