Dublin, April 08, 2021 (GLOBE NEWSWIRE) -- The "Digital Badges Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" report has been added to ResearchAndMarkets.com's offering.
The digital badges market is expected to register a CAGR of 22.5% during the forecast period (2021 - 2026). A Digital Badge signifies the accomplishments or skills for its holder and these accomplishments and skills can be displayed, accessed, and verified online.
Digital badges are graphical representations of traditional qualifications (certificates and diplomas) but contain blockchain verified metadata that describe the qualification and the process required to earn them. Unlike traditional qualifications, they can neither be copied nor tampered with, and can be easily shared online.
Such badges can be earned in various environments, including online platforms where the number is increasing. According to a 2018 report by the University Professional and Continuing Education Association (UPCEA), one in five institutions now offer digital badges.
As per Mimeo Inc, although the instructor-led face-to-face training still dominates as the training modes used by worldwide learning and development (L&D) departments from 2017 to 2019, the rate of growth of self-paced virtual training is more than instructor-led face-to-face training.
One of the key restraint is the lack of proper IT infrastructure in developing regions such as countries of Africa and Asia, which also results in lack of awareness of digital badges.
The spread of novel coronavirus has lead to an increase in adoption of digital badges since employees and HR alike are focusing in bridging the skills gap due to work from home culture. For instance, IBM saw a 120% increase in earned IBM credentials between April 1 and April 15, 2020, compared with the same time period in 2019.
Key Market Trends
Academic Segment to Occupy a Significant Market Share
- The introduction of digital badges in education has opened up a new and effective way to assess students based on specific learning styles. With badges, students can be rewarded based on overall performance and not just a single test to promote learning.
- Digital badges allows educators to appreciate students for their achievements. These achievements could be related to learning, positive behavior, efforts, skills etc. It can also be awarded to students who are struggling to excel , in order to motivate them and encourage learning.
- Digital badges can be incorporated at all levels and areas of learning including goals and objectives.A group of researchers conducted a study in 2018 to determine the effect of digital badges on setting learning goals and motivating students to achieve them. The result was positive
- Research is exploring whether or not digital badges are effective pedagogical tools as well as how they may be best utilized in higher education settings. Other uses for badges in higher education include virtual credentialing systems that would allow students the ability to showcase newly acquired skills and mastery of new content.
Asia-Pacific to be the Fastest Growing
- The region is witnessing significant growth due to rapid adoption of online learning in India, China and South Korea.
- Owing to large country China with urban-rural gaps used digital learning technology to enhance education equity, quality, and efficiency.According to the Ministry of Education of China, there are more than 10 Massive Open Online Course (MOOC) platforms in China, and over 460 universities and colleges have introduced more than 3,200 online courses through those platforms, with more than 55 million viewers. In addition, over 200 Chinese online courses have joined international MOOC platforms.
- In India, most people residing in remote areas do not have adequate access to skill enhancement and quality learning, Digital badges can play a pivotal role. It can be beneficial for those who are bound by financial instability, physical limitations or commuting issues.
- Owing to the volatile job market in India, MOOC is a cost-efficient way to reskill and upskill. In addition, cheaper and better bandwidth is enabling learners to do online courses more easily and earn digital badges.
- According to mezzomedia, in 2019, 44% used Social media (blog, cafe by Naver, Daum) and 43.6 % used portal for online learning education in South Korea . 69.7 % people used language and 31.7 % used certification as their types of courses for online learning in South Korea in 2019.
- This show that owing to more usage of Korean language in all level , people are interested in learning different languages through online platform which makes them earn digital badges.
Competitive Landscape
The market for digital badges is gradually getting fragmented due to the increasing number of corporates such as IBM and Cisco, who are offering certification programs for their employees as well as the rising focus of colleges and schools on formal as well as informal learning.
- September 2019 - The Occupational English Test (OET), the leading English language test for healthcare professionals, is the first healthcare-regulator approved English language test to award successful test takers with digital badges.
- September 2019 - The Engineering Management Institute (EMI) partnered with digital badging provider Credly through their Acclaim platform to provide its certification holders with a digital badge of their EMI certifications.
- February 2019 - HAP Credentialing Program badges were started issuing both via Acclaim and HPass. These two platforms are complementary.
Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format
- 3 months of analyst support
Key Topics Covered:
1 INTRODUCTION
1.1 Study Assumptions
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Increasing Focus on Online Learning
4.3 Market Restraints
4.3.1 Lack of IT Infrastructure in Developing Regions
4.4 Porters Five Force Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION
5.1 By End-user
5.1.1 Academic
5.1.2 Corporate
5.2 Geography
5.2.1 North America
5.2.2 Europe
5.2.3 Asia Pacific
5.2.4 Rest of the World
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles*
6.1.1 Accredible
6.1.2 Credly Inc.
6.1.3 Concentric Sky Inc.
6.1.4 International Institute of Business Analysis
6.1.5 Skillsoft Corporation
6.1.6 AXELOS
6.1.7 Forall Systems Inc.
6.1.8 ARMA International
6.1.9 ProExam
6.1.10 Portfolium Inc.
6.1.11 Badgecraft
7 INVESTMENT ANALYSIS
8 FUTURE OF THE MARKET
For more information about this report visit https://www.researchandmarkets.com/r/kex1y8