Northbrook, IL 60062 -- (SBWIRE) -- 08/03/2023 -- The global Digital Badges Market size 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, according to research report by MarketsandMarkets™.

The digital badge system helps in promoting the professional development and recognizing the employee skills in a transparent manner. It is designed to motivate employees to participate in the professional development program and acknowledge their completion of learning programs.

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By end user, academic segment is estimated to account for the largest market share in 2023.

Digital badges have gained popularity in academic settings due to their numerous advantages for educational institutions and learners. These badges serve as digital representations of specific achievements or skills earned by students. They offer micro-credentialing, recognizing granular accomplishments beyond traditional grades or degrees. Digital badges serve as motivators, encouraging student engagement and progress. They support personalized learning by aligning with individual pathways and interests. Portability and shareability make it easy for students to showcase their badges on various platforms, enhancing their digital presence. Moreover, digital badges provide evidence of skills and competencies, boosting students' employability. They promote lifelong learning, provide feedback and assessment, and foster collaboration and recognition within academic communities. By incorporating digital badges, academic institutions can enhance motivation, personalize learning experiences, and provide valuable credentials to students.

By type, certification badge is expected to register the largest market size during the forecast period.

Certification digital badges are digital credentials that verify an individual's successful completion of a specific training program, course, or certification. These badges serve as a visual representation of the individual's mastery of knowledge and skills in a particular area. They are typically issued by educational institutions, professional organizations, or industry bodies. Certification badges serve as a valuable tool for career advancement. They demonstrate a commitment to continuous learning and professional development, which is highly valued in many industries. These badges can open new job opportunities, promotions, or higher salaries, as they validate the individual's specialized knowledge and skills. certification badges contribute to building professional networks and communities Furthermore, certification digital badges provide a convenient and easily shareable form of credential. They can be displayed on professional websites, social media profiles, or online portfolios, making it easier for individuals to showcase their qualifications to a wider audience. Certification badges also benefit employers and clients by providing a reliable means of evaluating a candidate's qualifications. These badges offer a quick and visual way to assess an individual's expertise, streamlining the hiring or selection process.

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Middle East and Africa is expected to have the second-highest growth rate

In comparison to other regions, such as Europe and Asia Pacific, the Middle East & Africa is embracing Digital Badges solutions and services at a slower rate. Middle East & Africa is experiencing technology-driven education trends, as governments in the region are making efforts to improve the education sector. Kuwait is also supporting eLearning across its schools, and as part of the e-education plan, it has even digitalized all school textbooks. Turkey, too, has adopted an education supporting initiative and planned to provide tablets to more than 15 million students across 40,000 schools by 2022. Qatar is also in support of eLearning for its students and offered personal learning devices to students as part of its e-education initiatives. These developments show that the Middle East is already on its way to digitalize its education processes, backing it up the eLearning trend and moving the education sector toward innovations.

Market Players

The major vendors covered in the Digital badges Pearson (UK), Instructure (US), SkillSoft Corporation (US), PeopleCert (UK), Accredible (US), Parchment (US), EbizON (India), Accreditrust Technologies (US), Badgecraft (Lithuania), Badge List (US), Bestr (Italy), Basno (US), Saarni Learning Oy (Finland), ForAllSystems (US), LearningTimes (US), Nocti Business Solutions (US), Knowledge Catalyst, Learning Vault, Hyperstack (US), TruScholar (India), CredSure.io (Germany), CertifyMe (US), Convergence.Tech (Canada), Open Badge Factory (Finland), Sertifier (US), Certopus (India), and Virtualbadge.io (Germany).

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Key Dynamic Factors For Digital Badges Market:

The digital badges market has been experiencing significant growth due to advancements in technology, changes in education and training paradigms, and increasing demand for skill validation in various industries. Here are some key dynamic factors that were influencing the digital badges market:

The popularity of digital badges as a way to recognise and authenticate learners' abilities and accomplishments has been fueled by the evolution of the education and learning landscape, which includes the move towards online and remote learning as well as the emergence of Massive Open Online Courses (MOOCs) and micro-credentials.

Workforce development and employability: As the job market grows more competitive, professionals and job seekers are looking for ways to stand out and show employers their competencies. Digital badges give people a concrete and verified way to demonstrate their qualifications and talents.

Industry and Organisational Recognition: A number of sectors, including IT, healthcare, and education, have begun to acknowledge the value of digital badges as a tool for skill validation and professional growth. Digital badges are already being included into training and development programmes by organisations.

Gamification and Engagement: Digital badges, which are frequently presented in an engaging and gamified way, can encourage students to finish courses and reach particular milestones. It is because of this engagement factor that badges are so well-liked in training and educational environments.

Standardisation and Credential Transparency: By establishing standardised metadata and frameworks, such as Open Badges, it has been possible to increase the credibility and interoperability of digital badges across various institutions and platforms, making them more dependable and transferable.

EdTech and Learning Platforms: As educational technology and learning platforms have proliferated, it has been simpler for organisations and educators to produce, distribute, and manage digital badges, which has accelerated their popularity.

Initiatives for Lifelong Learning and Continuous Learning: As the value of lifelong learning and continuous learning is increasingly acknowledged, digital badges play a critical role in validating and recognising abilities obtained through informal and non-traditional learning channels.

Remote Work and Remote Hiring: Verifiable credentials, like digital badges, are now even more crucial when evaluating a candidate's skills and competence due to the growth of remote work arrangements and virtual recruitment processes.

Blockchain Integration: To increase the security and immutability of digital badges, ensure their authenticity, and thwart fraudulent activities, certain platforms have begun utilising blockchain technology.

Competitive and Segmentation Analysis:

The market for digital badges is a vibrant and competitive environment, with a variety of vendors providing solutions for various market sectors. According to end-users, platform kinds, badge types, and verticals, the market can be segmented. Education (K–12, higher education, MOOCs, and e-learning platforms), professional and business training, and non–profit organisations are examples of end-users. Platform categories include learning management systems (LMS) and education technology (EdTech) platforms, as well as independent platforms for awarding badges. Badge categories include participation, competency, achievement, and skill-based badges. Information technology (IT), healthcare, retail, finance, manufacturing, government, and other industries are among those that have implemented digital badges.

The companies offering LMSs, education technology providers, certification and credentialing agencies, as well as businesses with internal badge programmes, make up the competitive landscape. Companies like Credly, Acclaim, Accredible, Badgr, Open Badge Factory, and Badgecraft are examples of important stakeholders. In the market, LMS providers like Moodle, Canvas, Blackboard, and Schoology also have a big impact. Other significant stakeholders include providers of educational technologies like Coursera, Udemy, edX, and FutureLearn. Additionally, organisations that recognise and accredit talents, including CompTIA, Cisco, Microsoft, IBM, and Adobe, are using digital badges.

Platform functionality and features, badge standardisation and interoperability, partnerships and system integration, reputation and trust, pricing and business models, customer support and service, and ongoing innovation and adaptability all have an impact on the competition. Businesses who provide complete features, follow generally recognised badge standards, and forge solid alliances with businesses and educational institutions have an advantage over rivals. Additionally important factors in increasing market share include reputation, pricing, and customer service.

Innovation and adaption to new trends are crucial for businesses to be competitive as the market for digital badges continues to change. Additionally, customer reviews and testimonials offer insightful information about the advantages and disadvantages of various suppliers. Maintaining an edge and meeting the changing needs of diverse end-users and industries seeking verifiable and real talent certification requires constant monitoring of the competitive landscape.

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