Global Digital Badges Market Size to Reach USD 0.79 Billion in 2032 | Emergen Research
Growth in adoption of online education is a major factor driving global digital badges market revenue growth
Vancouver, Aug. 30, 2023 (GLOBE NEWSWIRE) — The anticipated size of the global market for digital badges is projected to attain USD 0.79 Billion by the year 2032. Throughout the forecast period, an unwavering Compound Annual Growth Rate (CAGR) of 16.5% in terms of revenue is expected, as per the most recent analysis conducted by Emergen Research. The incorporation of blockchain technology into the realm of digital badges is a key factor contributing to the consistent growth in market revenue.
Although blockchain technology has been examined as a solution for digital credentials and certificates, it should be noted that it does not offer a comprehensive solution on its own. Addressing security concerns requires a multi-faceted approach. According to an official recommendation issued by the German Federal Office for Information Security (BSI), “blockchain alone does not completely mitigate security challenges.” Sensitive data requiring long-term protection must undergo specialized safeguarding even within a blockchain framework. The integration of blockchain can be viewed as a supplementary measure to cryptographic methods. These methods are notably more cost-effective to establish and do not impose substantial additional overhead or expenses.
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The expansion of market revenue faces a hurdle due to inadequate information technology (IT) infrastructure in emerging economies. A robust IT infrastructure is a primary driver for the advancement of the digital badge sector. However, the distribution of digital badges within educational institutions is impeded by the deficiency in IT infrastructure. This challenge is particularly pronounced in regions like Africa, where the adoption of digital badges is restricted by the insufficient availability of IT infrastructure and connectivity alternatives. Notably, countries such as Nigeria, Kenya, and Uganda experience limited access to the Internet.
The growth of revenue in the digital badges market encounters an additional constraint, stemming from the absence of clear strategies for developing nations to leverage digital technologies like eLearning, social learning, and adaptive learning. This absence of well-defined roadmaps hinders the effective integration of such digital tools in these countries.
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Scope of Research
|Market size in 2022||USD 0.17 Billion|
|Revenue forecast to 2032||USD 0.79 Billion|
|Base year for estimation||2022|
|Quantitative units||Revenue in USD Billion and CAGR in % from 2023 to 2032.|
|Report coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends.|
|Segments covered||Type, offering, end-use, and region.|
|Regional scope||North America; Europe; Asia Pacific; Latin America; Middle East & Africa.|
|Country scope||North America, Europe, Asia Pacific, LATAM, MEA|
|Key companies profiled||Pearson, Instructure, Skillsoft, Peoplecert, Accredible, Parchment, Ebizon, Accreditrust Technologies, Badge List, Badgecraft|
|Customization scope||10 hours of free customization and expert consultation.|
Major Companies and Competitive Landscape
The global digital badges market is fragmented, with many large and medium-sized players accounting for the majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective digital badges. Some major players included in the global digital badges market report are:
- Accreditrust Technologies
- Badge List
- On 14 March 2023, Sacred Heart University inked a collaborative deal with Coursera, a global platform for online learning and professional development, to increase its offering of micro-credential material. According to school authorities, this agreement is part of the most recent innovation in Sacred Heart University’s academic program and attempts to build and reinforce its students’ institutional and professional abilities. A micro-credential, often known as a digital certificate or badge, is a certification received after completing online coursework. Students can use this practice to explore and enhance their academic and professional interests. Once authorized, the certificate can be added to the student’s curriculum and professional profile, as well as shared on social media.
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Some Key Highlights From the Report
- On 4 February 2021, EduCampus and Digitary were pleased to announce an amendment to the collaborative framework agreement that will allow all EduCampus clients from Irish higher education institutions to use digital badges. Along with the existing Digitary CORE solution for issuing academic credentials such as degree certificates, academic transcripts, European Diploma Supplements (EDS), and other official academic documents, digital badges allow institutions to recognize all types of learners’ skills, competencies, and learning experiences. When used together, it enables institutions to give students a full digital record of their accomplishments and certifications.
- The certification badges segment is expected to account for a significantly large revenue share in the global market over the forecast period. Certification badges are digital credentials that are used to recognize and acknowledge a person’s talents, expertise, and achievements. While they can appear to be the same at first glance, some key differences can help choose whether to use one over the other. Certification badges are a great way to recognize and validate an individual’s specialized abilities or achievements. They can be obtained in a variety of methods and used in a variety of contexts, such as workplaces, educational institutions, or online communities. Badges are a great way to recognize and celebrate an individual’s achievements, and they can also be used to increase motivation and engagement.
- The academic segment is expected to account for largest revenue share in the global market over the forecast period. As higher education institutions navigate unprecedented learning environments and fierce competition, they are constantly on the lookout for strategies that not only remove barriers to academic achievement for learners, but also provide flexibility needed to sustain high levels of student achievement, engagement, and enrolment over time. As a result, digital badges have been gradually accepted as a powerful strategy for attaining these institutional aims while also fostering lifelong learning. A digital badge system can surely help to unify portrayal of positive learning outcomes in higher education. A well-designed and comprehensive system can expose children to new possibilities for academic success and encourage them to explore extra educational options.
- The digital badges market in North America accounted for largest revenue share in 2022 owing to increasing adoption by academic institutions in this region. For example, Syracuse University founded the Office of Professional Acceleration and Microcredentials in 2021 to expand the University’s portfolio of alternative learning credentials, which includes noncredit certificates, courses, and seminars. With the launch of this new workplace comes the introduction of digital badges. While diplomas issued by accredited institutions remain gold standard for credit-bearing certificates and degree courses, digital badges are rapidly becoming a similar norm for recognizing successful completion of professional micro-credentials.
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For the purpose of this report, Emergen Research has segmented the global digital badges market on the type, offering, end-use, and region:
- Type Outlook (Revenue, USD Billion; 2019–2032)
- Certification Badges
- Recognition Badges
- Participation Badges
- Achievement Badges
- Contribution Badges
- Offering Outlook (Revenue, USD Billion; 2019–2032)
- Professional Services
- Managed Services
- End-Use Outlook (Revenue, USD Billion; 2019–2032)
- Higher Education
- Large Enterprises
- Non-Profit Organizations
- Other End-Use
- Regional Outlook (Revenue, USD Billion, 2019–2032)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- Rest of MEA
- North America
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