Digital Badges Market Segmentation and Major Players Analysis and Forecast to 2023
Digital badges are a representation of an award or achievement in recognition of skills or milestones that an individual has gained over a period of time. These badges are used in education, gaming, and other enterprises to help acknowledge skills and encourage an individual to reach the next achievement. Market Research Future has carefully reviewed the global digital badge market for the projection period from 2018 to 2023. MRFR's calculations suggest that the market is likely to grow at a highly optimistic CAGR of 18.34% during the review period.
Digital Badges Market help individuals track accomplishments at every skill level and behave like small goals that users can work up. These badges are often equivalent to physical badges. Applications of these badges can be found in gaming, retail, and education. The key function of digital badges is to provide motivation. Digital badges encourage individuals to meet smaller goals which then further motivate them to achieve other goals. In education, this can encourage learning. In gaming and professional settings, it can encourage participation. A good example of this was in 2016, where IBM used Open Badges to launch a global training initiative and saw a drastic increase in employee participation. Badges can also be used to provide recognition. For all these reasons and more, digital badges have grown increasingly popular and are being innovatively adopted to encourage individual participation, collaboration, and other functions.
The presence of poor IT infrastructure in developing regions is expected to hinder the growth of the global digital badges market. However, increasing online certification is encouraging of adoption of digital badges and has also helped older employees cope with the advancement of technology by using game theory.
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Digital Badges Market Key Players
Credly Inc. (US), RedCritter Corp. (US), Concentric Sky Inc. (US), Nocti Business Solutions (US), Blackboard Inc. (US), Accreditrust Technologies LLC (US), Forall Systems Inc. (US), Badgecraft (Lithuania), LearningTimes LLC (US), and Accredible (US) are among the top level market players identified in the report. MRFR has identified their various strategies and details regarding market presence. Other players include Portfolium Inc. (US), YouTopia (Canada), Basno Inc. (US), Professional Examination Service (ProExam) (US), Badge List (US), Bestr (Italy), EbizOn (India), and Discendum OY (Finland) and others.
Digital Badges Market Segmentation
The global digital badges market has been segmented on the basis of participation badges, recognition badges, achievement badges, certification badges, and contribution badges. Growing online certification has boosted the use of certification digital badges.
End-users of digital badges have been segmented into education, corporate, retail, transportation, gaming, and others. The Education segment consists of K-12 and higher studies. While the corporate segment has been further sub-segmented into small & medium enterprises (SMEs) and large enterprises.
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Digital Badges Market Regional Analysis
The global digital badges market consist of key regions such as North America, Asia Pacific, Europe, and the Rest of the World. The Rest of the World includes Latin America, and the Middle East and Africa. Currently, the North American market has captured the largest share of the market. The region is also expected to grow at the highest CAGR during the assessment period. The increasing competition for better job opportunities has encouraged working professionals to take up online certifications, thus driving the demand for digital badges. Moreover, enterprises are encouraging employees to include certifications which are further driving digital badges in the region. The U.S is the leading country-level market due to the vast number of certification providers present in the country.