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:
Market Growth and Trends:
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.
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:
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