Digital Badges Market Worth $0.5 billion by 2028, Growing at a CAGR of 16.5% Report by MarketsandMarkets™

Chicago, Aug. 14, 2023 (GLOBE NEWSWIRE) -- 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 a new report by MarketsandMarkets™. The online education industry is transforming rapidly, evident by the growing adoption of digital and social learning. Digital badges have become an integral part of online education.

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226 - Tables
33 - Figures
192 - Pages

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Scope of the Report

Based on Services, managed services is expected to register the fastest growth rate during the forecast period.

Managed services in Digital Badges refer to outsourcing done organizations and individuals for expertise in integration and managing Digital Badges. With expertise and specialized support, service providers bring knowledge and best practices to the implementation and management of badge programs. This saves time and resources, allowing clients to focus on core activities while entrusting badge operations to the service provider. Managed services offer scalability and flexibility, accommodating varying badge volumes and evolving requirements. Additionally, providers enhance badge security and verification, ensuring the integrity and authenticity of credentials. Streamlined operations and efficiency result from the expertise and automation provided by the service provider. Ongoing support and maintenance services address technical issues and ensure smooth system operation. Compliance with data security and privacy regulations is maintained, giving clients peace of mind. Overall, managed services for digital badges enable efficient, secure, and scalable badge programs while providing specialized support and freeing up valuable resources.

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By Type, participation badges to hold the fastest growth rate during the forecast period

Participation digital badges are a type of digital credential that acknowledges an individual's active engagement and involvement in a specific event, program, or community. These badges are typically granted to individuals who have demonstrated dedication, commitment, and meaningful contributions. Participation digital badges offer several advantages. Firstly, they provide individuals with a tangible representation of their active participation and contribution. By earning a participation badge, individuals can visually demonstrate their commitment and dedication to others, such as potential employers or community members.  It also facilitates networking opportunities. They enable individuals to connect with like-minded individuals who share similar interests or experiences. By displaying participation badges, individuals can initiate conversations, establish connections, and expand their personal and professional networks.

Based on region, Europe is expected to hold the second largest market size during the forecast period.

Europe is one of the key contributors to the digital badge market, due to the region’s acceptance of innovations and upcoming technologies. Europe is experiencing growth in the adoption of digital badges. The region has been implementing interactive educational solutions and services to offer academic institutes and corporates a new and effective learning environment. Corporate organizations in this region have showcased more growth than academic institutes because more corporates are emphasizing digital badges for internal usage. As more and more enterprises are discarding the old, traditional methods, digital badges are expected to boost the growth prospects of the market in this region. Europe has a competent technological background that provides cost-effective solutions. Digital badges adoption is extensive in Western and Central Europe, and now covers the entire region with a technology surge throughout Eastern Europe. This further promotes the growth trend in this region. The major countries contributing to the overall growth of the digital badges market in the European region are the UK, Germany, and Spain.

Top Trends in Global Digital Badges Market

The global Digital Badges Market is growing rapidly, and there are a number of key trends that are driving this growth. Some of the top trends in the global Digital Badges Market include:

• Specific abilities and competencies are being validated more and more with the help of digital badges. People look for alternatives to traditional degrees to demonstrate their knowledge as the work market grows increasingly skill-focused. People can use digital badges as a means to show off their expertise in things like coding, project management, data analysis, and more. As lifelong learning becomes essential for professional development and adaptation in the quickly evolving digital landscape, this tendency is especially pertinent today.
• Digital badges are being adopted by many organisations as a way to recognise and authenticate employee professional growth and training. Digital badges provide a technique to gamify learning and encourage staff to finish training courses. Additionally, they help businesses evaluate workers' abilities more precisely and decide on promotions and project assignments with knowledge.
• Micro-credentials are brief, concentrated learning activities that result in the achievement of an online badge. Once stacked or merged, these badges can be used to build a qualification that is more thorough and recognisable. This pattern fits with the rising need for flexible, modular education that enables students to gradually increase their knowledge and credentials.
• The Mozilla-developed Open Badges standard makes it simple to exchange and display badges on various platforms and websites. This standardisation improves the transferability and legitimacy of digital badges, allowing learners to present their accomplishments thoroughly and consistently in a variety of contexts.
• Badge issuing and tracking are made easier by integration between digital badge platforms and learning management systems (LMS). Learners will be able to see a clear path to earning badges as they finish courses and examinations when digital badges are seamlessly linked with the learning journey.
• Some systems are integrating verification procedures, like identity verification and evaluation validation, to increase the authenticity of digital badges. Verified badges are more beneficial for both learners and businesses since they have more weight and credibility.
• Blockchain technology may be used by some platforms to improve the immutability and security of digital badges. By keeping badge data on a blockchain, the possibility of falsification or manipulation is reduced, boosting confidence in the reliability of badges.
• To increase student engagement and motivation, gamification components like collecting points, levelling up, and competing with others are frequently incorporated into digital badge platforms. These "gamified" learning environments motivate students to finish tasks and lessons in order to gain badges.
• Digital badges are not just for use in education. Digital badges are being adopted by sectors outside of academics, such as professional groups, charitable organisations, and certifying authorities, to acknowledge accomplishments and talents in their specialised professions.
• Data gathered in connection with badge issuance and engagement offers insightful information about learner behaviour and preferences. Organisations can use this information to adjust their services to the needs of learners and enhance the efficiency of their training initiatives.

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Key Industry Development

The Digital Badges Market is constantly evolving, with new technologies and solutions emerging all the time. Here are some of the key industry developments that are shaping the market:

• The creation and implementation of open standards, including Mozilla's Open Badges standard, have had a big impact on how the world of digital badges looks today. A standardised method for producing, issuing, and displaying digital badges across many systems and platforms is provided by Open Badges. This programme encourages portability and interoperability, making it simpler for people to highlight their accomplishments in a variety of contexts.
• Popular online learning platforms and learning management systems (LMS) now incorporate digital badges. With this integration, badges can be automatically awarded for finishing particular courses or learning goals. The user experience is improved and learners are motivated to interact more with online educational resources because to this seamless integration.
• In the business world, digital badges are becoming more popular for professional growth, talent verification, and staff training. To recognise and certify employee competencies and to improve employee engagement and career progression prospects, several organisations are using digital badges.
• The possibility of using blockchain technology to improve the reliability and security of digital badges has been investigated. Organisations are attempting to protect the integrity of badge data by utilising blockchain's decentralised and tamper-resistant features, making it challenging for unauthorised parties to fake or modify badge information.
• Micro-credentials are small, specialised badges that students can obtain for mastering particular skills. These micro-credentials can be added to one another to create more thorough qualifications, giving students a modular and adaptable approach to learning and skill development.
• Some sites provide third-party verification services to strengthen the legitimacy of digital badges. This entails collaborating with outside organisations to verify the legitimacy of badges and the abilities they stand in for. The additional layer of trust provided by third-party verification benefits both badge holders and potential employers.
• To match badge offers with industry demands, educational institutions and digital badge producers are increasingly collaborating with businesses and industry groups. These collaborations aid in ensuring the currency and applicability of the abilities represented by badges in the labour market.
• Badge issuers can now customise the look, metadata, and requirements of badges thanks to innovations that are being incorporated into digital badge systems. Organisations are able to design badges that complement their logo and particular learning objectives thanks to this customisation.
• Platforms that grant digital badges put a lot of effort into gathering and examining data about badge engagement, earning trends, and learner behaviour. This data-driven strategy offers schools, employers, and organisations useful insights that assist them improve their services and business plans.
• Gamification strategies are being used by many digital badge platforms to increase learner engagement. Learners are encouraged to actively participate in educational activities in order to gain badges by gamification components like points, leaderboards, and interactive challenges.

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