New York, United States , Feb. 12, 2024 (GLOBE NEWSWIRE) -- The Global Digital Badges Market Size is to Grow from USD 0.197 Billion in 2023 to USD 0.942 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 16.9% during the projected period.
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A digital badge is an acknowledged symbol of accomplishments, proficiency, and abilities that could be obtained in a variety of educational settings. They act as a symbol of a skill or achievement that an individual has developed through time. These badges are displayed on websites to confirm their validity and act as authorization for company operations. Their importance in the industry comes from their role as a crucial part of digital credential procedures, which offer online access and achievement and ability verification. A variety of official and informal educational contexts can be used to obtain it. In the global online learning industry, digital badges are becoming more and more common. In simple terms, digital badges contain information on the individual who earned the badge, when and how it was earned, who granted it, its meaning, and, if practical, examples of the work that was needed to get it. The growing importance of staff technology development is a major factor driving the expansion of the worldwide market for digital badges. The necessity for employees to get continuous education and training has been more apparent in recent years, and digital badges have become a generally accepted and useful way to record and reward their accomplishments. However, the lack of IT infrastructure in developing countries is expected to be a barrier to the growth of the global digital badges market. Inadequate IT infrastructure prevents educational institutions from using digital badges.
Browse key industry insights spread across 200 pages with 110 market data tables and figures & charts from the report on the "Global Digital Badges Market Size, Share, and COVID-19 Impact Analysis, By Participation (Recognition, Achievement, Participation, Contribution, Certification, and Others), By Offering (Platform, and Services), By End-user (Corporate, Academic, Government, Non-Profit Organizations, and Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033)."
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The certification segment is anticipated to hold the greatest share of the global digital badges market during the projected timeframe.
Based on the participation, the global digital badges market is divided into recognition, achievement, participation, contribution, certification, and others. Among these, the certification segment is anticipated to hold the greatest share of the global digital badges market during the projected timeframe. This is because online education is growing in popularity, and the certification sector is one of the main factors driving this market's rise. The worldwide digital badges market is dominated by the certification sector, partly due to companies' desire for their staff to select qualified workers based on course certification.
The services segment is anticipated to grow at the fastest pace in the global digital badges market during the projected timeframe.
Based on the offering, the global digital badges market is divided into platform, and services. Among these, the services segment is anticipated to grow at fastest pace in the global digital badges market during the projected timeframe. The increased use of digital badges to recognize and authenticate student achievements has led to an increase in the demand for related services. Because the top companies in the worldwide digital badges market are investing heavily in R&D to expand their product lines, the services category is expanding.
The academic segment is predicted to grow at the highest pace in the digital badges market during the estimated period.
Based on the end-user, the global digital badges market is divided into corporate, academic, government, non-profit organizations, and others. Among these, the academic segment is predicted to grow at the highest pace in the Digital Badges market during the estimated period. This is due to the growing popularity of online learning and certification, which is anticipated to support the expansion of the academic segment in the worldwide market for digital badges. The educational sector has the largest market share, and major players in the field are making significant R&D investments to expand their product lines. This is helping to drive the growth of the academic segment in the global digital badges market.
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North America is expected to hold the largest share of the global digital badges market over the forecast period.
North America is expected to hold the largest share of the global digital badges market over the forecast period. This region is highly competitive, home to renowned educational institutions that have been around for a while, and it is adopting new technology swiftly. The United States and Canada are the two primary contributors to the region known as North America. Due to several factors, including the growth of online education, employers' growing recognition of the advantages of digital badges, the development of open badge standards, and the expansion of digital badge platforms' local availability, the use of digital badges is rapidly growing in North America. North America is expected to control the majority of the global digital badges market due to its abundance of educational and certifying institutions as well as its leadership in the usage of these credentials.
Europe is predicted to grow at the fastest pace in the global digital badges market during the projected timeframe. This is due to the fact that European countries prioritize workforce development and education programs that include digital skills and certifications; thus, there may be an increase in demand for digital badges as a means of identifying and validating these competences. Europe's technologically advanced and inventive environment may help the market for digital badges grow. Advances in e-learning platforms, blockchain technology (which is often used for safe verification of digital credentials), and other related technologies can enhance the efficacy and reliability of digital badges.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Digital Badges Market include Pearson, Skillsoft, Accredible, Ebizon, Badge List, Certif-ID International GmbH., Sertifier Inc., Digitary Australia Pty Ltd., Badgecraft, Basno, Credly, Inc., Nocti Business Solutions, RedCritter Corp., Peoplecert, Parchment, Instructure, Inc., Accreditrust Technologies, and others.
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Recent Developments
- In July 2023, for its Tosa-certified customers, Isograd, a globally accredited provider of digital skills certificates, introduced a new digital badging scheme. After passing the Tosa certification exam, candidates now receive a matching Tosa digital badge.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the Global Digital Badges Market based on the below-mentioned segments:
Global Digital Badges Market, By Participation
- Recognition
- Achievement
- Participation
- Contribution
- Certification
- Others
Global Digital Badges Market, By Offering
- Platform
- Services
Global Digital Badges Market, By End-user
- Corporate
- Academic
- Government
- Non-Profit Organizations
- Others
Global Digital Badges Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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