Market Size of Digital Badges Industry
Study Period | 2019 - 2029 |
Market Size (2024) | USD 202.29 Million |
Market Size (2029) | USD 515.03 Million |
CAGR (2024 - 2029) | 17.38 % |
Fastest Growing Market | Europe |
Largest Market | Asia Pacific |
Major Players*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Digital Badges Market Analysis
The Digital Badges Market size is estimated at USD 202.29 million in 2024, and is expected to reach USD 515.03 million by 2029, growing at a CAGR of 17.38% during the forecast period (2024-2029).
- Digital badges are micro-credentials that serve as a mechanism for assessing, recognizing, and verifying a skill, learning, or achievement. These badges are commonly used by an extensive range of education institutions and businesses, e.g., Adobe, Dell, IBM, Microsoft, or Oracle, which contribute substantially to the growth of this market.
- In addition, students increasingly use online portfolios to record their internship experiences, group projects, volunteer experiences, and other achievements, as well as courses taken both online and in the classroom, in one place. This helps improve networking opportunities for students and professionals, stimulating the market's growth.
- In the US Bureau of Labor Statistics, computer and information technology jobs are expected to increase by 12% between 2018 and 2028 compared with an average growth rate in all occupations. The number of new jobs in these sectors is estimated at around 546,000. This demand for such workers will be driven by a greater emphasis on cloud computing, data collection, and security over the forecast period, giving rise to an increased scope of market growth.
- Moreover, the mobile badging solution helps ensure a comprehensive and consistent safety and security experience for all your company's corporate apps, whether web or mobile. It notifies companies directly at the door in case of cybersecurity issues so they can take appropriate action without delay. The market is expected to grow significantly in the coming period, given these key benefits associated with it.
- The need for good IT infrastructure in emerging regions like Africa and Asia, which will lead to insufficient awareness of digital badges, has been a primary limiting factor for market growth.
- Since employees and HR focus on bridging skills gaps due to their workfrom home cultures, the spread of novel coronaviruses has led to an increased adoption of digital badges. Moreover, owing to end users' growing uptake of digital learning systems, the digital badges market is expected to experience significant growth during the post-COVID-19 period. In the forecast period, this is expected to boost market growth.
Digital Badges Industry Segmentation
Badges typically represent competencies not shown on a transcript, including learning from internships, volunteer work, and other co-curricular activities. Increasingly, badges conform to the Open Badges standard, and many are stackable, meaning they can be credited toward an advanced badge, a certificate, or a degree.
The digital badges market can be segmented by end-use (academic, corporate) and geography (North America, Europe, Asia Pacific, Rest of the World).
The market sizes and forecasts are provided in terms of value (USD) for all the above segments.
End-user | |
Academic | |
Corporate |
Geography | |
North America | |
Europe | |
Asia Pacific | |
Rest of the World |
Digital Badges Market Size Summary
The digital badges market is poised for significant expansion, driven by the increasing adoption of micro-credentials across educational institutions and businesses. These digital badges serve as a means to assess, recognize, and verify skills, learning, and achievements, gaining traction among major corporations like Adobe, Dell, IBM, Microsoft, and Oracle. The shift towards online portfolios by students to document their experiences and achievements further fuels market growth, enhancing networking opportunities. The demand for skilled professionals in sectors such as computer and information technology, propelled by advancements in cloud computing, data collection, and security, is expected to contribute to the market's upward trajectory. Additionally, mobile badging solutions offer enhanced security and safety experiences for corporate applications, adding to the market's appeal.
The COVID-19 pandemic has accelerated the adoption of digital badges, as remote work cultures and digital learning systems become more prevalent. This trend is particularly evident in regions like India, where the shift to online education has been rapid. In Europe, the market is expected to grow significantly due to the presence of key players and increasing university-level learning. The market is becoming fragmented with numerous corporations and educational institutions focusing on formal and informal learning through certification programs. Innovations and partnerships, such as those by Skillsoft and Accredible, are enhancing the value and relevance of digital credentials. The market's growth is also supported by initiatives in emerging regions, despite challenges like insufficient awareness and infrastructure.
Digital Badges Market Size - Table of Contents
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1. MARKET INSIGHTS
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1.1 Market Overview
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1.2 Industry Attractiveness - Porter's Five Forces Analysis
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1.2.1 Bargaining Power of Suppliers
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1.2.2 Bargaining Power of Buyers/Consumers
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1.2.3 Threat of New Entrants
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1.2.4 Threat of Substitute Products
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1.2.5 Intensity of Competitive Rivalry
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1.3 Impact of COVID-19 on the Industry
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2. MARKET SEGMENTATION
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2.1 End-user
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2.1.1 Academic
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2.1.2 Corporate
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2.2 Geography
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2.2.1 North America
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2.2.2 Europe
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2.2.3 Asia Pacific
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2.2.4 Rest of the World
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Digital Badges Market Size FAQs
How big is the Digital Badges Market?
The Digital Badges Market size is expected to reach USD 202.29 million in 2024 and grow at a CAGR of 17.38% to reach USD 515.03 million by 2029.
What is the current Digital Badges Market size?
In 2024, the Digital Badges Market size is expected to reach USD 202.29 million.