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Digital Badges Market Research Report - Global Forecast till 2027

Digital Badges Market, By Type (Participation, Recognition, Achievement, Contribution, Certification), By End-Users (Education (K-12, Higher Studies), Corporate (SMEs, Large Enterprises), Retail, Gaming, Transportation, Others) — Forecast till 2027

ID: MRFR/SEM/5243-HCR | December 2022 | Region: Global | 100 Pages         

Digital Badges Market

digital badges market value is registered as 78.6 billion and is to grow at a CAGR of 18.34% along with the digital badges market size of 213.8 million during the forecast period 2018-2023.

Segmentation

By Type Participation Recognition Achievement Contribution Certification
By End-Users Education K-12 Higher Studies

Key Players

  • 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)

Drivers

  • Increasing adoption of online certification across the IT industry
  • Increasing focus on employees’ technical development
  • Increased adoption of learning management software by educational institutes.
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Digital Badges Market Size and Overview


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.


COVID-19 Analysis:


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.


Digital Badges Market Dynamics:



  • Drivers:


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.



  • Restraint:


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.



  • Opportunities:


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.



  • Challenges:


Lack of universal acceptability across institutions and countries is the major challenge of market growth.


Study Objectives -



  • To provide depth information about the digital badges market structure along with various forecast segments and sub-segments for the coming 7 years.

  • To provide the market insights into the growth of the digital badge’s market value.

  • To evaluate the digital badges market industry analysis based on porter’s five force analysis, factors-price analysis, etc.

  • To provide previous and future revenue segments and sub-segments of the digital badges market revenue for the four main geographies.

  • To provide country-level analysis of the digital badges market growth by region, form, end-users, and corporate.

  • To offer a critical profile of the leading players in the digital badges market, study their core competencies, and draw a global market growth landscape.

  • To study and examine new product developments, strategic alliances, mergers, acquisitions, and global market research.


Segment Overview:


The global digital badges market has been divided into segments based on type, end-user, and region.



  • Based on Type


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.



  • Based on End-user


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.



  • Based on Region


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.


Regional Analysis


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.


Competitive Landscape


The prominent key players in the digital badges market outlook are the following:



  • 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.


Recent Developments



  • In September 2019, one of the leading English language tests for healthcare professionals was named ‘The Occupational English Test (OET)’ which is the first healthcare-regulator-approved English language test that awards the accomplished test takers with digital badges.

  • In September 2019, one of the well-known institute, The Engineering Management Institute (EMI) collaborated with Credly, a digital badging provider through their acclaim platform for providing digital badges to the certification holders for their EMI certifications.

  • In February 2019, the most popular complementary platforms Acclaim and HPass started issuing HAP Credentialing Program badges.


Report Overview:


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.


Segmentation Table


The digital badges market trends have been segmented globally based on the type, end-user, and region.


By Type


Recognition badges, participation badges, contribution badges, achievement badges, and certification badges are the five types of the market.


By End-user


Retail, education, corporate, gaming, transportation, and others are a few end-user industries.


By Region


Asia-Pacific, Europe, North America, and the rest of the world are the four main geographies included in the global market of digital badges.



Report Scope:

Report Attribute/Metric Details
  Market Size   USD 213.8 Million
  CAGR   18.34% (2020-2027)
  Base Year   2019
  Forecast Period   2020-2027
  Historical Data   2018
  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 Vendors

  • 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 (US).
  • Professional Examination Service (ProExam) (US), Discendum OY (Finland), Portfolium Inc. (US), Badge List (US), Basno Inc. (US), Bestr (Italy), EbizOn (India), YouTopia (Canada)
  •   Key Market Opportunities   The market seeks growth opportunities as online certification has encouraged enterprises to accept digital certifications and badges.
      Key Market Drivers

  • Increasing adoption of online certification across the IT industry.
  • Increasing focus on employees’ technical development.
  • Increased adoption of learning management software by educational institutes.


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    Frequently Asked Questions (FAQ) :

    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.