Digital Badges Market Insights —
The global digital badges market is getting prominence from the evolving semiconductor industry and is expected to show an impressive CAGR of 18% from 2018 to 2023 the forecast period. The market is also set to gain a valuation of USD 213.8 million by the end of the forecast period.
Digital badges are a kind of presentation of an award or achievement for the skills which an individual has gained from a time. These symbolize authenticity and can be seen on websites to certify its originality to provide authority for business processes.
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The significant players in the digital badges market are identified as Credly Inc. (US), Accredible (US), Nocti Business Solutions (US), RedCritter Corp. (US), Accreditrust Technologies LLC (US), Concentric Sky Inc. (US), Forall Systems Inc. (US), Blackboard Inc. (US), Badgecraft (Lithuania), and LearningTimes LLC (US). They are continuously contributing to the market growth.
Market Drivers & Trends
The global digital badges market is witnessing a substantial growth over the years attributed to the swelling adoption of online certification across the IT industry. These online badges carry similar recognition as physical badges and are globally accepted. The online business entity now uses digital badges to make their expertise authentic and reliable to clients. These factors are emerging as a strong component behind the market’s growth during the forecast period.
Applications of badges are abundantly found in the gaming and retail sector with the purpose of tracking the progress of an individual or group. These badges are going excellent in top gaming parts, which portrays authenticity and gathers more people to play, thus gaining traction in terms of importance. The badges are being popular as it has the ability to contain information about the type of badge, for what it has been used as an award so that any individual or a group can identify about the particular game is yet another prime factor contributing towards market growth substantially.
On the flip side, the progress of Digital Badges Market can be restrained in following up growth graph in the foreseeable years owing to deprived IT infrastructure in the developing regions. Such a lack of IT infrastructure is limiting the proliferation of digital badges in educational institutes. The market pursues growth opportunities as online certification has stimulated enterprises to accept digital certifications and badges and has also encouraged old professionals and employees to adopt the latest technologies and get up-to-date in their domain.
The market for digital badges globally has been segmented into type and end-users.
In terms of type, the market includes participation badges, recognition badges, achievement badges, contribution badges, and certification badges.
In terms of end-users, the market includes education, corporate, retail, gaming, transportation, and others. The education segment is further categorized into K-12 and higher studies segment. While, the corporate segment is segmented into small and medium enterprises (SMEs), and large enterprises.
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Detailed Regional Outlook
Region-wise analysis of global digital badges in the study of MRFR includes regions of North America, Europe, Asia-Pacific, and the Rest Of the World (having the Middle East & Africa, and Latin America).
North America is witnessing rapid growth and is also leading the digital badges market. The region is booming with increasing competition among the working professionals for better opportunities, which encouraged certification providers to emerge in this region and provide suitable certification. This is helping in the expansion of the customer base for badges and motivated enterprises to raise their employees to achieve certifications. Here, the U.S is anticipated to lead with digital badges owing to the incidence of several certification providers in the country.
Whereas, the European region may witness a similar growth as North America in support of increasing adoption of online education and certification, which is anticipated to contribute to the digital badges market’s growth. The UK and Italy in this region are to lead the digital badges market during the forecast period.
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