Global Digital Badges Market: Overview
The digital badges market has been receiving increasing momentum from the rapid strides being made by the online learning and education industry across the world. Digital badges have gained popularity in the industry from their role as a key subset of digital credential mechanism that allows one to access and verify skills and accomplishments online. Digital badges can be earned in a range of learning environments, including formal as well as informal settings. These badges are fast gaining attraction in the online learning industry but the market is still considered in nascent stages, probably due to the lack of clarity in their applications.
Various services and platforms associated with awarding of digital badges are offered to corporates and those in the education industry. These credentials can be demanded by or awarded to a wide range of entities such those pursuing credentials of achievements in higher education, executive education, MOOCs, associations, training programs, and bootcamps. They can be verified by interested stakeholder by accessing meta-data and in easy to understand visual format.
The insights offered in the study help participants shed light on the current trends shaping new frontiers in the global digital badges market. The critical assessment of demand dynamics of digital badges in various regions help in gives in-depth idea of key untapped application segments.
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Global Digital Badges Market: Trends and Opportunities
The rising demand for digital learning and social learning through online media is an important trend bolstering the demand for digital badges. The digital badges market is also benefitting from rising volumes of investments by companies on the professional skills development of their employees. This is a crucial trend in various industries. The growing shift toward gamification of the learning and education industry, especially in developing and developed countries, has created lucrative avenues in the market. The increasing focus of professionals on the need for constantly upgrading their skill sets is catalyzing the expansion of the global digital badges market. The advent of professional development programs by prominent ERP providers such as SAP, Oracle, SAS, and IBM is fueling the swift expansion of the digital badges market.
However, the prospects in the global digital badges market are hampered by the paucity of robust infrastructure in several emerging regions. The slow pace adoption of digital credential programs in Africa is a case in point. Moreover, the lack of universal acceptability across institutions and countries is a key challenge for providers of digital badges in various parts of the world. Nevertheless, the growing trend toward gamification has more people in its ambit.
Global Digital Badges Market: Regional Outlook
Based on regional outlook, developing regions, are expected to be potentially attractive markets for digital badges. The growth is fueled by rapid pace new product launches and improvements. The growing focus of employers on talent development is also expected to boost these regional markets. Developed regions, such as the U.S., are expected to witness new avenues in the market. This is attributed to the numerous products being constantly launched to meet a wide variety of needs of skills and learning of end users.
Key Players Mentioned in the Report
The growing number of strategic partnerships by various players is focused on delivering end to end solutions. Several vendors are engaging in strategic tie ups and partnerships to expand their product portfolio, with an aim on consolidating their geographic outreach. Some of the key players operating in the global digital badges market are Badgecraft, Forall Systems, Portfolium, Discendum, ProExam, and Credly.
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The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
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