PUNE, India, August 7, 2018 /PRNewswire/ --
According to a new market research report "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", published by MarketsandMarkets™, the global market size 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.
Browse 36 market data Tables and 26 Figures spread through 86 Pages and in-depth TOC on "Digital Badges Market"
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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.
Platform segment to grow at a higher CAGR during the forecast period
The platform segment is expected to grow at a higher CAGR during the forecast period, owing to the increased integration of the platform with the existing Learning Management Systems (LMS). The end users are increasingly drawn toward the platform's shareability feature that enables the learner to share badges to different social networks and over emails; embed them in websites or email signatures; and integrate with the ePortfolio, virtual learning environments, blogs, and curriculum vitae.
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Academic end-user segment to account for a larger market share during the forecast period
The academic end-user segment is expected to hold a larger market share of the Digital Badges Market during the forecast period. The academic sector has started promoting credentials as a way for teachers and others to gain professional learning in discrete topics and practices. Universities and educational institutions are leveraging innovative developments in the education technology to involve students, expand their presence globally, and avoid campus congestion.
North America to hold the largest market size in the global Digital Badges Market during the forecast period
North America is expected to account for the largest market size of the global Digital Badges Market during the forecast period, owing to the increased adoption of digital badges. Authenticity of digital badges, a growing demand for acquiring specific skills among individuals, increasing collaboration among educational institutions, and rapid technological advancements would drive the increasing adoption of digital badges. The presence of firms that utilize the digital badge technology has also contributed to the growth of the market. For instance, IBM and Salesforce offer digital badges to their employees. IBM has its digital badge program in partnership with Northeastern University, the US. Microsoft, Cisco, and Adobe issue badges or digitized "micro-credentials" for workplace accomplishments, such as competing in hackathons, publishing articles, teaching or mentoring, or completing formal credentialing or certification programs.
Major vendors covered in the Digital Badges Market 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).
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