Digital Badges Market

Market Overview:

The global digital badges market size reached US$ 191.4 Million in 2023. Looking forward, IMARC Group expects the market to reach US$ 851.3 Million by 2032, exhibiting a growth rate (CAGR) of 18.04% during 2024-2032. The growing need for upgrading skills, rising use of e-learning and distance education, and increasing number of schools, colleges, and other educational institutes around the world are some of the major factors propelling the market.

Digital badges are indicators of achievements, skills, qualities, and interests that are earned by individuals during their learning environments. They have embedded metadata that provides richer validation of qualifications and information about the badge issuer, receiver, issue date, and expiration date. They are time saving, easily sharable, verifiable, and accessible in the digital formats. They assist in motivating and encouraging participants to achieve more success in work. As they aid in maintaining a competitive standard among students or employees, the demand for digital badges is increasing across the globe.

At present, rising utilization of digital badges, as they are easy to create through different tools and platforms, are one of the key factors supporting the growth of the market. Besides this, the growing demand for digital badges, as they provide instant recognition for achievements, is positively influencing the market. In line with this, the rising adoption of digital badges among various companies that provide interactive learning experiences to employees are offering lucrative growth opportunities to industry investors. Apart from this, the growing demand for badges that provide convenience, flexibility, and affordability to individuals while showcasing their skills is offering a positive market outlook. Furthermore, the increasing adoption of digital badges, as they are secure, tamper-proof, and more credible as compared to traditional badges, is strengthening the growth of the market.

Digital Badges Market Trends/Drivers:

Growing preferences for upgrading skills positively influencing the market

There is a rise in the awareness among individuals about upgrading skills and knowledge for better performance in the working environment. They are preferring digital badges, as they are easily verified in real-time without any hassle. There is also an increase in the adoption of digital badges, as they allow hiring managers to easily see acquired competencies. Digital badges benefit earners to differentiate themselves while showing their validated skills. Moreover, upgrading skills create an impressive look in the curriculum vitae (CVs) and reveals passion for continuous learning of individuals. Students are also rapidly upgrading their skills so they can be promoted to higher studies.

Rising popularity of e-learning and distance education propelling the market growth

There is a rise in the shift towards e-learning and distance education among individuals, as they are highly convenient. Students are learning various short term online courses to enhance their performance, productivity, and skills. Employees are also shifting towards e-learning courses to maintain job retention in companies. Various companies are offering digital badges to individuals learning different programs. In addition, there is an increase in the demand for digital badges due to the rising competition among the masses across the globe. Apart from this, the increasing adoption of e-learning and distance education on account of the growing trend of digitalization worldwide is catalyzing the demand for digital badges.

Increasing number of educational institutes is bolstering market growth  

The increasing utilization of digital badges among schools, colleges, universities, and other educational institutes to motivate students and members and acquire new skills is contributing to the growth of the market. Educational institutes are also providing digital badges on the basis of overall achievement rather than simply a single test. These digital badges are provided by educational institutions from the primary level to higher level education systems. There is also a rise in the demand for digital badges to provide an enhanced representation of skills of individuals as compared to traditional certificates and degrees. In addition, the increasing utilization of digital badges in educational institutes to promote a learner-centric education ecosystem system is positively influencing the market.

Digital Badges Industry Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the global digital badges market report, along with forecasts at the global, regional, and country levels from 2024-2032. Our report has categorized the market based on type, component, and end user.

Breakup by Type:

• Participation
• Recognition
• Achievement
• Contribution
• Certification
   

Certification dominates the market

The report has provided a detailed breakup and analysis of the digital badges market based on the type. This includes participation, recognition, achievement, contribution, and certification. According to the report, certification represented the largest segment as several companies are providing certification courses to the employees that allow them to select skilled candidates among the huge numbers. Moreover, these certification digital badges assist in creating enhanced opportunities for employees and businesses.

Various companies are offering digital badges on the basis of participation in programs to recognize soft and technical skills, which is positively influencing the market. In addition, the rising adoption of digital participation badges, as they assist learners to participate more in activities, is supporting the growth of the market.

Breakup by Component:

• Platform
• Services
  • Professional Services
  • Managed Services
     

Platform accounts for the majority of the market share

The report has provided a detailed breakup and analysis of the digital badges market based on the component. This includes platform and services (professional services and managed services). According to the report, platform represented the largest segment.

Digital badge platforms allow the simple and quick creation of badges, which is influencing the market positively. Besides this, rising adoption of online platforms to build, validate, collect, issue, and administer digital badges are bolstering the growth of the market. In line with this, the increasing utilization of digital badges on various online platforms to offer convenience and ease to individuals across the globe is contributing to the growth of the market.

Various companies are offering services and tools for managing badges, which is offering a positive market outlook. In addition, rising adoption of services, as they assist in advertising the badges, are contributing to the growth of the market. Besides this, the increasing utilization of services to handle digital credential programs are supporting the growth of the market.

Breakup by End User:

• Academic
  • K-12
  • Higher Education
• Corporate
  • Small and Medium Enterprises
  • Large Enterprises
     

Academic holds the biggest market share

A detailed breakup and analysis of the digital badges market based on the end user has also been provided in the report. This includes academic (K-12 and higher education) and corporate (small and medium enterprises and large enterprises). According to the report, academic accounted for the largest market share.

Rising use of digital badges in the academic area for achieving eligibility of university credits without any need to submit traditional transcripts are strengthening the growth of the market. In addition, governing agencies of various countries are encouraging the adoption of digital badges by implementing them in academic institutions, which is supporting the growth of the market. 

Corporate offices are using digital badges to retain a competitive environment among employees. In line with this, the rising adoption of digital badges in offices, as they aid in streamlining the recruitment process and ensuring the successful boarding of new talent in the organization, is contributing to the growth of the market. Furthermore, the increasing need to enhance professional development and engagement among workers is bolstering the growth of the market.    

Breakup by Region:

• North America
  • United States
  • Canada
• Europe
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Others
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Others
• Latin America
  • Brazil
  • Mexico
  • Others
• Middle East and Africa
   

North America exhibits a clear dominance, accounting for the largest digital badges market share

The report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Europe (Germany, France, the United Kingdom, Italy, Spain, and others); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa.

North America held the biggest market share due to the increasing competition among working professionals to gain better opportunities. In addition, the rising adoption of digital badges by small and medium scale enterprises (SMEs) for the skill development of employees is bolstering the growth of the market.

Asia Pacific is estimated to expand further in this domain on account of the thriving information technology (IT) sector. Besides this, the increasing adoption of online skills programs among individuals are contributing to the growth of the market. In line with this, rising utilization of cost-effective and technology-based learning approaches are strengthening the growth of the market. Apart from this, the increasing adoption of smartphones, along with the ease of internet facilities, is supporting the growth of the market in the region.

Competitive Landscape:

Key players are introducing new digital certification badges that are designed to showcase the professional achievements of their learners on various social media platforms. In addition, major manufacturers are launching free online academic programs on fifth generation (5G) and digital technology for all students at the tertiary level. These programs provide digital badges to students after clearing all the assessments. Apart from this, they are introducing new digital badge programs that provide participants with an enhanced experience and allow them to share skills on resumes. In line with this, various companies are engaging in partnerships and collaborations to bring verifiable, secure, and shareable credentials that provide convenience to users.

The report has provided a comprehensive analysis of the competitive landscape in the global digital badges market. Detailed profiles of all major companies have also been provided. Some of the key players in the market include:

• Accredible 
• Badge List   
• Badgecraft
• Basno
• Credly, Inc. (Pearson plc)
• Instructure, Inc.
• Nocti Business Solutions
• RedCritter Corp.

Recent Developments:

• In April 2018, Credly Inc. announced the acquisition of Pearson’s Acclaim badging business to provide most comprehensive solution suite for skill recognition, credential verification, and talent management.
• In March 2023, Accredible announced the launch of Pathways, which allow learners to map multi-course learning pathways to their career goals.
• In December 2022, Instructure Inc, acquired LearnPlatform, the leading provider of technology that allows educators and their institutions to research, select, and evaluate digital learning solutions.

Digital Badges Market Report Scope:

Key Questions Answered in This Report:

• How has the global digital badges market performed so far, and how will it perform in the coming years?
• What are the drivers, restraints, and opportunities in the global digital badges market?
• What is the impact of each driver, restraint, and opportunity on the global digital badges market?
• What are the key regional markets?
• Which countries represent the most attractive digital badges market?
• What is the breakup of the market based on the type?
• Which is the most attractive type in the digital badges market?
• What is the breakup of the market based on the component?
• Which is the most attractive component in the digital badges market?
• What is the breakup of the market based on the end user?
• Which is the most attractive end user in the digital badges market?
• What is the competitive structure of the global digital badges market?
• Who are the key players/companies in the global digital badges market?

Key Benefits for Stakeholders:

• IMARC’s report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the digital badges market from 2018-2032.
• The research study provides the latest information on the market drivers, challenges, and opportunities in the global digital badges market.
• The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
• Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the digital badges industry and its attractiveness.
• Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.