Digital Badges Global Market Report 2024

The digital badges market size has grown exponentially in recent years. It will grow from $0.52 billion in 2023 to $0.65 billion in 2024 at a compound annual growth rate (CAGR) of 24.3%. The expansion observed during the historical period can be attributed to several factors, including heightened adoption within formal education settings, the proliferation of online learning platforms, increased utilization of mobile devices for learning purposes, the growing trend of gamifying learning experiences, and a notable surge in digital learning initiatives.

The digital badges market size is expected to see exponential growth in the next few years. It will grow to $1.57 billion in 2028 at a compound annual growth rate (CAGR) of 24.6%. Growth is expected in corporate training adoption, alternative credentialing, lifelong learning focus, personalized pathways, and globalized education and workforce. Major trends include blockchain integration, LMS integration, enhanced analytics, customization, and talent management system integration.

The digital badges market is anticipated to experience significant growth due to increased emphasis on professional development and recognition. Professional development involves acquiring and enhancing skills, knowledge, and experiences relevant to one's career, while recognition acknowledges individuals for their achievements and contributions. Digital badges offer a portable and verifiable way to showcase these skills and accomplishments, making them valuable assets for individuals in their careers. For example, a study conducted by Treetop Therapy in 2022 found that 68% of companies incorporate e-learning courses in their employee training programs, indicating the widespread acceptance of online learning for professional advancement. This trend is further supported by the growing adoption of online learning platforms, with over 98% of US firms planning to integrate online learning into their programs by 2022. As a result, the increasing focus on professional development and recognition is driving the growth of the digital badges market.

Leading companies in the digital badges market are concentrating on developing advanced solutions, such as verifiable digital credentials, to enhance user experience and engagement. Verifiable digital credentials are cryptographic representations of qualifications, achievements, or attributes that can be securely verified. These credentials establish trust in digital badges, making them reliable indicators of skills and accomplishments in various domains. For instance, O'Reilly Media Inc. launched a digital badging program in November 2023, allowing IT professionals to demonstrate their skills in high-demand technical roles such as AI. The badges are based on the Open Badges 2 standard, providing learners with a transparent record of their achievements that can be easily shared across platforms like LinkedIn and other social media platforms.

In January 2022, Pearson, a UK-based education and publishing company, acquired Credly for $200 million, aiming to bolster its presence in the workforce skills sector. Credly is a US-based platform specializing in issuing, earning, and sharing digital badges and credentials. This acquisition enhances Pearson's capabilities in workforce analysis, learning, and assessment, aligning with the growing demand for credible digital credentials in the professional development landscape.

Major companies operating in the digital badges market are Siemens Aktiengesellschaft, Pearson plc, Mozilla Corporation, Skillsoft Corporation, Instructure Inc., PeopleCert International Ltd., O'Reilly Media Inc., International Institute of Business Analysis (IIBA), Parchment Inc., Ebizon NetInfo Pvt. Ltd., Accredible Limited, AXELOS Limited, ARMA International, Credly Inc., Discendum Oy, Badgr by Concentric Sky Inc., NOCTI Business Solutions, Basno Inc., Digitary Australia Pty. Ltd., Learning Vault Pty. Ltd., Forall Systems Inc, IMS Global Learning Consortium, Inc., Badge List Pty. Ltd., BadgeCert Inc., CertifyMe.Net LLC, Sertifier Inc., Certif-ID International GmbH, DevSquirrel Technologies Pvt. Ltd., Hyperstack Pty Ltd, TruScholar Inc., ForAllSystems Inc.

North America was the largest region in the digital badges market in 2023. Europe is expected to be the fastest-growing region in the forecast period. The regions covered in the digital badges market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the digital badges market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Digital badges serve as digital representations of an individual's skills, achievements, or experiences, typically earned in online learning environments, professional development programs, or similar contexts aimed at showcasing competencies or accomplishments.

The primary components of digital badges encompass platforms and services. A digital badge platform functions as an online system facilitating the creation, issuance, and management of digital badges to acknowledge achievements or skills. These badges come in various types, including participation, recognition, achievement, contribution, and certification, catering to a wide array of applications such as military, entertainment, gaming, education, corporate training, healthcare, retail, and sports. These badges are utilized by a diverse range of end users, including individuals, governments, academic institutions, non-profit organizations, and corporations, among others.

The digital badges research report is one of a series of new reports that provides digital badges market statistics, including the digital badges industry's global market size, regional shares, competitors with a digital badges market share, detailed digital badges market segments, market trends and opportunities, and any further data you may need to thrive in the digital badges industry. This digital badges market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The digital badges market includes revenues earned by entities by providing services such as recognition of achievement, credentialing, verification and authentication, skill development tracking, facilitating collaboration, and professional development within communities of practice. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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