Digital Badges Market to exceed $1.1 Bn by 2032, Says Global Market Insights Inc.
Major digital badges market participants include Credly, Inc. Accredible, Badgr by Concentric Sky, Badge List, Open Badge Factory, Portfolium (acquired by Instructure), Badgecraft, Digitalme (part of City & Guilds Group), Discendum
Selbyville, Delaware, April 23, 2024 (GLOBE NEWSWIRE) --The digital badges market valuation is predicted to reach USD 1.1 billion by 2032, as reported in a research study by Global Market Insights Inc.
The increasing adoption of online learning platforms is a significant driver propelling the industry growth. With the global shift towards remote learning and digital education, traditional educational institutions, corporations, and individuals are increasingly turning to online platforms to acquire knowledge and skills. As per estimates, over 93% of global companies are either adopting or have already adopted e-learning, with 77% utilizing it to improve workflow efficiency and acquire sought-after skills.
This trend has been further accelerated by technological advancements, accessibility, and the flexibility offered by online learning environments. As a result, there is a growing demand for digital badges to validate and showcase the skills obtained through these platforms.
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Digital badges market from the platform offering segment will witness substantial growth by 2032. This can be attributed to educational institutions, corporations, and online learning platforms increasingly leveraging digital badge platforms to design, issue, and manage badges effectively. These platforms offer customizable badge designs, secure credentialing, and seamless integration with learning management systems (LMS) and other digital platforms. Moreover, advanced features, such as blockchain-based verification and real-time analytics are enhancing the credibility and utility of digital badges, further driving the adoption of these platforms.
Participation-based digital badges market will expand rapidly till 2032, as they are awarded to individuals based on their active engagement, participation, and contributions within online communities, forums, and collaborative platforms. With the proliferation of online communities and social learning networks, the demand for participation badges has surged. Organizations are utilizing these badges to incentivize engagement, foster collaboration, and recognize the contributions of community members. Additionally, participation badges serve as valuable indicators of an individual's soft skills, such as communication, teamwork, and leadership for enhancing their overall digital profile.
Asia Pacific digital badges market will witness significant expansion up to 2032, driven by rapid digitization initiatives and the burgeoning demand for skill development. Countries, such as China, India, and South Korea are witnessing a surge in online learning platforms and edtech startups, creating a conducive environment for the adoption of digital badges. Furthermore, government-led initiatives are helping in promoting digital literacy and workforce development. As Asia Pacific emerges as a key hub for digital innovation and talent development, the demand for digital badges is projected to escalate, further offering growth opportunities for the regional market players.
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Major companies operating in the digital badges market include, Credly, Inc. Accredible, Badgr by Concentric Sky, Badge List, Open Badge Factory, Portfolium (acquired by Instructure), Badgecraft, Digitalme (part of City & Guilds Group), Discendum. Continuous innovations in badge design and functionality to offer unique features and value propositions along with strategic partnerships and collaborations with educational institutions, employers, and certification bodies are helping these companies to gain competitive advantages.
For instance, in April 2023, Accredible teamed up with Cengage to provide digital badges and microcredentials to address the skills gap. Through Cengage's MindTap platform, students in Introduction to Computing courses can earn badges by showcasing proficiency in Microsoft Office 365 skills.
*Partial chapters of report table of contents (TOC):*
Chapter 1 Methodology & Scope
1.1 Market scope & definition
1.2 Base estimates & calculations
1.3 Forecast calculation
1.4 Data Sources
1.4.1 Primary
1.4.2 Secondary
1.4.2.1 Paid sources
1.4.2.2 Public sources
Chapter 2 Executive Summary
2.1 Digital badges market 360º synopsis, 2018 - 2032
2.2 Business trends
2.2.1 Total Addressable Market (TAM), 2024-2032
2.3 Regional trends
2.4 Offering trends
2.5 Type trends
2.6 End user trends
Chapter 3 Digital Badges Market Insights
3.1 Industry ecosystem analysis
3.2 Supplier Landscape
3.3 Profit margin analysis
3.4 Technology innovation landscape
3.5 Patent analysis
3.6 Key news and initiatives
3.7 Regulatory landscape
3.8 Impact forces
3.8.1 Growth drivers
3.8.1.1 Growing shift towards online learning
3.8.1.2 Rising digital transformation in organizations
3.8.1.3 Increasing gamification in education sector
3.8.1.4 Incorporation of blockchain technology with digital badges
3.8.1.5 Rising focus on employee’s professional development
3.8.2 Industry pitfalls & challenges
3.8.2.1 Low presence of IT infrastructure in developing countries
3.8.2.2 Limited acceptance of digital badges across universities
3.9 Growth potential analysis
3.10 Porter’s analysis
3.11 PESTEL analysis
Chapter 4 Competitive Landscape, 2023
4.1 Introduction
4.2 Company market share, 2023
4.3 Competitive analysis of major market players, 2023
4.3.1 Accredible
4.3.2 Credly Inc.
4.3.3 Instructure Holdings, Inc.
4.3.4 International Institute of Business Analysis
4.3.5 Skillsoft Corporation
4.3.6 Nocti Business Solutions
4.3.7 Forall Systems Inc.
4.4 Competitive positioning matrix, 2023
4.5 Strategic outlook matrix, 2023
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*About Global Market Insights Inc.*
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
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