Digital Badges Market Research and Forecasts To 2025 By Recent Trends, Developments In Technology and Regional Growth Overview
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 digital badges market.
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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.
North America dominates the digital badges market due to the presence of major key players in this region. Accredible, Portfolium, and Accreditrust are some of the key players that are expected to have a major market share in the U.S. The increasing adoption of the digital badges among the educational institutes in the region also augments the market growth. For instance, in October 2017, the Federation of State Medical Boards integrated Blockcerts, an Open Badge platform, to verify the official records of the students into their systems and authenticate the medical personnel credentials. 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.
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).
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The digital badges market is fragmented due to the presence of a significant number of players in the market. Some of the key players operating in this market are Credly, Accredible, Professional Examination Service, Discendum, Portfolium, Inc., Accreditrust Technologies, LLC, Badge List, Badgecraft, Basno, Be Badges, Bestr, Concentric Sky, Inc., EbizON, Forall Systems, Inc., LearningTimes, Nocti Business Solutions, Pearson Education, and Youtopia. The key players of the market opt for product development and investments in SMEs to augment their growth in the market.
Methodology used in this report: -
our researchers and domain experts use a unique blend of primary and secondary research, with validation and iterations at every stage, in order to minimize deviation and present the most accurate analysis of the digital badges market. The research process begins with extensive data mining, using authentic sources such as trade magazines, technical publications, independent studies along with paid avenues such as ICIS, Hoovers, etc. Primary objectives of data mining include:
• Definition and scope of research
• Digital badges market dynamics, growth drivers and industry pitfalls
• Regulatory and political guidelines for the industry
• Demographics and statistical data
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