Micro-credential Market – Global Trend and Outlook to 2027
Micro-credentials refer to a form of digital certification that recognizes the acquisition of a specific set of skills or knowledge in a particular field. These credentials are typically awarded upon completion of a short, focused learning experience, such as a workshop, online course, or training program. Micro-credentials are becoming increasingly popular in the education and training sectors, as they provide a flexible and cost-effective way for individuals to acquire new skills and improve their employability.
Micro-credentials offer several benefits over traditional degree programs, such as greater affordability, flexibility, and speed. They are also highly customizable, allowing learners to choose the specific skills or knowledge they want to acquire and to design their own learning path. Micro-credentials can be earned from a variety of providers, including universities, online learning platforms, and industry associations.
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The global micro-credential market is a rapidly growing industry that is expected to experience significant growth in the coming years. Micro-credentials are short, focused learning programs that provide learners with specific skills or knowledge in a particular area.
The global micro-credential market is expected to grow at a compound annual growth rate (CAGR) of around 20% from 2021 to 2026. The market is driven by the increasing demand for upskilling and reskilling programs, the growing need for flexible and personalized learning solutions, and the rising adoption of digital learning technologies.
The micro-credential market can be segmented by type, mode of delivery, end-user, and region. The types include badges, certificates, and others. The modes of delivery include online and blended learning. The end-users include academic institutions, corporate organizations, and others.
The corporate organizations segment is expected to be the largest end-user segment for micro-credentials due to the increasing demand for upskilling and reskilling programs in the workforce. The academic institutions segment is also expected to drive market growth as universities and colleges adopt micro-credential programs to offer flexible and personalized learning solutions to their students.
Key players in the micro-credential market include Udacity, Coursera, EdX, Credly, and Accredible. These companies are focusing on research and development to improve the effectiveness and efficiency of their micro-credential programs, as well as expanding their product portfolios to meet growing demand.
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