Newark, Sept. 06, 2023 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the credentialing software market will grow from USD 2.63 Billion in 2022 to USD 6.47 Billion by 2032. The credentialing software market is witnessing a rise in demand due to the proliferation of digital platforms. The increasing number of organizations and educational institutes will substantially grow the credentialing software market.
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Report Coverage Details
| Report Coverage | Details |
| Forecast Period | 2023-2032 |
| Base Year | 2022 |
| Market Size in 2022 | USD 2.63 Billion |
| Market Size in 2032 | USD 6.47 Billion |
| CAGR | 9.43% |
| No. of Pages in Report | 236 |
| Segments Covered | Product Type, Deployment, and Application |
| Drivers | Rising use in customer relationship management |
| Opportunities | Increased investment by organizations |
| Restraints | High cost of deployment |
Key Insight of the Credentialing Software Market
North America to account for the largest market size during the forecast period.
North America will have the most major credentialing software market share during the forecast period. The factors supporting the growth of the regional credentialing software market include the large number of companies installing credentialing software across the region. The growing number of investments by educational institutions in the region provides lucrative opportunities for credentialing software companies.
The cloud identity and access management segment is expected to augment the market during the forecast period.
The product type segment is divided into social customer service and contact centre infrastructure, cloud identity and access management and others. The cloud identity and access management segment is expected to augment the market during the forecast period. Managing identities is becoming increasingly tricky as businesses include more cloud services in their environments. Thus, the demand for cloud identity and access management has increased drastically.
The cloud segment is expected to augment the market during the forecast period.
The deployment mode segment is divided into on-premises and cloud. The cloud segment is expected to augment the market during the forecast period. Companies typically utilize cloud-based computing to enhance functionality, increase capacity or add additional services on demand. Cloud software eliminates the need to install the infrastructure, thus cutting costs.
The background screening segment is expected to augment the market during the forecast period.
The application segment is divided into background screening, electronic credentials storage, continuing education and others. The background screening segment is expected to augment the market during the forecast period. In the past, businesses used on-premises IAM software to manage identity and access controls. Still, as businesses include more cloud services in their environments, managing identities is becoming increasingly difficult.
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Market Dynamics
Driver: The rising need for automating the process
Credentialing software enables technology automation to make the various phases of the credentialing process more efficient. This entails confirming credentials, reviewing references, and meeting all legal criteria. Data about professional credentials are collected, stored, and verified using automation techniques and software. The credentialing software depends on contemporary credential management systems. These technologies make it possible to handle and validate credentials effectively. They make it easier to securely store and retrieve credential data, which is crucial for guaranteeing adherence to industry standards. Integration with primary source verification, accountability reporting tools, and automated alerts for credentials that are about to expire are all common components of credential management systems.
Restraint: Data privacy issues
Organizations are reluctant to share their business ideas with third-party providers openly. In the last ten years, many more instances of cyber data hacking have occurred. There have been numerous instances of verified platforms being found guilty of utilizing end-user data. These issues thereby underline the danger of disclosing sensitive information to software developers. This also coincides with the advantage of regularly using these platforms.
Opportunity: Increasing penetration of social media
Social media networks have revolutionized marketing, and this number is expected to rise as affordable mobile device availability increases. The increased use of mobile devices is primarily responsible for social media's global expansion. Many social media management companies are deploying credentialing software for managing digital credentials that may come with content libraries of various template types and capabilities for brand customization. To track and share all credentials effectively, these solutions offer connectors with corporate LMS, LinkedIn, and other social network accounts. Additionally, social media management requires that all documents and accreditations are accessible and secure while securely storing user data by GDPR, CCPA, and other privacy laws. Thus, with the increasing penetration of social media, management companies are investing lucratively in the credentialing software market.
Challenges: Lack of awareness
Many consumers want to refrain from investing in credentialing software, even if it provides advantages. In developing regions such as Asia-Pacific, the Middle East, and Latin America, there needs to be more awareness of the deployment of credentialing software. In underdeveloped and developing countries, many mid and small-scale companies must be aware of credentialing software uses. This leads to the underutilization of credentialing software, which limits the ROI of its investment.
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Some of the major players operating in the credentialing software market are:
• Kareo
• OurRecords
• Modio Health
• Hyland Software
• Echo
• Vistar Technologies
• BairesDev
• Symplr
• MidasPlus
• Global Credential Evaluators, Inc
• IntelliSoft Group
• Covenant Technology Group
Key Segments Cover in the Market:
By Product Type:
• Social Customer Service and Contact Center Infrastructure
• Cloud Identity and Access Management
• Others
By Deployment:
• On-Premises
• Cloud
By Application:
• Background Screening
• Electronic Credentials Storage
• Continuing Education
• Others
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed global, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes Porter's five forces model, attractiveness analysis, product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients' objectives of high-quality output within a short span of time. We provide both customized (clients' specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients' requirements whether they are looking to expand or planning to launch a new product in the global market.
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