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The digital badges business has changed a lot in recent times. This shows how education, work skills and professional approval are changing too. Digital badges, sometimes called small certificates, have become a helpful way to prove abilities and success in many areas. One of the main reasons for this market's growth is rising demand for new ways to prove skills in school and work. Old-fashioned degrees and certificates are not the only things that show you're good at something. Now, companies and schools see how useful digital badges can be when they show very specific skills.
The market for digital badges is pushed by the move towards learning online and from home. As e-learning websites and big online class sessions become more common, there is also a bigger need for an agreed way to prove skills gained. Digital badges can be shared quickly online and show skills that learners have. They can put these on social media, job search sites or profile pages to prove their abilities. This ease and showing off help more people to use digital badges, making the market grow.
The way things work together and having standard rules are very important in how the market changes. As more people start to use digital badges, there is a growing focus on making sure that these badges from different places can be easily understood and known across different systems. Standardization attempts want to make a common way of talking about digital badges, so employers and schools can check out credentials better. This connection makes digital badges more believable, increasing trust between users and those who matter.
You can't overlook the part that artificial intelligence (AI) and data analysis play in the digital badges market. Machines that use AI can study big groups of digital badges. They give useful details about how learners do, if they're engaged and whether educational programs work well or not. Schools and groups can use this information to change what they offer, make learning better, and match classes with job requirements. Using AI in learning also allows the creation of flexible ways to learn. This makes sure that students get badges which show their real skills and abilities well.
The market has many different people involved, like schools and online learning sites. Employers and industry groups also play a role in it. Working together is very important for the digital badges market to keep growing.
Covered Aspects:
| Report Attribute/Metric | Details |
|---|---|
| Segment Outlook | Type, End User, and Region |
Digital Badges Market Highlights:
Global Digital Badges Market Overview
The global digital badges market size was valued at USD 165.14 million in 2022. The digital badges market is projected to grow from USD 198.65 million in 2023 to USD 673.71 million by 2032, exhibiting a compound annual growth rate (CAGR) of 19.1% during the forecast period (2024 - 2032). The rising adoption of online certification across the IT industry and increasing focus on employee’s technical development are the key market drivers enhancing market growth.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Digital Badges Market Trends
- Increasing focus on employee technical development to boost market growth
The increasing focus on employee technical development is one of the major factors driving growth in the digital badge market. In recent years, there has been a growing recognition of the importance of ongoing learning and development for employees, and digital badges have emerged as a popular and effective way to document and recognize these achievements. Digital badges are a form of micro-credential that recognize and verify the skills and knowledge that employees have acquired through their work, training, and other learning experiences. By providing a visual representation of an employee's skills and competencies, digital badges can help to enhance an individual's professional reputation and increase their career opportunities. In addition to recognizing employee skills, digital badges can also help organizations to upskill and reskill their workforce more effectively.
In today's rapidly changing and increasingly competitive job market, digital credentials are becoming more important as a means of verifying an employee's skills and competencies. Overall, the growing focus on employee technical development and the increasing recognition of the importance of digital credentials are among the key factors that are driving the growth of the digital badge market. As organizations continue to prioritize employee development and seek new ways to enhance employee skills and capabilities, the demand for digital badges is expected to increase in the coming years. Therefore, such factors related to Digital Badges have enhanced the Digital Badges market CAGR across the globe in recent years.
Digital Badges Market Segment Insights
Digital Badges Type Insights
The Digital Badges market segmentation, based on type, includes Participation, Recognition, Achievement, Contribution, and Certification. The Certification segment held the majority share in 2022 of the Digital Badges market revenue. 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.
Digital Badges End User Insights
Based on End Users, the Digital Badges market segmentation includes Education, Corporate, Retail, Gaming, Transportation, and Others. The Education segment dominated the market in 2022 and is projected to be the faster-growing segment during the forecast period, 2023-2030. 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 individual newly acquired skills and mastery of new content. These all factors for Digital Badges positively impact the market growth.
Figure 2: Global Digital Badges Market, by End User, 2023 & 2030 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Digital Badges Regional Insights
By region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. In the Asia Pacific region, there is a growing demand for digital badges as a way to recognize and validate the skills and knowledge of workers and students. The increasing focus on employee development and the growing recognition of the importance of lifelong learning are among the factors driving this demand. Additionally, the rapidly developing technology and education sectors in the Asia Pacific region are also contributing to the growth of the digital badge market. As these sectors continue to grow and evolve, the demand for digital credentials that can verify the skills and competencies of workers and students is also increasing. Furthermore, the increasing availability of technology and the growing penetration of the Internet in the Asia Pacific region are making it easier for individuals and organizations to access and use digital badges. This is helping to further drive the growth of the digital badges market in the region.
Further, the major countries studied in the market report are The U.S., Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil
Figure 3: GLOBAL DIGITAL BADGES MARKET SHARE BY REGION 2023 (%)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe’s Digital Badges market accounts for the second-largest market share. This is because there is an increasing demand for digital badges in Europe, driven by several factors, including the growing recognition of the importance of continuous learning and the development of the region's education and technology sectors. In Europe, there is a growing emphasis on lifelong learning and employee development, which is driving demand for digital badges as a way to recognize and validate the skills and knowledge of workers and students. Furthermore, the strong development of the technology and education sectors in Europe is also contributing to the growth of the digital badge market. The increasing use of technology in education is making it easier for individuals and organizations to access and use digital badges, and the growing recognition of the importance of digital credentials is helping to drive demand for these credentials. Further, the Germany Digital Badges market held the largest market share, and the UK Digital Badges market was the fastest-growing market in the European region.
North America is holding the largest digital badge 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 several certification providers in the country, the US is expected to dominate the North American region. The rising adoption of online education and certification is projected to contribute to the growth of the market. Moreover, the U.S. Digital Badges market held the largest market share, and the Canada Digital Badges market was the fastest-growing market in the North American region.
Digital Badges Key Market Players & Competitive Insights
Major market players are spending a lot of money on R&D to increase their product lines, which will help the Digital Badges market grow even more. Market participants are also taking a range of strategic initiatives to grow their worldwide footprint, with key market developments such as new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the Digital Badges industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market environment.
The major market players are investing a lot of money in R&D to expand their product lines, which will spur further market growth for Digital Badges. With significant market development like new product releases, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations, market participants are also undertaking various strategic activities to expand their global presence. To grow and thrive in a market climate that is becoming more competitive and growing, competitors in the Digital Badges industry must offer affordable products.
Manufacturing locally to cut operating costs is one of the main business tactics manufacturers use in the global Digital Badges industry to benefit customers and expand the market sector. Major Digital Badges market players, including Credly Inc., Accredible, Nocti Business Solutions, RedCritter Corp., Accreditrust Technologies LLC, Concentric Sky Inc., Forall Systems Inc., Blackboard Inc., Badgecraft, and LearningTimes LLC, and others, are attempting to increase market demand by funding R&D initiatives.
Credly Inc. is a leading provider of digital credentialing solutions, offering a platform for organizations and individuals to create, issue, and manage digital badges and credentials. Credly's platform enables organizations to design and issue digital badges that can be used to recognize and verify the skills and competencies of workers and students. These badges can be integrated into a variety of systems and platforms, including learning management systems, professional networks, and job boards, making it easy for individuals to showcase their achievements and skills. Credly also provides a range of tools and services to help organizations manage their digital credentialing programs, including data analytics, reporting, and verification services. The company works with a wide range of customers, including colleges and universities, employers, professional associations, and government agencies, to help them create and manage digital credentials that can be used to recognize and verify the skills and knowledge of workers and students.
Accredible is a leading provider of digital credentialing solutions, offering a platform for organizations and individuals to create, issue, and manage digital certificates and credentials. Accredible's platform enables organizations to design and issue digital certificates and credentials that can be used to recognize and verify the skills and competencies of workers and students. These credentials can be integrated into a variety of systems and platforms, including learning management systems, professional networks, and job boards, making it easy for individuals to showcase their achievements and skills. Accredible also provides a range of tools and services to help organizations manage their digital credentialing programs, including data analytics, reporting, and verification services. The company works with a wide range of customers, including colleges and universities, employers, professional associations, and government agencies, to help them create and manage digital credentials that can be used to recognize and verify the skills and knowledge of workers and students.
Key Companies in the Digital Badges market includes
- Accredible
- Nocti Business Solutions
- RedCritter Corp.
- Accreditrust Technologies LLC
- Concentric Sky Inc.
- Forall Systems Inc.
- Blackboard Inc.
- Badgecraft
- LearningTimes LLC among others
Digital Badges Industry Developments
February 2022: Accredible announced a partnership with The Chartered Banker Institute to bring verifiable, secure, and shareable digital credentials to the Institute’s membership.
Digital Badges Market Segmentation
Digital Badges Type Outlook
- Participation
- Recognition
- Achievement
- Contribution
- Certification
Digital Badges End User Outlook
- Education (K-12, Higher Studies)
- Corporate (SMEs, Large Enterprises)
- Retail
- Gaming
- Transportation
- Others
Digital Badges Regional Outlook
- North America
- US
- Canada
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Australia
- Rest of Asia-Pacific
- Rest of the World
- Middle East
- Africa
- Latin America
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