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Digital badges market insights
In 2022, the digital badges market was estimated to be worth USD 165.14 million. The market for digital badges is anticipated to increase from USD 198.65 million in 2023 to USD 673.71 million by 2030, with a predicted CAGR of 19.1% over the forecast period (2023 – 2030). The primary market drivers accelerating market expansion are the expanding acceptance of online certification across the IT industry and the growing emphasis on employees’ technical development.
Employees’ continual learning and development have become increasingly important in recent years, and digital badges have become a popular and practical way to record and honour their accomplishments.
Digital badges are a type of micro-credential that acknowledges and attests to the abilities and information that workers have gained via their employment, education, and other experiences. Digital badges can help to improve a person’s professional reputation and expand their employment options by giving a visual depiction of their abilities and competencies. Digital badges can assist organisations in more efficiently upskilling and reskilling their employees in addition to recognising employee skills.
Digital credentials are vital for confirming an employee’s skills and competencies in today’s quickly evolving and fiercely competitive work market. In general, the market is being driven by an increasing emphasis on employee technical development and an expanding understanding of the significance of digital credentials.
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Key Companies in the Digital Badges market includes
Segmentation
According to type, the market for digital badges is divided into Participation, Recognition, Achievement, Contribution, and Certification categories. In 2022, the Certification category accounted for the majority of the revenue generated by digital badges.
The Digital Badges market is divided into segments based on end users: education, corporate, retail, gaming, transportation, and others. In 2022, the market was led by the Education sector.
The analysis offers market insights for each region separately, including North America, Europe, Asia-Pacific, and the Rest of the World. The need for digital badges to recognise and certify the skills and knowledge of employees and students is expanding in the Asia Pacific area. Among the factors influencing this demand are the growing emphasis on staff development and the growing understanding of the value of lifelong learning.
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The Asia Pacific region’s rapidly expanding technology and education industries are also a factor in the market expansion for digital badges. The demand for digital credentials that can verify the abilities and competencies of employees and students is rising as these industries continue to develop and flourish. Additionally, accessing and using digital badges is becoming simpler for individuals and organisations thanks to the region’s increased Internet usage and availability of technology. The market for digital badges in the area is expanding as a result of this. According to projections, the market will expand as more people opt for online training and certification.
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