According to a Future Market Insights analysis report, the global market for digital credential management software is expected to generate US$1.2 billion in sales by 2021. The market is anticipated to increase by 14.7% between 2022 and 2032, reaching a valuation of US$ 5.3 Billion.
Applications that enable the electronic exchange of credentials, value tokens, identities, and other sensitive data are swiftly gaining traction. Traditional methods of implementing electronic authentication, such as biometric verification, expose businesses to potentially limitless liability, instill anxiety in consumers, and impede the adoption of new technologies. To get over these obstacles, creative solutions are required that cover the full range of privacy and security issues for all parties.
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The digital version of paper records, plastic tokens, and other physical items issued by reputable organizations is a digital credential. They are also significantly more potent than their analog counterpart. People can, for instance, selectively reveal certain features of the required fields in their Digital Credentials while concealing any other data. Additionally, much more security is offered by digital credentials. They can therefore be utilized to safely incorporate items that are often made identifiable to combat specific 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 for 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 of 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 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
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