Digital Badges Market Growth, Segmentation, Analysis and Opportunities 2023
Posted by sneha patil on February 3rd, 2021
Digital badges are entities that describe achievements of an individual that can be added to its resume or online documents. These badges are globally accepted and acknowledged by employers and organizations. These badges contain the information about the type of badge, for what it has been awarded, and skills and capabilities required to gain that badge. Owing to technological advancements across the globe, employees seek convenient certification options that aid their technical expertise. Digital badges serve a variety of purposes which include encoraging individuals to participate in various online programs, collaborating individuals or groups to contribute their share to the project, as well as recognize an individual based on its skill set and achievements. The market for digital badges is expected to witness significant growth with a compound annual growth rate (CAGR) of 18% during the forecast period 2018–2023.
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.
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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.
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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About the Authorsneha patil
Joined: December 28th, 2020
Articles Posted: 695
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