Digital Badges Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

Market Overview

The digital badges market is expected to register a CAGR of 22.5% during the forecast period (2021 - 2026).A Digital Badge signifies the accomplishments or skills for its holder and these accomplishments and skills can be displayed, accessed, and verified online.

• Digital badges are graphical representations of traditional qualifications (certificates and diplomas) but contain blockchain verified metadata that describe the qualification and the process required to earn them. Unlike traditional qualifications, they can neither be copied nor tampered with, and can be easily shared online.
• Such badges can be earned in various environments, including online platforms where the number is increasing. According to a 2018 report by the University Professional and Continuing Education Association (UPCEA), one in five institutions now offer digital badges.
• As per Mimeo Inc, although the instructor-led face-to-face training still dominates as the training modes used by worldwide learning and development (L&D) departments from 2017 to 2019, the rate of growth of self-paced virtual training is more than instructor-led face-to-face traning.
• One of the key restarint is the lack of proper IT infrastructure in developing regions such as countries of Africa and Asia, which also results in lack of awareness of digital badges.
• The spread of novel coronavirus has lead to an increase in adotion of digital badges since employees and HR alike are focusing in bridging the skills gap due to work from home culture. For instance, IBM saw a 120% increase in earned IBM credentials between April 1 and April 15, 2020, compared with the same time period in 2019.

Scope of the Report

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.

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Key Market Trends

Academic Segment to Occupy a Significant Market Share

• The introduction of digital badges in education has opened up 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 single test to promote learning.
• Digital badges allows 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 are struggling to excel , in ordee to motivate them and encourage learning.
• Digital badges can be incorporated at all levels and areas of learning including goals and objectives.A group of researchers conducted a study in 2018 to determine the effect of digital badges on setting learning goals and motivating students to achieve them. The result was positive
• Research is exploring whether or not digital badges are effective pedagogical tools as well as how they may be best utilized in higher education settings. Other uses for badges in higher education include virtual credentialing systems that would allow students the ability to showcase newly acquired skills and mastery of new content.

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