LONDON, UK, 4 May 2023 (GLOBE NEWSWIRE) — According to a comprehensive research report by Market Research Future (MRFR), “digital badge market Research reports: by type, by end user, by region. -Forecast By 2030, the market is expected to reach a valuation of around US$80 billion by the end of 2030. The report further predicts the market to thrive at a robust CAGR of over 19% during the evaluation period.
Major Players in Digital Badge Market
The key players profiled in the Global Digital Badge Market report are:
- Credley Co., Ltd.
- Admirable,
- Nocti Business Solutions,
- red critter company
- Accredited Trust Technologies LLC,
- Concentric Sky Co., Ltd.
- For All Systems Co., Ltd.
- Blackboard Co., Ltd.
- badge craft and
- Learning Times LLC.
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Reporting scope:
| Reporting metrics | detail |
| Revenue forecast for 2030 | US$80 billion |
| growth rate | 19% CAGR from 2023 to 2030 |
| base year | 2022 |
| study period | 2023-2030 |
| Main market opportunity | Online accreditation has led businesses to embrace digital certifications and badges, and the market is looking for growth opportunities. |
| key market drivers | Increased adoption of online certifications across the IT industry Increased employee interest in developing technology Increased adoption of learning management software by educational institutions |
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driver
Popularization of online education to boost market growth
The online education industry is undergoing rapid change as seen in the increasing use of social and digital learning. Digital badges are setting the standard for online education. Currently, many online education providers, especially in the US and Europe, offer digital badges as proof of course success. Additionally, these badges help develop a competitive atmosphere for skill achievement in the education sector while inspiring learners.
chance
Integrating Blockchain into Digital Badges Offers Powerful Opportunities
The integration of blockchain into digital badges presents a strong opportunity for this market during the forecast period. Integrating blockchain technology into digital badges is a relatively new trend, although it has received a lot of attention recently. It has the potential to increase transparency and credibility. Using blockchain technology in digital badges offers several advantages. First, it can guarantee the authenticity and integrity of the badge itself. Second, blockchain technology enables a more decentralized and democratic system for issuing and verifying digital badges. Finally, blockchain-based digital badges enable new forms of recognition and reward.
constraints and challenges
Slow-paced adoption acting as a market constraint
The slow pace of digital badge adoption, high implementation costs, and lack of adequate IT infrastructure, especially in developing regions, are likely to constrain the market during the forecast period.
Digital badge market segmentation
The global digital badge market is bifurcated based on end user and type.
By type, the digital badge market is divided into authentication, contribution, achievement, recognition, and participation.
By end-user, the market is divided into transportation, gaming, retail, enterprise (both large and small businesses), education (higher education, K-12), and others.
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COVID-19 Analysis of Digital Badge Market
As more businesses and educational institutions move to remote operations, the demand for digital credentials and badges is growing. As many in-person events and activities are canceled or postponed, organizations are turning to digital badges as a way to recognize and validate learning and achievements. This has led to a surge in adoption of digital badges in various industries such as education, training and certification. Additionally, the pandemic has forced many educational institutions to move to online learning, increasing demand for digital badges and micro-certifications that can validate the skills and knowledge acquired through these online courses. This opens up new opportunities for digital badge providers, with many educational institutions starting to offer digital badges and credentials to their students.
Regional Analysis For Digital Badge Market
APAC leads the digital badge market
Asia Pacific has a growing need for digital badges to recognize and prove the skills and knowledge of employees and students. Among the factors influencing this demand is an increasing focus on staff development and an increasing understanding of the value of lifelong learning. The rapidly expanding technology and education industry in the Asia-Pacific region is also contributing to the growing market for digital badges. The demand for digital credentials that can validate the competences and abilities of employees and students is growing as these industries continue to develop and thrive. Additionally, the increased use of the Internet and the availability of technology in the region have made it easier for individuals and organizations to access and use digital badges. This has increased the market for digital badges in the region. Businesses and academic institutions in the region have started using intelligent e-learning solutions. In APAC, companies work hard to increase her ROI in talent development, meet employee learning requirements, provide efficient staff her training, and achieve measurable business goals. . Many companies, with limited learning budgets, prefer technology-enabled learning strategies that are also economical when training and resourcing staff. Many manufacturers of learning solutions are expanding their reach and research opportunities in the APAC region by offering personalized learning environments and responding to dynamic market expectations. These companies allow digital badges to be incorporated into mobile, social and adaptive learning systems to foster a culture of continuous learning.
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North America Sees Steady Growth in Digital Badge Market
North America currently holds the largest market share for digital badges as competition increases among working professionals for better opportunities, encouraging accreditation of those individuals with appropriate qualifications. The US is expected to dominate North America as it is home to a large number of authentication providers. Forecasts show that the market will grow as more people opt for online training and certification. Additionally, in the North America region, the US digital badge market had the largest market share, while the Canadian market exhibited the fastest growth rate. In the North American region, military and educational institutions are the primary advocates for the use of digital badges to demonstrate competencies acquired through PLA assessments without submitting traditional transcripts from high schools and colleges attended. . Achievement systems are also used in games such as Minecraft in the entertainment video game industry.
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