The global digital badges market was valued at USD 78.6 million in 2017 and is expected to reach USD 213.8 million by the end of the forecast period with a CAGR of 18.34%.
Digital Badges Market are a depiction of an award or achievement for the skills an individual has gained over a period. These badges can be seen on websites to certify their authenticity and provide authority for business processes. Digital badges can track the accomplishment of any skill attained by an individual. The individual receives these badges from a certified badge issuer. The individual can then produce these badges to any educational institute or enterprise for the acknowledgment of skills and experience attained thereof.
Increasing adoption of online certification across the IT industry has accounted to the growth of digital badges. These badges gain similar recognition as a physical badge and are globally accepted. Moreover, applications of these badges can be observed in gaming and retail for tracking progress of any individual or group. However, the growth of digital badges market is expected to be restrained owing to poor IT infrastructure in the developing regions. This lack of IT infrastructure is directly limiting the proliferation of digital badges in educational institutes. The market seeks growth opportunities as online certification has encouraged enterprises to accept digital certifications and badges. It has also encouraged old professionals/employees to adopt the latest technologies and stay up-to-date in their domain.
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By type, the market is segmented into participation badges, recognition badges, achievement badges, contribution badges, and certification badges.
By end-users, the market is segmented into education, corporate, retail, gaming, transportation, and others. The education segment is categorized into K-12 and higher studies segment. Whereas, corporate segment is categorized into small and medium enterprises (SMEs), and large enterprises.
key players in the digital badges market 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.
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.
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- Digital Badge Platform Providers
- IT Service Providers
- Badge Issuers
- Digital Badge Designers
- Cloud Service Providers
- Training and Education Service Providers
- Consultancy and Advisory Firms
- Technology Consultants
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