Digital Badges Market Size
|Study Period:||2018 - 2028|
|Fastest Growing Market:||Asia Pacific|
|Largest Market:||Asia Pacific|
*Disclaimer: Major Players sorted in no particular order
Need a report that reflects how COVID-19 has impacted this market and it's growth?
Digital Badges Market Analysis
The digital badges market is expected to register a CAGR of 22.5% during the forecast period. Digital badges are micro-credentials that serve as a mechanism for assessing, recognizing, and verifying a skill, learning, or achievement. Many educational institutions and companies, including Adobe, Dell, IBM, Microsoft, and Oracle, widely use these badges, which drive the market considerably.
- Students are also increasingly using online portfolio sites to compile their internship experiences, group projects, volunteer experiences, and other accomplishments, as well as courses taken both online and in the classroom, in one location. For instance, LinkedIn is a popular online portfolio website with over 900 million member accounts. It helps enhance networking opportunities for students and professionals, further stimulating the market's growth.
- According to the U.S. Bureau of Labor and Statistics, employment in computer and information technology occupations is projected to grow 12% between 2018 and 2028, much faster than the average for all occupations. These occupations are expected to add about 546 thousand new jobs. The demand for these workers will stem from a greater emphasis on cloud computing, big data collection, and information security, creating a much broader scope for market growth throughout the forecast period.
- Furthermore, mobile badging ensures a pervasive, unified safety and security experience across all of an organization's company apps, whether on browser or mobile, and also notifies companies right at the door if there is a cybersecurity issue and gives them the appropriate steps to resolve it easily, quickly, and efficiently. Due to these key benefits associated with it, the market is expected to witness significant growth throughout the forecast period.
- One of the key restraints for the market's growth is the need for proper IT infrastructure in developing regions such as Africa and Asia, resulting in a lack of awareness of digital badges.
- The spread of the novel coronavirus led to an increase in the adoption of digital badges since employees and HR focused on bridging the skills gap due to the work-from-home culture. Moreover, during the post-COVID-19 period, the market for digital badges is expected to witness significant growth due to the increasing adoption of digital learning systems by end-user segments. This is projected to bolster the market's growth during the forecast period.
Digital Badges Industry Segmentation
Badges typically represent competencies not shown on a transcript, including learning from internships, volunteer work, and other co-curricular activities. Increasingly, badges conform to the Open Badges standard, and many are stackable, meaning that they can be credited toward an advanced badge, a certificate, or a degree.
The digital badges market can be segmented by end-use (academic, corporate) and geography (North America, Europe, Asia-Pacific, Rest of the World). The market sizes and forecasts are provided in terms of value (USD million) for all the above segments.
|Rest of the World|
Digital Badges Market Trends
Academic Segment to Occupy a Significant Market Share
- The introduction of digital badges in education has opened a new and effective way to assess students based on specific learning styles. With badges, students can be rewarded based on overall performance and not just a test to promote learning.
- Digital badges allow educators to appreciate students for their achievements. These achievements could be related to learning, positive behavior, efforts, skills, etc. It can also be awarded to students who struggle to excel by motivating them and encouraging learning.
- Digital badges can be well integrated at all levels and areas of learning, including objectives and goals. Various key and significant uses for badges in higher education include virtual credentialing systems that allow students to showcase newly acquired skills and mastery of new content. Due to such benefits, the market is expected to witness significant demand throughout the forecast period.
- Since the pandemic, the workforce ecosystem has evolved rapidly, and employees have reevaluated how they represent their experiences to employers. And employers are hungry to quickly and reliably understand the skillsets of their employees. For this reason, a company like ACT is working with Credly to digitize the WorkKeys NCRC because of its strong reputation as an industry leader in providing verifiable digital credentials that certify workforce achievements. By adding digital badging to ACT's WorkKeys, NCRC, ACT, and Credly are helping to empower employees and workforce ecosystems to be resilient as the workforce evolves.
- Moreover, the COVID-19 pandemic dramatically accelerated India's higher education institutions' shift to online learning. According to estimates from the Times of India, the country's online education market is likely to grow from roughly 39 billion Indian rupees in 2018 to 360 billion rupees in 2024, driving the market significantly.
To understand key trends, Download Sample Report
Europe is Anticipated to Hold a Significant Market Share
- Europe is expected to witness a significant portion of the market, primarily due to the existence of key players across the region. Also, the region is experiencing a steep evolution in higher education, and various European countries are focusing on a pilot program to evolve the significant use of digital badges.
- The market is witnessing mergers, acquisitions, and investments by key players as part of its strategy to improve business and their presence to reach customers and meet their requirements for various applications. For instance, in January this year, Valmet Learning Services, with headquarters in Finland, introduced digital badges for customer training. Participants in the Valmet Learning Services course can thus earn digital badges to showcase and celebrate their professional development. Any sort of training, including on-site training, online learning, and classroom instruction, can thus be awarded as a badge.
- According to the UK Department for Education, as of April last year, the government of the United Kingdom had dispatched more than 1.95 million laptop or tablet devices, especially to the local authorities or education providers in England, in order to provide remote support for learning during the coronavirus pandemic, facilitating the overall growth of the market exponentially.
- Various regional key players are well-indulged in several product launches and innovations. For instance, in November last year, Imparta Ltd., headquartered in the United Kingdom, declared the launch of a new digital badge and certification solution, the latest feature release as Imparta continues to extend their solution to drive increased value for clients as well as learners. Imparta digital certification and badges make it easy for the organizations' teams to recognize achievement, support development and learning, and celebrate success.
- Moreover, in December last year, the Center for Advancing Practice launched digital badges. Digital badges would allow practitioners to evidence the overall completion of an advanced practice program. The Advanced Practitioners would thus be able to evidence their accredited education and training digitally and securely under a new scheme that the Center would deliver for Advancing Practice, which is part of Health Education England.
To understand geography trends, Download Sample Report
Digital Badges Industry Overview
The market for digital badges is gradually getting fragmented due to the increasing number of corporations, such as IBM and Cisco, that offer certification programs for their employees and the rising focus of colleges and schools on formal and informal learning. Some of the key developments are as follows:
In August 2022, ACT launched digital badges for career readiness. The company offered digital badges for all new ACT WorkKeys National Career Readiness Certificate (NCRC) earners and retroactively to all past earners as of January 2016. This development mainly affirms ACT’s commitment to ensuring that people are set up to succeed in the modern workforce.
In July 2022, Skill Dynamics declared the launch of new digital certification "badges" primarily designed to showcase its learners’ professional achievements on various social media platforms, including LinkedIn. The new badges were expected to expedite and improve the visual appeal of the way many Skill Dynamics students currently choose to stand out from the crowd by updating their social media pages with their certifications.
Digital Badges Market Leaders
Concentric Sky Inc
International Institute of Business Analysis
*Disclaimer: Major Players sorted in no particular order
Digital Badges Market News
- January 2023: Digital Nasional Berhad and Ericsson declared the launch of a free online academic program on 5G and digital technology for all students at the tertiary level in Malaysia. The 'MY5G Ericsson Malaysia Pioneers Programme' serves DNB's objective of contributing to the overall development of tech talent throughout the country. The program consists of three modules that are expected to enable students to understand digital services' technological functionalities and applications in detail. After clearing all the assessments, students would take online assessments within each module and earn an Ericsson digital badge.
- August 2022: WorldSkills intended to launch a new digital badge program. The digital badges were expected to provide participants with a whole new way to promote their WorldSkills achievements and experiences. The WorldSkills Digital Badges are tangible online credentials that can be easily shared and verified on CVs and social media. Also, this new WorldSkills program would help employers understand how participants' experience enhances their abilities, making them highly valuable team leaders, members, and skilled professionals.
Digital Badges Market Report - Table of Contents
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET INSIGHTS
4.1 Market Overview
4.2 Industry Attractiveness - Porter's Five Forces Analysis
4.2.1 Bargaining Power of Buyers/Consumers
4.2.2 Bargaining Power of Suppliers
4.2.3 Threat of New Entrants
4.2.4 Threat of Substitute Products
4.2.5 Intensity of Competitive Rivalry
4.3 Impact of COVID-19 on the Industry
5. MARKET DYNAMICS
5.1 Market Drivers
5.1.1 Increasing Focus on Online Learning
5.2 Market Restraints
5.2.1 Lack of IT Infrastructure in Developing Regions
6. MARKET SEGMENTATION
6.1 By End-user
6.2.1 North America
6.2.4 Rest of the World
7. COMPETITIVE LANDSCAPE
7.1 Company Profiles*
7.1.2 Credly Inc.
7.1.3 Concentric Sky Inc.
7.1.4 International Institute of Business Analysis
7.1.5 Skillsoft Corporation
7.1.7 Forall Systems Inc.
7.1.8 ARMA International
7.1.10 Portfolium Inc.
8. INVESTMENT ANALYSIS
9. FUTURE OF THE MARKET
Digital Badges Market Research FAQs
What is the study period of this market?
The Digital Badges Market is studied from 2018 - 2028.
What is the growth rate of Digital Badges Market?
The Digital Badges Market is growing at a CAGR of 22.5% over the next 5 years.
Which region has highest growth rate in Digital Badges Market?
Asia Pacific is growing at the highest CAGR over 2021 - 2026.
Which region has largest share in Digital Badges Market?
Asia Pacific holds highest share in 2022.
Who are the key players in Digital Badges Market?
Credly Inc, Concentric Sky Inc, International Institute of Business Analysis, Skillsoft Corporation, Accredible are the major companies operating in Digital Badges Market.
Digital Badges Industry Report
Statistics for the 2023 Digital Badges market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Digital Badges analysis includes a market forecast outlook to for 2023 to 2028 and historical overview. Get a sample of this industry analysis as a free report PDF download.