Digital Badges Market

Digital Badges Market by Offering (Platform and Services), End User (Academic (K-12 and Higher Education) and Corporate (SMEs and Large Enterprises)), and Region (North America, Europe, APAC, and Row) - Global Forecast to 2023

Report Code: TC 6508 Aug, 2018, by marketsandmarkets.com

[86 Pages Report] The digital badge has become a key component of consumer experience strategy. It is presently gaining pace in the customer engagement and loyalty ecosystem. In 2011, Mozilla Foundation formulated technical standards, Open Badge Infrastructure (OBI), for issuing, collecting, and displaying digital badges. Currently, IMS Global maintains this standard. Increased adoption of online education is a key driver. At the same time, focus on employee’s professional development and the use of blockchain in digital badges are the other major driving factors for the market. Most of the online education providers in the US and Europe offer digital badges to learners after the completion of their courses, thus displaying a trend of digital badges becoming an integral part of online education. The digital badges market is expected to grow from USD 83.3 million in 2018 to USD 205.6 million by 2023, at a Compound Annual Growth Rate (CAGR) of 19.8% during the forecast period.

Digital Badges Market

The platform segment is expected to hold the larger market share during the forecast period

A digital badge is the online validation of achievement, a skill, or a credential. The digital badge platform supports the development and deployment of digital badges. The platform enables end-users to design, verify, create, collect, issue, and manage digital badges. Selecting the platform is based on the functional requirements of the issuer and a set of criteria; these criteria could be supported scenarios, variety of badging features, and supported badging and learning practices, among others.

The academic segment is expected to hold the larger market share during the forecast period

The academic sector, which comprises schools, colleges, universities, and private tutorials, has started promoting credentials as a way for teachers and others to gain professional learning in discrete topics and practices. Many institutions are using digital badges to provide the best learning experience to their students. Universities and educational institutions are leveraging innovative developments in education technology to involve students, expand their presence globally, and avoid campus congestion. For instance, the Center for Excellence in Teaching and Learning at Texas Wesleyan University, US, awards badges for participation in academic development programs to recognize soft and technical skill development. Similarly, the Aurora Public Schools, Colorado, US, has implemented a digital badging program, under which students are awarded digital badges for acquiring skills such as collaboration and information literacy.

APAC is expected to grow at the highest CAGR during the forecast period

The APAC region is expected to emerge as the fastest-growing market for digital badges and learning solutions. The region has started adopting smart eLearning solutions for academic institutes and corporate houses. APAC organizations are trying their best to gain better ROI on talent development, fulfill employee learning requirements, offer proper employee training, and receive quantifiable business outcomes. As many organizations have tight learning budgets, they prefer technology-enabled learning approaches, which are also cost-effective, to impart training and supply resources to their learners. Many learning solution vendors are expanding their reach and exploring opportunities in the APAC region by offering personalized learning environments and catering to the fluctuating demands of the market. These vendors are enabling the integration of digital badges in their solutions for social learning, mobile learning, and adaptive learning to provide a continuous learning environment.

Digital Badges Market

Market Dynamics

Driver: Increasing focus on employees’ professional development

Companies are investing a significant amount in the professional development of their employees. Many major companies, such as IBM, SAP, SAS, and Oracle, have launched professional development programs to reinforce the culture of continuous learning and development. The digital badge system helps in promoting professional development and recognizing employee skills in a transparent manner. It is designed to motivate employees to participate in the professional development program and acknowledge their completion of learning programs. For instance, in 2015, IBM launched cognitive classes where employees can learn courses, such as Big Data 101 or Machine Learning 101, and earn the badges. Similarly, IBM has launched various courses and provides an opportunity for its employees to learn and showcase their knowledge by earning digital badges.

Restraint:  Lack of IT infrastructure in developing countries

Good IT infrastructure is one of the essential parameters for the growth of the digital badges market. Lack of good IT infrastructure hinders the successful implementation of digital badges in educational institutions. For instance, the adoption of digital badges in Africa is still restricted, due to a lack of proper IT infrastructures and connectivity solutions. Countries such as Nigeria, Kenya, and Uganda have very low internet penetration. Moreover, lack of suitable roadmaps to utilize digital technologies, such as eLearning, social learning, and adaptive learning in developing countries, is a restraint for the growth of the digital badges market.

Opportunity: Gamification in the education industry

Gamification is learning through games. It is simply a set of course content that works like a game and is becoming popular among learners. It can be used to apply game-design thinking to involve learners in solving problems. Gamification brings 3 major elements, i.e., mechanical elements, personal elements, and emotional elements in the education industry. It also helps reluctant and unmotivated learners to get involved in the learning activity. Gamification offers a safe environment for learners to solve challenges in real-life situations. This concept is based on offering interactive scenarios for learners to support motivational learning. Many digital badge providers are trying to grab this opportunity in the market. They are offering badging APIs that are integrated with gamification features of learning solutions. Hence, the growing trend of gamification in the education industry would present a sizable opportunity for digital badge platform and service providers.

Challenge: Lack of digital badge equivalents

Lack of equivalence for digital badges is one of the major challenges hindering the scaling of digital badges. The badges that are issued in one country or by one institution are rarely recognized in other countries and institutions. Equivalence is one of the key factors for the implementation of digital badges in academic institutions, such as schools and colleges. The badges need to be both validated and portable. They must contain the same recognizable attributes across a band of issuers and audiences.

Scope of the Report

Report Metric

Details

Market size available for years

2016–2023

Base year considered

2017

Forecast period

2018–2023

Forecast units

USD million

Segments covered

Offering, End User, and Region

Geographies covered

North America, APAC, Europe, RoW

Companies covered

Credly (US), Accredible (US), Accreditrust (US), Badgecraft (Lithuania), Badgelist (US), Basno (US), Be Badges (Belgium), Bestr (Italy), Concentric Sky (US), Discendum (Finland), EbizON (India), Forall Systems (US), LearningTimes (US), Nocti Business Solutions (US), Portfolium (US), ProExam (US), and Youtopia (US).

The report considers platforms, services, and end-users to arrive at the global market size for digital badges during the forecast period.

By Offering

  • Platform
  • Services

By End-User

  • Academic
    • K-12
    • Higher Education
  • Corporate
    • SMEs
    • Large Enterprises

By Region

  • North America
    • US
    • Canada
  • Europe
    • UK
    • Germany
    • Rest of Europe
  • APAC
    • China
    • Australia & New Zealand
    • Japan
    • Rest of APAC
  • RoW

Key Market Players

Credly, Accredible, Portfolium, Discendum , ProExam ,

Recent Developments

  • In July 2018, Credly acquired Pearson’s Acclaim badging business to cater to the growing demand for digital credentialing and talent recognition. This acquisition enabled Credly to offer a comprehensive solution suite for skill recognition, credential verification, and talent management.
  • In June 2017, Discendum launched a new service called enterprise on the Open Badge Platform (OBP). This service is targeted at big businesses, universities, and associations that have multiple sub-organizations and different user groups to manage. This service offers organizations precise tools for managing their users and badges, and gives them the ability to issue an unlimited number of open badges and advertise their badges in OBP, both at present and in the coming years. Additionally, enterprise customers can install their own dedicated OBP and start using Badge Record Storage to host badges in their servers.
  • In February 2016, ProExam launched a product named Tessera, an all-in-one, multifaceted solution that gives students, parents, teachers, and schools a comprehensive view of non-cognitive skills and character strengths.

Critical questions the report answers:

  • Which end-user segment is expected to witness maximum growth opportunities during the forecast period?
  • Which would be the leading region to experience the highest CAGR during the forecast period?
  • How will the market drivers, restraints and future opportunities affect the market dynamics?
  • What are the prime strategies followed by the market leaders/ key players in the market?

To speak to our analyst for a discussion on the above findings, click Speak to Analyst

Table of Contents

1 Introduction (Page No. - 12)
    1.1 Objectives of the Study
    1.2 Market Definition
    1.3 Market Scope
    1.4 Years Considered for the Study
    1.5 Currency
    1.6 Stakeholders

2 Research Methodology (Page No. - 15)
    2.1 Research Data
           2.1.1 Breakdown of Primaries
           2.1.2 Key Industry Insights
    2.2 Market Size Estimation
    2.3 Assumptions
    2.4 Limitations

3 Executive Summary (Page No. - 21)

4 Premium Insights (Page No. - 24)
    4.1 Attractive Market Opportunities in the Market
    4.2 Digital Badges Market, By Offering, 2018 vs 2023
    4.3 Market By End-User, 2018–2023
    4.4 Market By Academic Type, 2018 vs 2023
    4.5 Market By Corporate Type, 2018–2023
    4.6 Market Investment Scenario

5 Market Overview and Industry Trends (Page No. - 27)
    5.1 Introduction
    5.2 Market Dynamics
           5.2.1 Drivers
                    5.2.1.1 Growth in the Adoption of Online Education
                    5.2.1.2 Increasing Focus on Employees’ Professional Development
                    5.2.1.3 Use of Blockchain for Digital Badges
           5.2.2 Restraints
                    5.2.2.1 Lack of IT Infrastructure in Developing Countries
           5.2.3 Opportunities
                    5.2.3.1 Growing Emphasis on Lifelong Learning
                    5.2.3.2 Gamification in the Education Industry
           5.2.4 Challenges
                    5.2.4.1 Lack of Digital Badge Equivalents
                    5.2.4.2 Budget Constraints for Educational Institutions
    5.3 Industry Trends
           5.3.1 Introduction
           5.3.2 Open Badge Infrastructure
           5.3.3 Case Studies

6 Digital Badges Market, By Offering (Page No. - 32)
    6.2 Platform
    6.3 Services

7 Market By End-User (Page No. - 36)
    7.1 Introduction
    7.2 Academic
           7.2.1 K-12
           7.2.2 Higher Education
    7.3 Corporate
           7.3.1 Small and Medium-Sized Enterprises
           7.3.2 Large Enterprises

8 Market By Region (Page No. - 44)
    8.1 Introduction
    8.2 North America
    8.3 Europe
    8.4 Asia Pacific
    8.5 Rest of the World

9 Competitive Landscape (Page No. - 58)
    9.1 Overview
    9.2 Market Ranking Analysis for the Digital Badges Market
    9.3 Competitive Scenario
           9.3.1 New Product Launches
           9.3.2 Mergers and Acquisitions
           9.3.3 Agreements and Partnerships

10 Company Profiles (Page No. - 61)
*Details on Business Overview, Platforms Offered, Recent Developments and MnM View
     10.1 Credly
     10.2 Accredible
     10.3 Professional Examination Service (ProExam)
     10.4 Discendum
     10.5 Portfolium
     10.6 Accreditrust
     10.7 Badge List
     10.8 Badgecraft
     10.9 Basno
     10.10 Be Badges
     10.11 Bestr
     10.12 Concentric Sky
     10.13 EbizOn
     10.14 Forall Systems
     10.15 LearningTimes
     10.16 Nocti Business Solutions (NBS)
     10.17 Youtopia
(Business Overview, Platforms Offered, Recent Developments and MnM View)

11 Appendix (Page No. - 80)
     11.1 Discussion Guide
     11.2 Knowledge Store: MarketsandMarkets’ Subscription Portal
     11.3 Available Customizations
     11.4 Related Reports
     11.5 Author Details

List of Tables (36 Tables)

Table 1 Digital Badges Market Size, By Offering, 2016–2023 (USD Million)
Table 2 Platform: Market Size, By Region, 2016–2023 (USD Million)
Table 3 Services: Market Size, By Region, 2016–2023 (USD Million)
Table 4 Digital Badges Market Size, By End-User, 2016–2023 (USD Million)
Table 5 Academic: Market Size, By End-User, 2016–2023 (USD Million)
Table 6 Academic: Market Size, By Region, 2016–2023 (USD Million)
Table 7 K-12 Market Size, By Region, 2016–2023 (USD Million)
Table 8 Higher Education Market Size, By Region, 2016–2023 (USD Million)
Table 9 Corporate: Market Size, By End-User, 2016–2023 (USD Million)
Table 10 Corporate: Market Size, By Region, 2016–2023 (USD Million)
Table 11 Small and Medium-Sized Enterprises Market Size, By Region, 2016–2023 (USD Million)
Table 12 Large Enterprises Market Size, By Region, 2016–2023 (USD Million)
Table 13 Digital Badges Market Size, By Region, 2016–2023 (USD Million)
Table 14 North America: Market Size, By Country, 2016–2023 (USD Million)
Table 15 North America: Market Size, By Offering, 2016–2023 (USD Million)
Table 16 North America: Market Size, By End-User, 2016–2023 (USD Million)
Table 17 North America: Market Size, By Academic End-User, 2016–2023 (USD Million)
Table 18 North America: Market Size, By Corporate End-User, 2016–2023 (USD Million)
Table 19 Europe: Digital Badges Market Size, By Country, 2016–2023 (USD Million)
Table 20 Europe: Market Size, By Offering, 2016–2023 (USD Million)
Table 21 Europe: Market Size, By End-User, 2016–2023 (USD Million)
Table 22 Europe: Market Size, By Academic End-User, 2016–2023 (USD Million)
Table 23 Europe: Market Size, By Corporate End-User, 2016–2023 (USD Million)
Table 24 Asia Pacific: Digital Badges Market Size, By Country, 2016–2023 (USD Million)
Table 25 Asia Pacific: Market Size, By Offering, 2016–2023 (USD Million)
Table 26 Asia Pacific: Market Size, By End-User, 2016–2023 (USD Million)
Table 27 Asia Pacific: Market Size, By Academic End-User, 2016–2023 (USD Million)
Table 28 Asia Pacific: Market Size, By Corporate End-User, 2016–2023 (USD Million)
Table 29 Rest of the World: Digital Badges Market Size, By Region, 2016–2023 (USD Million)
Table 30 Rest of the World: Market Size, By Offering, 2016–2023 (USD Million)
Table 31 Rest of the World: Market Size, By End-User, 2016–2023 (USD Million)
Table 32 Rest of the World: Market Size, By Academic End-User, 2016–2023 (USD Million)
Table 33 Rest of the World: Market Size, By Corporate End-User, 2016–2023 (USD Million)
Table 34 New Product Launches/Product Enhancements, 2016–2017
Table 35 Mergers and Acquisitions, 2018
Table 36 Agreements and Partnerships, 2017–2018

List of Figures (26 Figures)

Figure 1 Digital Badges Market: Market Segmentation
Figure 2 Regional Scope
Figure 3 Global Digital Badges Market: Research Design
Figure 4 Research Methodology
Figure 5 Breakdown of Primary Interviews: By Company, Designation, and Region
Figure 6 Data Triangulation
Figure 7 Market Size Estimation Methodology: Bottom-Up Approach
Figure 8 Market Size Estimation Methodology: Top-Down Approach
Figure 9 Digital Badges Market is Expected to Witness Significant Growth During the Forecast Period
Figure 10 Major Segments With High Market Shares in the Global Digital Badges Market During the Forecast Period
Figure 11 Digital Badges Regional Market Scenario
Figure 12 Increasing Focus on Online Learning is Driving the Digital Badges Market
Figure 13 Platform Segment is Estimated to Hold A Larger Market Share in 2018 vs 2023
Figure 14 Academic Segment is Expected to Lead the Market During the Forecast Period
Figure 15 Higher Education Segment to Lead the Digital Badges Market During the Forecast Period
Figure 16 Large Enterprises Segment to Hold A Higher Market Share During the Forecast Period
Figure 17 Market Investment Scenario
Figure 18 Digital Badges Market: Drivers, Restraints, Opportunities, and Challenges
Figure 19 Open Badge Infrastructure
Figure 20 Platform Segment is Expected to Hold the Larger Market Share During the Forecast Period
Figure 21 Academic Segment is Expected to Hold the Larger Market Share During the Forecast Period
Figure 22 Asia Pacific is Expected Grow at the Highest CAGR During the Forecast Period
Figure 23 North America: Market Snapshot
Figure 24 Asia Pacific: Market Snapshot
Figure 25 Key Developments By Leading Players in the Digital Badges Market During 2016–2018
Figure 26 Market Ranking, 2018


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Report Code
TC 6508
Published ON
Aug, 2018
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