Overview and Scope
Digital badges refer to digital representations of skills, achievements, or experiences earned by an individual. They are often used in online learning environments, professional development programs, or other contexts where individuals seek to demonstrate their competencies or accomplishments.
Sizing and Forecast
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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Segmentation & Regional Insights
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
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.
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Major Driver Impacting Market Growth
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.
Key Industry 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.
The digital badges market report table of contents includes:
1. Executive Summary
2. Digital Badges Market Characteristics
3. Digital Badges Market Trends And Strategies
4. Digital Badges Market – Macro Economic Scenario
5. Global Digital Badges Market Size and Growth
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32. Global Digital Badges Market Competitive Benchmarking
33. Global Digital Badges Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Digital Badges Market
35. Digital Badges Market Future Outlook and Potential Analysis
36. Appendix
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