Digital Badges Market Size, Share, Segments, Key Driving Factors, SWOT Analysis and Forecast By 2027

Posted 2 years ago in BUSINESS.

The digital badges market size will touch USD 213.8 million at a whopping 18.34% CAGR between 2018- 2023, as per the current Market Research Future (MRFR) analysis.

Digital Badges Market Size, Share, Segments, Key Driving Factors, SWOT Analysis and Forecast By 2027

Digital Badges Market Trends/Overview 

The digital badges market size will touch USD 213.8 million at a whopping 18.34% CAGR between 2018- 2023, as per the current Market Research Future (MRFR) analysis. Digital badges, simply put, are a depiction of achievements or awards for an individual’s skills that he/she gained over a period. Certification badges, contribution badges, achievement badges, recognition badges, and participation badges are different digital badges. They have wide applications in different fields, such as transportation, gaming, retail, gaming, corporate, education, and others.

Various factors are propelling the global Digital Badges Market Size share. According to the recent MRFR report, such factors include rising adoption of online learning during the COVID-19 outbreak, increasing focus on employees’ professional development, and the increasing awareness about the development and uses of the blockchain technology. 

On the contrary, poor IT infrastructure in developing regions will limit the global digital badges market growth in the market in the forecast period. 

Market Segmentation

The MRFR report highlights an inclusive segmental analysis of the global digital badges market based on type and end users. 

By type, the digital badges market is segmented into certification badges, contribution badges, achievement badges, recognition badges, and participation badges. 

By end users, the global digital badges market is segmented into transportation, gaming, retail, gaming, corporate, education, and others. The education segment is again segmented into higher studies and K-12. The corporate segment is again segmented into large enterprises and SMEs. Of these, the education segment will lead the market over the forecast period. 

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Regional Analysis

Based on the region, the digital badges market report covers the recent trends and growth opportunities across the Asia Pacific (APAC), North America, Europe, & the Rest of the World (RoW). Of these, North America will dominate the market over the forecast period. The growing competition among working professionals for better opportunities, coupled with the presence of several certification providers in the US is adding to the global digital badges market growth in the region. The US, Mexico, and Canada are adding to the global digital badges market share in the region. 

The global digital badges market in Europe is predicted to hold the second-largest share over the forecast period. The growing adoption of online certification and education is adding to the global digital badges market growth in the region. The UK holds the utmost share in the market. 

The global digital badges market in the APAC region is predicted to grow at a fast pace over the forecast period. Growing adoption of smart eLearning solutions for corporate houses and academic institutes, aim to gain better ROI on talent development, offer the right employee training, fulfill employee learning needs, and receive quantifiable business outcomes are adding to the global digital badges market growth in the region. Additional factors adding market growth include a preference for technology-enabled learning approaches that are cost-effective to supply resources and impart training to learners, availability of personalized learning environments, and integration of such badges for adaptive learning, mobile learning, and social learning to offer a constant learning environment. 

Key Players 

Key contenders profiled in the global digital badges market report include YouTopia (Canada), EbizOn (India), Bestr (Italy), Basno Inc. (US), Badge List (US), Portfolium Inc. (US), Discendum OY (Finland), Professional Examination Service (ProExam) (US), LearningTimes LLC (US), Badgecraft (Lithuania), Blackboard Inc. (US), Forall Systems Inc. (US), Concentric Sky Inc. (US), Accreditrust Technologies LLC (US), RedCritter Corp. (US), Nocti Business Solutions (US), Accredible (US), and Credly Inc. (US). Industry players have incorporated several strategies to stay at the forefront, such as new product launches, mergers and acquisitions, collaborations and joint ventures, strategic alliances, partnerships, geographic expansions, and others. 

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