London, United Kingdom, May 04, 2023 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “Digital Badges Market Research Report: By Type, End User, and Region. - Forecast Till 2030, the market is anticipated to acquire a valuation of approximately USD 80 Billion by the end of 2030. The reports further predict the market to flourish at a robust CAGR of over 19% during the assessment timeframe.
Digital Badges Market Key Players
Key players profiled in the global digital badges market report include
- Credly Inc.,
- Accredible,
- Nocti Business Solutions,
- RedCritter Corp.,
- Accreditrust Technologies LLC,
- Concentric Sky Inc.,
- Forall Systems Inc.,
- Blackboard Inc.,
- Badgecraft, and
- LearningTimes LLC.
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Report Scope:
| Report Metric | Details |
| Revenue forecast in 2030 | USD 80 Billion |
| Growth Rate | CAGR of 19% from 2023 to 2030 |
| Base Year | 2022 |
| Study Period | 2023-2030 |
| Key Market Opportunities | The market seeks growth opportunities as online certification has encouraged enterprises to accept digital certifications and badges |
| Key Market Drivers | Increasing adoption of online certification across the IT industry Increasing focus on employees’ technical development Increased adoption of learning management software by educational institutes |
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Drivers
Prevalence of Online Education to Boost Market Growth
The industry of online education is undergoing rapid change, as seen by the rising usage of social & digital learning. A standard is being established for online education through digital badges. As of right now, a lot of online education providers, particularly in the United States and Europe, offer digital badges as the sign of passing a course. Additionally, these badges are aiding in the development of a competitive atmosphere for skill achievement in the education sector while inspiring the learners.
Opportunities
Integration of Blockchain in Digital Badges to offer Robust Opportunities
The integration of blockchain in digital badges will offer robust opportunities for this market in the forecast period. The integration of blockchain technology into digital badges is a comparatively new trend, but one that has gained much attention lately. Blockchain technology possess the potential to revolutionize the way that digital badges are issued and verified, making the process more secure, transparent, and reliable. The use of blockchain technology in digital badges can provide several benefits. First, it can ensure the authenticity and integrity of the badges themselves. Second, blockchain technology can enable a more decentralized and democratic system for issuing and verifying digital badges. Finally, blockchain-based digital badges can enable new forms of recognition and rewards.
Restraints and Challenges
slow-paced Adoption to act as Market Restraint
The slow-paced adoption of digital badges, high implementation cost, and shortage of proper IT infrastructure especially in developing regions may act as market restraints over the forecast period.
Digital Badges Market Segmentation
The global digital badges market is bifurcated based on end users and type.
By type, the digital badges market is bifurcated into certification, contribution, achievement, recognition, and participation.
By end users, the market is bifurcated into transportation, gaming, retail, corporate (large enterprises & SMEs), education (higher studies, K-12), and others.
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Digital Badges Market COVID-19 Analysis
As many businesses and educational institutions shifted to remote operations, the demand for digital credentials and badges has increased. With many in-person events and activities being canceled or postponed, organizations have turned to digital badges as a way to recognize and validate learning and accomplishments. This has caused a surge in the adoption of digital badges across various industries, including education, training, and certification. Moreover, the pandemic has forced many educational institutions to shift to online learning, leading to an increased demand for digital badges and micro-credentials that can validate the skills and knowledge acquired through these online courses. This has opened up new opportunities for digital badge providers, and many educational institutions have started offering digital badges and credentials to their students.
Digital Badges Market Regional Analysis
APAC to Head Digital Badges Market
The need for digital badges to recognize and certify the skills & knowledge of employees and students is expanding in the Asia Pacific area. Among the factors influencing this demand are the growing emphasis on staff development & the growing understanding of the value of lifelong learning. The Asia Pacific region's rapidly expanding technology and education industries are also a factor in the market expansion for digital badges. The demand for the digital credential which can verify the abilities and competencies of employees and students is rising as these industries continue to develop and flourish. Additionally, accessing and using digital badges is becoming simpler for individuals and organizations thanks to the region's increased Internet usage and availability of technology. The market for digital badges in the area is expanding as a result of this. Companies and academic institutions in the area have started using intelligent eLearning solutions. In APAC, businesses are working hard to increase their ROI in talent development, fulfill requirements for employee learning, deliver efficient staff training, and reach measurable business goals. Many businesses prefer technology-enabled learning strategies that are also economical when it comes to giving their staff training and resources because they have constrained learning budgets. A number of manufacturers of learning solutions are extending their reach and researching opportunities in the APAC area by offering personalized learning environments and reacting to the market's dynamic expectations. These businesses are permitting the incorporation of digital badges into their mobile learning, social learning, and adaptive learning systems in order to foster a culture of continuous learning.
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North America to Have Favorable Growth in Digital Badges Market
Due to the growing rivalry amid working professionals for improved chances, which encourages certification for these individuals with their appropriate qualification, North America currently holds the greatest market share for digital badges. The US is anticipated to rule North America because the nation is home to numerous certification providers. According to projections, the market will expand as more people opt for online training and certification. Additionally, in the North American area, the U.S. Digital Badges market had the biggest market share, & the market in Canada had the fastest rate of growth. In the North American region, the military and educational institutions are the main proponents of the use of digital badges to demonstrate competencies acquired through PLA assessments without submitting traditional transcripts from high schools or colleges attended. The achievement system is also used by the entertainment video game industry for games like Minecraft.
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