The global digital badges market size is estimated to be USD 83.3 million in 2018 and is projected to reach USD 205.6 million by 2023, at a Compound Annual Growth Rate (CAGR) of 19.8% during the forecast period. The major drivers of the digital badges market include the growing adoption of online learning, increasing focus on employees’ professional development, and use of blockchain in digital badges.
Key market players profiled in this report include 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). These players have adopted various growth strategies, such as partnerships, agreements, and collaborations and new product launches to strengthen their presence in the market. Partnerships, agreements, and collaborations have been the major strategic trend of the key players in the market, followed by new product launches.
Credly provides a leading digital credential platform to modernize the credentialing operations and recognition programs. The company has adopted a mix of organic and inorganic growth strategies, such as new product launches, partnerships, mergers and acquisitions, and business expansions. For instance, 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. Additionally, in February 2018, Credly partnered with Naylor Association Solutions, an engagement and revenue tools provider, to deliver end-to-end solutions for issuing, managing, and tracking digital credentials in Naylor’s career center. In 2017, Credly announced the integration of blockchain technology in the verification process. The recording of digital credentials on a blockchain provides an additional level of external verification to the issuers and earners.
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ProExam is a provider of credential advisory services and non-cognitive assessments. The company has focused on organic and inorganic growth strategies in this market. For instance, in May 2016, ProExam partnered with the International Youth Foundation (IYF), a global non-profit organization, aimed at empowering today’s young men and women to be productive. This partnership combined the expertise of ProExam and IYF. ProExam’s expertise in developing research-based, innovative assessments help measure both non-cognitive soft skills and knowledge, along with IYF’s Passport to Success (PTS) initiative, a life skills curriculum and training methodology, currently translated into 20 languages and implemented in more than 40 countries. Both organizations bring an extensive global network of partners, dedicated to strengthening and expanding positive youth development and evidence-based assessment across the world. 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.
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
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