Digital Badges Market Insights

Digital badges are entities that describe achievements of an individual that can be added to its resume or online documents. These badges are globally accepted and acknowledged by employers and organizations. These badges contain the information about the type of badge, for what it has been awarded, and skills and capabilities required to gain that badge. Owing to technological advancements across the globe, employees seek convenient certification options that aid their technical expertise. Digital badges serve a variety of purposes which include encoraging individuals to participate in various online programs, collaborating individuals or groups to contribute their share to the project, as well as recognize an individual based on its skill set and achievements. The market for digital badges is expected to witness significant growth with a compound annual growth rate (CAGR) of 18% during the forecast period 2018–2023.

Digital Badges Market help individuals track accomplishments at every skill level and behave like small goals that users can work up. These badges are often equivalent to physical badges. Applications of these badges can be found in gaming, retail, and education. The key function of digital badges is to provide motivation. Digital badges encourage individuals to meet smaller goals which then further motivate them to achieve other goals. In education, this can encourage learning. In gaming and professional settings, it can encourage participation. A good example of this was in 2016, where IBM used Open Badges to launch a global training initiative and saw a drastic increase in employee participation. Badges can also be used to provide recognition. For all these reasons and more, digital badges have grown increasingly popular and are being innovatively adopted to encourage individual participation, collaboration, and other functions.

Digital Badges Market Key Players

Credly Inc. (US), RedCritter Corp. (US), Concentric Sky Inc. (US), Nocti Business Solutions (US), Blackboard Inc. (US), Accreditrust Technologies LLC (US), Forall Systems Inc. (US), Badgecraft (Lithuania), LearningTimes LLC (US), and Accredible (US) are among the top level market players identified in the report. MRFR has identified their various strategies and details regarding market presence. Other players include Portfolium Inc. (US), YouTopia (Canada), Basno Inc. (US), Professional Examination Service (ProExam) (US), Badge List (US), Bestr (Italy), EbizOn (India), and Discendum OY (Finland) and others.

Digital Badges Market Segmentation

The global digital badges market has been segmented on the basis of participation badges, recognition badges, achievement badges, certification badges, and contribution badges. Growing online certification has boosted the use of certification digital badges.

End-users of digital badges have been segmented into education, corporate, retail, transportation, gaming, and others. The Education segment consists of K-12 and higher studies. While the corporate segment has been further sub-segmented into small & medium enterprises (SMEs) and large enterprises.

Digital Badges Market Regional Analysis

The global digital badges market consist of key regions such as North America, Asia Pacific, Europe, and the Rest of the World. The Rest of the World includes Latin America, and the Middle East and Africa. Currently, the North American market has captured the largest share of the market. The region is also expected to grow at the highest CAGR during the assessment period. The increasing competition for better job opportunities has encouraged working professionals to take up online certifications, thus driving the demand for digital badges. Moreover, enterprises are encouraging employees to include certifications which are further driving digital badges in the region. The U.S is the leading country-level market due to the vast number of certification providers present in the country.

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Meanwhile, the European market is expected to witness growth with a similar pattern as that of North America. Growing adoption of online education is expected to drive the European market. U.K and Italy are the leading country-level markets in the region.

On the other hand, the market study of the European region shows a stable growth. Countries such as Germany, Italy, and the UK are mainly contributing to the growth of digital badges market. The growing demand for professional development of employees by enterprises is fueling the growth of digital badges in the region.

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