Dublin, Aug. 22, 2023 (GLOBE NEWSWIRE) -- The "Global Digital Badges Market Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.
The global digital badges market is estimated at USD 0.2 billion in 2023 and is projected to reach USD 0.5 billion by 2028, at a CAGR of 16.5% from 2023 to 2028. Various key players in the ecosystem have led to a competitive and diverse market.
By offering, a platform segment to hold the largest market size during the forecast period
Digital badge platforms offer a wide range of features that simplify the creation, issuance, management, and verification of digital badges. Users can leverage these solutions to design and customize badges using templates and metadata, ensuring unique and informative representations of achievements. The badge issuance process is made convenient, supporting both automated procedures and manual approval workflows. Effective badge management features allow for easy organization, setting of expiration dates, and the ability to update or revoke badges when necessary.
To maintain authenticity, digital badge solutions offer verification mechanisms such as embedded metadata or integration with external verification services. By enabling recipients to display badges on websites, social media profiles, or digital portfolios, these solutions provide opportunities to share accomplishments with peers, potential employers, or educational institutions, promoting recognition and professional growth. Digital badge solutions bring numerous benefits to organizations and individuals alike. For organizations, these solutions provide a tangible and portable method of recognizing and motivating individuals, encouraging ongoing learning and skill development. By enhancing online visibility and credibility, digital badges strengthen the professional profiles of individuals, increasing their chances of career advancement.
Based on services, the professional services segment is expected to register the largest market size during the forecast period
Professional services for digital badges play a crucial role in supporting organizations and individuals in effectively utilizing digital badges. These services provide specialized expertise and guidance in various aspects of digital badges, including strategy development, badge design and development, badge issuance and management, verification and authentication, analytics and reporting, integration with existing systems, and support for recognition and promotion.
By leveraging professional services, organizations and individuals can effectively plan, design, implement, and manage their digital badge programs. Service providers ensure the proper use of digital badges by offering insights, best practices, and technical support throughout the entire lifecycle of the badge program. They help ensure that digital badges align with organizational goals, are visually appealing, credible, and easily verifiable.
Asia Pacific to register the second highest growth rate during the forecast period
The Asia Pacific region is expected to emerge as the fastest-growing market for digital badges and learning solutions. The region has started adopting smart eLearning solutions for academic institutes and corporate houses. Asia Pacific organizations are trying their best to gain better RoI on talent development, fulfill employee learning requirements, offer proper employee training, and receive quantifiable business outcomes.
As many organizations have tight learning budgets, they prefer technology-enabled learning approaches, which are also cost-effective, to impart training and supply resources to their learners. Many learning solution vendors are expanding their reach and exploring opportunities in the Asia Pacific region by offering personalized learning environments and catering to the fluctuating demands of the market. These vendors are enabling the integration of digital badges in their solutions for social learning, mobile learning, and adaptive learning to provide a continuous learning environment.
Research Coverage
The market study covers the digital badges market size across different segments. It aims at estimating the market size and the growth potential across different segments, including offerings (platform and services), type, end-user and region. The study includes an in-depth competitive analysis of the leading market players, their company profiles, key observations related to product and business offerings, recent developments, and market strategies.
The major players in the digital badges market Pearson (UK), Instructure (US), SkillSoft Corporation (US), PeopleCert (UK), Accredible (US), Parchment (US), EbizON (India), and Accreditrust Technologies (US). These players have adopted various growth strategies, such as partnerships, agreements and collaborations, new product launches, enhancements, and acquisitions to expand their footprint in the digital badges market.
Market Dynamics
- Drivers
- Growth in Adoption of Online Education
- Increase in Focus on Employees' Professional Development
- Use of Blockchain for Digital Badges
- Restraints
- Lack of IT Infrastructure in Emerging Economies
- Opportunities
- Growth in Emphasis on Lifelong Learning
- Gamification of the Education Industry
- Challenges
- Lack of Digital Badge Equivalents
- Budget Constraints for Educational Institutions
Industry Trends
- Open Badge Infrastructure
- Ecosystem Analysis
Case Study Analysis
- GMAC Uses Digital Badges to Increase Visibility of Admissions Program
- Truscholar Modernizing WIRC of ICAI
- Jigsawmindz Growing Its Visibility Through Digital Badges
- Hootsuite Uses Digital Badges to Recognize and Reward Learning
Value Chain Analysis
- Government Regulatory Authorities
- Digital Badge Solution Providers
- Service Providers
Pricing Analysis
- Average Selling Price of Key Players
- Average Selling Price Trend
Technology Analysis
- Blockchain
- Metadata
- Big Data
Patent Analysis
- Methodology
- Document Types
- Innovation and Patent Applications
Other Key Insights
- Regulatory Landscape
- Key Conferences & Events
- Porter's Five Force Model
- Trends and Disruptions Impacting Buyers/Clients
Key Attributes
| Report Attribute | Details |
| No. of Pages | 184 |
| Forecast Period | 2023-2028 |
| Estimated Market Value (USD) in 2023 | $0.2 Billion |
| Forecasted Market Value (USD) by 2028 | $0.5 Billion |
| Compound Annual Growth Rate | 16.5% |
| Regions Covered | Global |
Key Topics Covered
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview and Industry Trends
6 Digital Badges Market, by Offering
7 Digital Badges Market, by End-user
8 Digital Badges Market, by Type
9 Digital Badges Market, by Region
10 Competitive Landscape
11 Company Profiles
12 Adjacent/Related Markets
13 Appendix
Companies Mentioned
- Accredible
- Accreditrust Technologies
- Badge List
- Badgecraft
- Basno
- Bestr
- CertifyMe
- Certopus
- Convergence.Tech
- Credsure
- Ebizon
- ForAll Systems
- Hyperstack
- Instructure
- Knowledge Catalyst
- Learning Vault
- LearningTimes
- NOCTI Business Solutions
- Open Badge Factory
- Parchment
- Pearson
- PeopleCert
- Saarni Learning Oy
- Sertifier
- Skillsoft
- TruScholar
- VirtualBadge.io
For more information about this report visit https://www.researchandmarkets.com/r/lrf0h3
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
Attachment
