According to a recent market study by Future Market Insights (FMI), the global market for digital credential management software would reach US$ 5.3 billion by 2032 from its estimated value of US$ 1.2 billion in 2021. The market is anticipated to be valued at US$ 5.3 billion in 2022. The figures show that income from large firms increased at a CAGR of 14.5% between 2015 and 2021.
Applications that enable the electronic exchange of identities, value tokens, credentials, and other private information are gradually becoming more and more common. Traditional methods of delivering electronic authentication, such as biometric verification, which expose businesses to potentially limitless liability, hinder the adoption of innovative technology. Innovative solutions that address each of these issues are needed to solve the complete spectrum of privacy and security concerns for all parties.
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A digital credential is the electronic equivalent of physical assets such as paper records, plastic tokens, and other tangible objects provided by trustworthy organizations. In comparison to their analog equivalent, they are also far more potent. For instance, users can selectively display some of the needed fields in their Digital Credentials while hiding other information. Additionally, digital credentials offer a lot more security. Thus, they can be used to securely incorporate items that are frequently made identifiable to stop particular types of fraud.
Competitive Analysis
The key strategies used by participants in the digital credential management industry are solution launches, acquisitions, and collaborations. Some of the key companies in the digital credential management software market include Credly Inc., Concentric Sky, Badge List, Badge Craft, Be Badges, Nocti Business Solutions, and Portfolium Inc.
Some of the recent developments in the Digital Credential Management Software Market are:
- In January 2022, Credly announced that it has been purchased by Pearson. With the addition of strong credentialing service to its workforce analysis, learning, and assessment capabilities, the acquisition of Credly, in which Pearson also has a share of close to 20%, would increase the company’s footprint in the workforce skills sector.
- In April 2022, Instructure announced that its merger with Concentric Sky is complete. As a result, Canvas will incorporate the core Badgr features and rename them as Canvas Badges. Within Canvas, the learning management system from Instructure, Badgr was already the standard micro-credentialing tool.
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More Insights Available
Future Market Insights, in its new offering, presents an unbiased analysis of the Global Digital Credential Management Software Market, presenting historical market data (2015-2021) and forecast statistics for the period of 2022-2032.
The study reveals extensive growth in the Global Digital Credential Management Software Market in terms of Type (On-Premises and Cloud-based), and Application (Large Companies and Small and Medium Sized Companies) across five regions (North America, Asia Pacific, Europe, Middle East & Africa and Latin America).
Market Segments Covered in Digital Credential Management Software Market Analysis
By Type:
- On-Premises
- Cloud-based
By Application:
- Large Companies
- Small and Medium-Sized Companies
By Region:
- North America
- Europe
- Asia Pacific
- Middle East and Africa
- Latin America
Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Summary of Statistics
1.3. Key Market Characteristics & Attributes
1.4. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Risks and Trends Assessment
3.1. Risk Assessment
3.1.1. COVID-19 Crisis and Impact on Digital Credential Management Software Demand
3.1.2. COVID-19 Impact Benchmark with Previous Crisis
3.1.3. Impact on Market Value (US$ Mn)
3.1.4. Assessment by Key Countries
3.1.5. Assessment by Key Market Segments
3.1.6. Action Points and Recommendation for Suppliers
3.2. Key Trends Impacting the Market
3.3. Formulation and Application Development Trends
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Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization, and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel, and End Use over the next 10-years.
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