Globally, the size of digital badges market is set to grow at a CAGR of 18.34% from a value of USD 78.6 billion in 2018 to hit USD 213.8 million by 2023 driven by the rising adoption of online certification across the IT industry and increasing focus on employee’s technical development.
Digital badges are one type of award or achievement given for the skills achieved by an individual over the period. These accomplishment badges can be displayed, accessed, and verified on websites that certify their authenticity and provide authority for business processes. These badges can be provided as the accomplishment of any skill attained by an individual. These can be earned in various environments even in online platforms too where the number of competitors increasing. This badge is given to the individual by the certified badge issuer.
Now, the individual badge which shows the skills, accomplishments, and experience attained by him can produce for any educational institute or company to certify his skills. These are globally accepted and gain similar recognition as a physical badge. However, digital badges can be applied in various environments like gaming, retail, exam certification, training program, etc. for both high and low stakes accomplishments. This digital badge gives information regarding the person who earned the badge, the way he earned it when it was earned, the issuer of it, what represents the badge, and whenever likely it provides evidence of the work that went into earning that badge.
The coronavirus started spreading in December 2019 from China to all the countries fastly in the first quarter of 2020. The COVID-19 outbreak is severely impacted almost all businesses globally. Most of the emerging countries implemented stringent regulations like lockdowns, social distance maintenance, traveling bans, public places closed, and industries shut down. Many companies started the work from the home process for their employees to avoid the spread of the virus.
The digital badges market is positively impacted by the pandemic. Because, due to work from home culture, both the employees and HR alike focus on bridging the skills gap. Hence the adoption of digital badges increased in the pandemic period. The highly popular enterpriser, from April 1 and April 15, 2020, IBM got a 120% increase in earned IBM credentials when compared to 2019 in the same time period.
The rising adoption of online certification across the IT industry and increasing focus on employee’s technical development are the major factors that drive the digital badges market growth. The growing adoption of learning management software by educational institutes is propelling the digital badges market demand. Rising investments by the enterprises in a variety of training and development programs for their employees to acquire professional skills is escalating the market growth.
Due to poor IT infrastructure in the developing regions, the digital badges market is hindering growth. Apart, the lack of awareness among the enterprises regarding the benefits of digital badges is also restraining the market growth.
The encouragement of online certification by the enterprises, to accept digital certifications and badges, and also encouraged the old employees/professionals to adopt this digital badge technology and stay up-to-date in their domain is the digital bridges market opportunities. In 2018, according to the report of the University Professional and Continuing Education Association (UPCEA), out of five institutions, one institute accepted digital badges.
Lack of universal acceptability across institutions and countries is the major challenge of market growth.
The global digital badges market has been divided into segments based on type, end-user, and region.
The digital badges types are classified into five types such as recognition badges, participation badges, contribution badges, achievement badges, and certification badges. Out of these segments, certification badges account for the largest market share due to the rising adoption of online certification courses. Most of the companies prefer the course's certification for their employees to select the skilled candidates among the huge number.
The digital badges by end-user are categorized into retail, education, corporate, gaming, transportation, and others. Out of these segments, the educational sector is holding the largest market share due to the rising collaborations between colleges and digital badge vendors. These badges are provided to the students for their achievements like learning, efforts, skills, positive behavior, etc. Moreover, the badges are used for higher education which shows the individuals newly acquired skills and mastery of new content.
Region-wise, the global digital badges market is divided into four main geographies like Asia-Pacific, North America, Europe, and the Rest of the World. Among them, North America is dominating the largest market share due to the rising competition among working professionals and hence increased the usage of digital badges in this region.
Geographically, the digital badges market based on regions is analyzed into four major regions like Asia-Pacific, Europe, North America, and the Rest of the World. Out of these regions, North America is holding the largest digital badges market share due to the rising competition among working professionals for better opportunities leads to the encouragement of certification for these professionals with their suitable certification. Owing to the presence of the number of certification providers in the country, the US is expected to dominate the North American region.
Moreover, the Canada and Mexico markets are expected to grow with a significant CAGR. The rising adoption of online education and certification is projected to contribute to the growth of the market in the European region which is as similar growth as North America. Apart, the countries like UK and Italy are predicted to account for the global market. Asia-Pacific region is said to be the fastest-growing region due to the adoption of online learning in emerging countries like India, China, and South Korea.
The prominent key players in the digital badges market outlook are the following:
This global digital badges market research includes the Market Overview, COVID-19 analysis, Market Dynamics, Study Objectives, Segment Overview, Regional Analysis, Competitive Landscape, Recent developments, Segmentation Table, and FAQs. The market scenario includes the digital badges market drivers, restraints, challenges, and opportunities. The digital badges market forecast segments are type, end-user, and region.
The digital badges market trends have been segmented globally based on the type, end-user, and region.
Recognition badges, participation badges, contribution badges, achievement badges, and certification badges are the five types of the market.
Retail, education, corporate, gaming, transportation, and others are a few end-user industries.
Asia-Pacific, Europe, North America, and the rest of the world are the four main geographies included in the global market of digital badges.
|Market Size||USD 213.8 Million|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Type, End-Users|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Market Opportunities||The market seeks growth opportunities as online certification has encouraged enterprises to accept digital certifications and badges.|
|Key Market Drivers||
The digital badges market is set to grow at a CAGR of 18.34% from a value of USD 78.6 billion in 2018 to hit USD 213.8 million by 2023
Credly Inc, (U.S), Acceditrust Technologies LLC (US), RedCritter Corporation (US), Learning Times LLC (US), Blackboard, Inc, (US), YouTopia (Canada), Portfolium, Inc (US), Bestr (Italy), Nocti Business Solutions, (US), Accredible (US), Concentric Sky Inc. (US), Badgecraft (Lithuania), Forall Systems Inc. (US), EbizOn (India), Discendum OY (Finland), Examination Service (ProExam) (US), Badge List (US), Basno Inc. (US), and others.