Growing need to expand the skills and knowledge of students or employees in different fields has led to an increased adoption of e-learning, thereby driving the demand for digital badges. Additionally, with global acceptance of digital badges on diverse range of media platforms, there is a significant growth in the number of individuals that are applying for eLearning courses across the globe. These factors are anticipated to drive the growth of digital badges market in upcoming years.
With growing technological advancements and rising competition in IT industries pertaining to continuous need of learning new technologies in order to stay ahead of the game is driving many government bodies and companies to invest significantly on honing the skills of individuals, further promoting the acceptance for digital badges. These are some of the notable factors that are driving the growth of the market.
The market is anticipated to observe a vibrant growth on the account of growing adoption of online learning and micro-credential courses in educational institutions and enterprises. Growing need to continuously evaluate the learners’ skills and knowledge in the education and corporate sector is expected to fuel the demand for digital badges. Integration of block chain technology into the digital badges to verify official records, rising government policies to adopt innovative technology in the education sector and growing global acceptance of badges are some of the significant factors that are expected to boost the growth of digital badges market.
The digital badges market is anticipated to record a CAGR of 22.7% over the forecast period i.e. 2019-2027. The market is segmented by offerings into platforms and services, out of which, platform segment is anticipated to have the largest growth rate owing to increasing integration in the existing learning management systems. Presence of features for instance shareability allows the learners to share digital badges on different platforms including social media, e-mails, blogs, LinkedIn, curriculum vitae and different other websites and platforms, which is further estimated to drive the market growth. Furthermore, the market is segmented by end-user into education, corporate, and others, out of which, the education segment is expected to have largest market share on the back of rising adoption of micro-credential courses in the credit programs to enhance the skills and knowledge of students in different topics. Rising innovation in technology for educating students is anticipated to support the growth of the market over the forecast period.
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Inadequate availability of software applications and internet connection combined with unavailability of physical devices among the developing countries of the world are some of the restraining factors that might hamper the growth of the market during the forecast period.
Our-in depth analysis of the global digital badges market includes the following segments:
On the basis of regional analysis, the global digital badges market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
The market in North America region is expected to lead the global digital badges market on the back of rising competition among learners to gain more skills and knowledge in different fields in order to can grab the opportunities available in the market. Additionally, growing adoption of micro-credential courses in educational sector, technological advancement and presence of major players providing badges are some of the notable factors that are expected to fuel the growth of the market in this region.
Further, the market in Asia-Pacific is expected to have the fastest growth rate on the back of growing adoption of digital badges through smart e-learning solutions in educational institutions and corporates. Moreover, increasing focus of organizations to enhance the skills and knowledge of their employees, honing their talent by providing appropriate training are among substantial factors that are supporting the market growth.
The global digital badges market is further classified on the basis of region as follows:
Author Credits: Abhishek Verma, Hetal Singh