Global Digital Credential Management Software Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Digital Credential Management Software Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Digital credential management software enables companies, HR managers, and other organizations to create, manage, and award digital credentials, badges, and certificates to individuals that have earned or qualified for a certain credential or achievement. Digital credential management software might include content libraries of different types of templates and company branding features. These solutions also provide integrations with corporate LMS, as well as LinkedIn and other social media accounts, for efficient tracking and sharing of all earned credentials. Furthermore, digital credential management tools securely store user data in compliance with GDPR, CCPA, and other privacy regulations and ensure that all documents and accreditations are easy to find and remain secure.

Market Overview:

The latest research study on the global Digital Credential Management Software market finds that the global Digital Credential Management Software market reached a value of USD 210.23 million in 2022. It’s expected that the market will achieve USD 808.13 million by 2028, exhibiting a CAGR of 25.16% during the forecast period.

Unlike other industries, the digital credential management software industry has performed strongly during the COVID-19 storm. In fact, remote work has furthered the industry and allowed developers to work from anywhere since they are not dependent on in-person or physical services. Additionally, the global vaccination campaign has taken the industry to the next level. Additionally, research shows that some companies have been increasing their budgets for digital transformation due to the impact of covid19, and in some cases have even increased their budgets. Additionally, 52% of companies have increased digital spending due to the macroeconomic disruption caused by COVID-19. Not surprisingly, businesses are adopting digital technologies to work remotely and actually automate processes.

The primary drivers of the digital credential management software market are the increasing number of security breaches and identity-related fraud cases, rising compliance management awareness, expanding demand for digital credential management software for IoT, and increased investment in cybersecurity.

Some primary restraints of digital credential management software are key barriers to accessing the internet, including lack of infrastructure, low incomes and lack of affordability, limited user capabilities, including basic literacy and digital literacy, and the limited incentives for access, including lack of awareness, little relevant content, and issues of cultural or social acceptance. Beyond simple technological access, capacity gaps exist. Reconciling these gaps will require more than technology alone.

Digital technologies are creating new opportunities and challenges for skills development and recognition globally. Changes in modalities of access and learning methods, massification and internationalization, are taking place at an increasingly rapid pace. In this context, significant attention is being given to the impact of technology on jobs and demand for skills, and the risks of competition between robots and humans.

Region Overview:

In 2021, the share of the Digital Credential Management Software market in United States stood at 44.33%.

Company Overview:

Accreditable
Accreditable provides a digital badge and certificate platform. It is designed to create, issue and manage secure digital certificates and badges. The company was founded in 2013 and is headquartered in Mountain View, California

Credly

Credly is helping the world speak a common language about people's knowledge, skills and abilities. Thousands of employers, training organizations, associations, certification programs and workforce development programs use Credly to help individuals turn their learning experiences into career opportunities using trusted, portable digital credentials. Through an unrivaled global network of credentialers, Credentily empowers organizations to attract, engage, develop and retain talent with enterprise-grade tools that generate data-driven insights to address skills gaps and highlight opportunities

Accreditable is one of the major players in the digital credential management software market with a share of 5.26% in 2022.

Segmentation Overview:

The cloud-based sector is expected to hold the largest market share over the course of the forecast. Local deployment of digital certificate management software requires servers or physical devices in a company's own facilities to store and deploy the software system.

Application Overview:

Digital Credential Management Software can be applied to SME and large enterprises in different industries. Large enterprises are those with more than 500 employees. In 2021, the revenue through large companies held the largest share among the Application. Small businesses have 1-99 employees. Medium businesses have 100-499 employees. Small and medium-sized businesses are expected to witness the highest CAGR across all categories and industries during the projection period, making them likely candidates to use digital credential management software.

Key Companies in the global Digital Credential Management Software market covered in Chapter 3:

Credly
Parchment
Open Badge Factory
Vottun
Smart Certificate
SimpleCert
MyKnowledgeMap
Certifier
Sertifier
Accredible

In Chapter 4 and Chapter 14.2, on the basis of types, the Digital Credential Management Software market from 2018 to 2029 is primarily split into:

Cloud-Based
On-Premises

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Digital Credential Management Software market from 2018 to 2029 covers:

Large Enterprises
SMEs

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)