Digital Badges Market 2018 Top Industry Players: Professional Examination Service, Portfolium, Inc., Accreditrust Technologies, LLC, Basno, Bestr, Concentric Sky, Inc., EbizON, Pearson Education Services Private Limited
Moreover, the Learning Competition and HASTAC/MacArthur Foundation made an investment of USD 2 million for 30 innovative badge systems for lifelong learning competition for multiple applications.
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European digital badges market region is anticipated to witness a substantial growth rate due to several projects that are undertaken by the key players to propel their market share in the region. The service providers opt to join European Badge Alliance (EBA) organization to offer their innovative badge solutions to educational institutions and corporates across the region. EBA is an open platform that encompasses several organizations to validate and the recognize the competencies of their students/employees.
The Asia Pacific digital badges market is projected to witness the fastest growth rate due to the increase in the number of startup companies offering innovative solutions across industry verticals. The rise in the adoption of online education in developing countries including China, Japan, and India has enabled the vendors to integrate these badges with their existing Learning Management System (LMS).
Digital Badges Market size will grow rapidly in the coming years due to increase in demand for online education platforms to provide a personalized learning experience to the students. The education institutes are integrating the digital badges into their online learning platforms to assess the student progress and acknowledge the users’ learning and achievements. Moreover, the adoption of digital badges in online gaming platforms to indicate the accomplishment and skill of the user is also expected to augment the growth of the market.
Digital badges are defined as a virtual token of the accomplishments, skill, or quality of the person in any learning environments. The technology is being widely used in academic institutions and corporates for the continuous assessment of the personnel skills and knowledge. It provides new pathways of learning to enhance the skills and abilities of the person by awarding the virtual badges after the successful completion of the task.
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The supportive government policies to promote the use of open badges are also expected to drive the digital badges market. The U.S. Department of Education has passed a policy allowing the academic institutions and companies to adopt these technologies in their existing systems.
The technology displays the badge in the image file allowing users to monitor their achievements. The integration of the blockchain technology into the digital badges is also estimated to foster the market growth. The blockchain technology is being used to verify official records including official credentials, professional licenses, and data aligning to the Open Badges Specification.
However, the lack of strong IT infrastructure in several developing countries along with the high cost of implementation is projected to hamper the market. Moreover, the absence of suitable roadmaps to integrate this technology into existing systems of the organizations is also one of the major constraints in the growth of the market.
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