Digital Badges Market Size, Future Growth Study, Market Key Growth Factor Analysis, Competitive Landscape and Forecast 2020-2030

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Posted by florathoms from the Business category at 21 Dec 2022 01:48:00 pm.
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Digital Badges Market Highlights
Digital badges are entities that describe achievements of an individual that can be added to its resume or online documents. These badges are globally accepted and acknowledged by employers and organizations. These badges contain the information about the type of badge, for what it has been awarded, and skills and capabilities required to gain that badge. Owing to technological advancements across the globe, employees seek convenient certification options that aid their technical expertise. Digital badges serve a variety of purposes which include encoraging individuals to participate in various online programs, collaborating individuals or groups to contribute their share to the project, as well as recognize an individual based on its skill set and achievements. The Digital Badges Market Size is expected to witness significant growth with a compound annual growth rate (CAGR) of 18% during the forecast period 2018–2023.
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Key players
key players in the digital badges market size are identified across all the major regions based on the country of their origin, presence across different regions, recent key developments, product diversification, and industry 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 (US). These players contribute a major proportion towards market growth.
Apart from the top key players, other players contributing to the growth of digital badges market include Professional Examination Service (ProExam) (US), Discendum OY (Finland), Portfolium Inc. (US), Badge List (US), Basno Inc. (US), Bestr (Italy), EbizOn (India), YouTopia (Canada), and others. These players innovate and add advancements in their existing solutions to match the needs of continuously changing technology.
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Segment Overview:
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 Digital Badges 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.
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Regional Analysis
The global market for digital badges is driven by increasing focus on employees’ technical development and increased adoption of learning management software by educational institutes. However, a lack of IT infrastructure in developing countries may limit market growth. The geographical analysis of digital badges market is covered for major regions including North America, Europe, Asia-Pacific, and the rest of the world. North America is expected to dominate the digital badges market during the forecast period. North America is an established region with highly developed IT infrastructure and is an early adopter of new technologies. One of the major contributors in the growth of North American region is the US followed by Canada and Mexico. Most of the key players are based in the US and therefore, the market share contribution of the US in the growth of North American region is high.
On the other hand, the market study of the European region shows a stable growth. Countries such as Germany, Italy, and the UK are mainly contributing to the growth of digital badges market. The growing demand for professional development of employees by enterprises is fueling the growth of digital badges in the region.
June 2023
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