The global Digital Badges Industry is growing continually. The market growth primarily attributes to the increasing adoption of online certification across the IT industry. Digital or virtual badges have gained exponential popularity over the past few years, acting as a validated indicator of an accomplishment, skill, quality, or interest earned in various learning environments.
Digital badges represent a wide variety of certifications across many industries, encouraging enterprises to accept digital certifications and badges. Resultantly, the market witnesses various opportunities heading with rising online certification programs. Digital badges have proved their significance in the business world, resulting in capstone testing.
Resultantly, most businesses have embraced education and excellence to expand their clientele. Moreover, similar recognition those digital badges are gaining as a physical badge, and the growing acceptance worldwide escalate the market demand. According to Market Research Future (MRFR), the global Digital Badges Market is expected to garner a valuation of USD 214 MN by 2023, registering 18% CAGR during the estimated period (2017 – 2023).
However, poor IT infrastructure in the developing regions is a major factor projected to impede market growth. Also, this lack of IT infrastructure is directly limiting the penetration of digital badges in educational institutes. Nevertheless, the proliferation of digital badges in gaming and retail for tracking the progress of any individual or group would support market growth throughout the forecast period.
Digital Badges Market – Segmentation
The report is segmented into four dynamics;
By Type : Participation, Recognition, Achievement, Contribution, Certification Badges, and others.
By End-Users: Education (K-12, Higher Studies, others), Corporate, Retail, Gaming, Transportation, and others.
By Corporate: SMEs and Large Enterprises.
By Regions : Europe, North America, APAC and Rest of the World.
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Global Digital Badges Market – Regional Analysis
North America dominates the global digital badges market. The largest market share attributes to the increasing competition among working professionals for better opportunities, encouraging certification providers to provide suitable certification, and therefore expand their customer base.
Besides, initiatives taken by enterprises to encourage their employees to include additional certifications to their achievements drive the growth of the market. The US, with the presence of a number of certification providers, leads the regional market. The North American digital badges market is projected to retain its dominance throughout the assessment period.
Europe stands second in the global digital badges market. Market growth is driven by the increasing adoption of online education and certification. Additionally, increasing credential evidence platforms that increase the power and meaning of digital badges and the ability to analyze performance against learning outcomes substantiate the regional market growth. Countries such as the UK and Italy hold a substantial share in the digital badges market in Europe. The European digital badges market is estimated to create a substantial revenue pocket over the anticipated period.
The Asia Pacific region has emerged as a profitable market for digital badges globally. Factors such as the growing awareness for digital badges, alongside increasing numbers of businesses and multinational corporations in the region, foster the market growth. Furthermore, constant economic growth in the region pushes the growth of the market. The APAC digital badges market is expected to grow at an impressive CAGR during the forecast period.
Major Players:
Players leading the digital badges market are Credly Inc. (US), Discendum OY (Finland), Accredible (US), Portfolium Inc. (US), Nocti Business Solutions (US), Badge List (US), RedCritter Corp. (US), Basno Inc. (US), Accreditrust Technologies LLC (US), Bestr (Italy), Concentric Sky Inc. (US), EbizOn (India), Forall Systems Inc. (US), YouTopia (Canada), Blackboard Inc. (US), Badgecraft (Lithuania), and LearningTimes LLC (US), among others.
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