06-27-2024 08:38 AM CET | Advertising, Media Consulting, Marketing Research
Press release from: the business research company
Digital Badges Market Size
The digital badges market size has grown exponentially in recent years. It will grow from $0.52 billion in 2023 to $0.65 billion in 2024 at a compound annual growth rate (CAGR) of 24.3%. The growth in the historic period can be attributed to increased adoption in formal education, increased online learning platforms, increased use of mobile devices, rise in gamification of learning, and a surge in digital learning.
The digital badges market size is expected to see exponential growth in the next few years. It will grow to $1.57 billion in 2028 at a compound annual growth rate (CAGR) of 24.6%. The growth in the forecast period can be attributed to increasing adoption in corporate training, the rise of alternative credentialing, focus on lifelong learning, increasing personalized learning pathways, and the globalization of education and workforce. Major trends in the forecast period include blockchain integration, integration with learning management systems, enhanced data analytics and insights, customization and personalization, and integration with talent management systems.
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Digital Badges Market Major Segments
The digital badges market covered in this report is segmented -
1) By Component: Platform, Services
2) By Type: Participation, Recognition, Achievement, Contribution, Certification
3) By Application: Military, Entertainment, Games, Education, Corporate Training, Healthcare, Retail, Sports, Other Applications
4) By End-User: Individuals, Government, Academic Institutions, Non-profit Organizations, Corporate, Other End-Users
Key Driver - Increased Professional Development And Recognition In Digital Badges
Increased professional development and recognition are expected to propel the growth of the digital badges market going forward. Professional development refers to the process of acquiring and enhancing the knowledge, skills, competencies, and experiences necessary to excel in one's profession or career. Recognition involves acknowledging and rewarding individuals for their achievements, contributions, and excellence in their work. In professional development and recognition, digital badges provide a verifiable and portable way to showcase skills, achievements, and competencies acquired through various learning experiences. These badges provide a visual indicator of mastery and knowledge in specific areas, allowing individuals to display their skills to employers, coworkers, and peers. For instance, in February 2024, according to Treetop Therapy, a US-based provider of Applied Behavior Analysis (ABA) therapy services, an analysis conducted in 2022 revealed that 68% of companies utilize e-learning courses as part of their employee training initiatives, highlighting the broad acceptance of online learning for professional advancement. Furthermore, online learning platforms have become a crucial component of education and training, with over 98% of US firms intending to incorporate online learning into their programs by 2022. Therefore, increased professional development and recognition are driving the growth of the digital badges market.
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Prominent Trend - Increasing Focus On Technological Advancements In Digital Badges
Major companies operating in the digital badges market are focused on developing advanced solutions, such as verifiable digital credentials, to enhance user experience and engagement. Verifiable digital credentials are digital representations of qualifications, achievements, or attributes that can be securely and cryptographically verified. Verifiable digital credentials provide the infrastructure needed to establish trust in digital badges, making them a reliable and credible means of recognizing and showcasing skills, accomplishments, and experiences in the digital world. For instance, in November 2023, O'Reilly Media Inc., a US-based learning company, launched a new digital badging program that enables IT professionals to showcase their skills as demand for high-skill technical roles grows. It is built on the Open Badges 2.0 standard, providing learners with a secure and transparent record of their achievements. The badges are portable and easy to share, allowing learners to demonstrate their proficiency in key areas such as AI across various platforms, including LinkedIn and other social media platforms.
Digital Badges Market Players
Major companies operating in the digital badges market report are Siemens Aktiengesellschaft; Pearson plc; Mozilla Corporation; Skillsoft Corporation; Instructure Inc.; PeopleCert International Ltd.; O'Reilly Media Inc.; International Institute of Business Analysis (IIBA); Parchment Inc.; Ebizon NetInfo Pvt. Ltd.; Accredible Limited; AXELOS Limited; ARMA International; Credly Inc.; Discendum Oy; Badgr by Concentric Sky Inc.; NOCTI Business Solutions; Basno Inc.; Digitary Australia Pty. Ltd.; Learning Vault Pty. Ltd.; Forall Systems Inc; IMS Global Learning Consortium, Inc.; Badge List Pty. Ltd.; BadgeCert Inc.; CertifyMe.Net LLC; Sertifier Inc.; Certif-ID International GmbH; DevSquirrel Technologies Pvt. Ltd.; Hyperstack Pty Ltd; TruScholar Inc.; ForAllSystems Inc.
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Largest And Fastest Growing Region In The Market
North America was the largest region in the digital badges market in 2023. Europe is expected to be the fastest-growing region in the forecast period. The regions covered in the digital badges market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Digital Badges Market Report Structure
3. Digital Badges Market Trends And Strategies
4. Digital Badges Market - Macro Economic Scenario
5. Digital Badges Market Size And Growth
…..
27. Digital Badges Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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