CHICAGO, July 25, 2023 /PRNewswire/ -- The market for digital badges has a bright future, thanks to rising demand for talent verification, ongoing learning, and integration with employment and educational procedures. In order to increase the market's size and influence, blockchain technology, industry-recognized badges, and data-driven insights will be crucial.
The Digital Badges Market is estimated at USD 0.2 billion in 2023 and is projected to reach USD 0.5 billion by 2028, at a CAGR of 16.5% from 2023 to 2028, according to a new report by MarketsandMarkets. The digital badge system helps in promoting the professional development and recognizing the employee skills in a transparent manner. It is designed to motivate employees to participate in the professional development program and acknowledge their completion of learning programs.
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226 - Tables
34 - Figures
166 - Pages
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Scope of the Report
Report Metrics | Details |
Market size available for years | 2017-2028 |
Base year considered | 2022 |
Forecast period | 2023-2028 |
Forecast units | Value (USD) Billion |
Segments covered | Offering (Platform and Services), Type, End User, and Region |
Region covered | North America, Europe, Asia Pacific, Middle East and Africa, and Latin America |
Companies covered | Pearson (UK), Instructure (US), SkillSoft Corporation (US), PeopleCert (UK), Accredible (US), Parchment (US), EbizON (India), Accreditrust Technologies (US), Badgecraft (Lithuania), Badge List (US), Bestr (Italy), Basno (US), Saarni Learning Oy (Finland), ForAllSystems (US), LearningTimes (US), Nocti Business Solutions (US), Knowledge Catalyst and many more. |
By end user, academic segment is estimated to account for the largest market share in 2023.
Digital badges have gained popularity in academic settings due to their numerous advantages for educational institutions and learners. These badges serve as digital representations of specific achievements or skills earned by students. They offer micro-credentialing, recognizing granular accomplishments beyond traditional grades or degrees. Digital badges serve as motivators, encouraging student engagement and progress. They support personalized learning by aligning with individual pathways and interests. Portability and shareability make it easy for students to showcase their badges on various platforms, enhancing their digital presence. Moreover, digital badges provide evidence of skills and competencies, boosting students' employability. They promote lifelong learning, provide feedback and assessment, and foster collaboration and recognition within academic communities. By incorporating digital badges, academic institutions can enhance motivation, personalize learning experiences, and provide valuable credentials to students.
By type, certification badge is expected to register the largest market size during the forecast period.
Certification digital badges are digital credentials that verify an individual's successful completion of a specific training program, course, or certification. These badges serve as a visual representation of the individual's mastery of knowledge and skills in a particular area. They are typically issued by educational institutions, professional organizations, or industry bodies. Certification badges serve as a valuable tool for career advancement. They demonstrate a commitment to continuous learning and professional development, which is highly valued in many industries. These badges can open new job opportunities, promotions, or higher salaries, as they validate the individual's specialized knowledge and skills. certification badges contribute to building professional networks and communities Furthermore, certification digital badges provide a convenient and easily shareable form of credential. They can be displayed on professional websites, social media profiles, or online portfolios, making it easier for individuals to showcase their qualifications to a wider audience. Certification badges also benefit employers and clients by providing a reliable means of evaluating a candidate's qualifications. These badges offer a quick and visual way to assess an individual's expertise, streamlining the hiring or selection process.
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Middle East and Africa is expected to have the second-highest growth rate
In comparison to other regions, such as Europe and Asia Pacific, the Middle East & Africa is embracing Digital Badges solutions and services at a slower rate. Middle East & Africa is experiencing technology-driven education trends, as governments in the region are making efforts to improve the education sector. Kuwait is also supporting eLearning across its schools, and as part of the e-education plan, it has even digitalized all school textbooks. Turkey, too, has adopted an education supporting initiative and planned to provide tablets to more than 15 million students across 40,000 schools by 2022. Qatar is also in support of eLearning for its students and offered personal learning devices to students as part of its e-education initiatives. These developments show that the Middle East is already on its way to digitalize its education processes, backing it up the eLearning trend and moving the education sector toward innovations.
Top Key Companies in Digital Badges Market:
The major vendors covered in the Digital badges Pearson (UK), Instructure (US), SkillSoft Corporation (US), PeopleCert (UK), Accredible (US), Parchment (US), EbizON (India), Accreditrust Technologies (US), Badgecraft (Lithuania), Badge List (US), Bestr (Italy), Basno (US), Saarni Learning Oy (Finland), ForAllSystems (US), LearningTimes (US), Nocti Business Solutions (US), Knowledge Catalyst, Learning Vault, Hyperstack (US), TruScholar (India), CredSure.io (Germany), CertifyMe (US), Convergence.Tech (Canada), Open Badge Factory (Finland), Sertifier (US), Certopus (India), and Virtualbadge.io (Germany).
Recent Developments
- In April 2023, Accredible partnered with Cengage Partners to offer Digital Badging and Micro-credentials and integrate it with Cengage Partners learning platform.
- In November 2022, Credly by Pearson and NovoEd partnered Credly will integrates its services for NovoEd's learning journey learning and development professional would issue digital badges to let learners track progress and celebrate their achievements.
- In April 2022, Instructure acquired Concentric Sky the creator of Badgr a micro-credentialing platform, Instructure expands its offering in credential space through this acquisition.
- In June 2021, PeopleCert acquired Axelos UK based provider of framework and certification strengthening its position in exam and certification delivery and management.
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Digital Badges Market Advantages:
- The employability of job searchers can be greatly improved by possessing a collection of recognised and pertinent digital badges. Employers can evaluate candidates' talents and credentials rapidly, expediting the hiring process.
- Digital badges are electronic credentials that are simple to maintain and distribute online via a variety of channels, including social media, websites, and business networking sites like LinkedIn. Individuals can present their accomplishments to various audiences and circumstances thanks to its portability.
- Digital badges encourage a culture of ongoing education and skill improvement. People are inspired to learn new things and improve their current skills as they work towards earning badges, which promotes progress on both a personal and professional level.
- In order to provide a more precise and concentrated picture of a person's skills, digital badges frequently symbolise particular abilities or subject-matter expertise. Thus, specialised knowledge can be acknowledged, and the emergence of specialised skills is encouraged.
- Digital badges may be less expensive to produce and award than conventional credentials like certifications or degrees. For businesses and educational institutions looking to launch credentialing programmes without making substantial financial commitments, this benefit is especially pertinent.
- Gamification components are incorporated into many digital badge systems, which makes earning badges more pleasurable and engaging. This gamified strategy promotes involvement and knowledge retention.
- Digital badges are available to a broad and international audience because they may be accessed and obtained from any location with an internet connection. This broad reach creates possibilities for international cooperation and recognition.
- In order to ensure that badges from various issuers can be recognised and understood by everybody, efforts are being made to standardise digital badge systems and metadata. A frictionless exchange of credentials is encouraged via interoperability amongst badge platforms.
Report Objectives
- To determine and forecast the global Digital Badges Market by offering, end-user, and region from 2017 to 2023 and analyze various macroeconomic and microeconomic factors that affect the market growth
- To forecast the size of the market segments with respect to 4 main regions, namely, North America, Europe, Asia Pacific, Middle east and Africa, and Latin America
- To analyze each submarket with respect to individual growth trends, prospects, and contributions to the overall Digital Badges Market
- To provide detailed information regarding the major factors influencing the growth of the Digital Badges Market (drivers, restraints, opportunities, and challenges)
- To profile the key market players; provide comparative analysis on the basis of business overviews, regional presence, product offerings, business strategies, and key financials; and illustrate the competitive landscape of the market
- To track and analyze competitive developments, such as mergers and acquisitions, product developments, partnerships and collaborations, and Research and Development (R&D) activities in the Digital Badges Market
- Track and analyze competitive developments in the market, such as mergers and acquisitions, product developments, partnerships and collaborations, and Research and Development (R&D) activities.
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