What is Micro-credential?
Micro-credentials may be the next big thing in employment upskilling, and institutions, non-profits, and corporations are already using them. Because anyone can offer a micro-credential and there are no official constraints, the standards for each credential differ widely. These credentials can be obtained by completing a series of online exams, writing an essay, or putting together a presentation. Micro-credentials are often shorter than other credential options such as college degrees or certificate programs, however, this is not always the case because the requirements are defined by the credential-granting school. This means that the source of your micro-credential is important, as not all micro-credentials are created equal. People's daily learning activities, both formal and informal, are a logical extension of micro-credentials. They provide people control over their professional growth while also giving businesses the tools they need to customize learning for their employees and achieve their bigger goals. With the fast adoption of digitization, the demand for massive open online courses has skyrocketed in the last decade. The global demand for MOOCs has grown even more with the outbreak of the COVID-19 pandemic. Even after the pandemic has passed, this pattern is likely to continue. The sector is projected to gain traction in the coming years as governments around the world take steps to make education and training more accessible to all.
The market study is broken down and major geographies with country level break-up. According to AMA, the Global Micro-credential market is expected to see growth rate of 13.44% and may see market size of USD22165.0 Million by 2026.
Analysts at AMA Research estimates that Vendors from United States will contribute to the maximum growth of Global Micro-credential market throughout the predicted period. Established and emerging Vendors should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Coursera Inc (United States), edX Inc. (United States), Udacity, Inc. (United States), FutureLearn (United Kingdom), Kadenze, Inc. (United States), International Business Machines (United States), Alphabet Inc. (United States), Microsoft Corporation (United States), Cisco systems Inc. (United States) and Udemy, Inc. (United States) are some of the key players that are part of study coverage. Additionally, the Vendors which are also part of the research coverage are SUNY(United States), New Zealand Qualifications Authority (New Zealand) and BloomBoard Inc. (United States).
AdvanceMarketAnalytics has segmented the market of Global Micro-credential market by Type, Application and Region.
On the basis of geography, the market of Micro-credential has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). North America region held largest market share in the year 2020. Europe on the other hand stood as second largest market due to the presence of key companies into the region and high technological advancement. If we see Market by Credential, the sub-segment i.e. Specialization will boost the Micro-credential market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Domain, the sub-segment i.e. IT & Telecommunication will boost the Micro-credential market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Age, the sub-segment i.e. Under 18 will boost the Micro-credential market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Market Leaders and their expansionary development strategies
In September 2021, Coursera announces a statewide partnership with Oklahoma State Regents for Higher Education to prepare students and faculty for a digital economy. The Coursera for Campus platform empowers any college or university to offer job-relevant, credit-ready online education to students, faculty, and staff. and On 29th June 2021, 2U, Inc., a global leader in education technology, and edX, a leading online learning platform, and education marketplace, today announced they have entered into a definitive agreement to join together in an industry-redefining combination that will help power the digital transformation of higher education, expand access and affordability, and usher in a new era of online learning.
7th January 2020, edX Launches MicroBachelors™ Programs, an Innovative Undergraduate-Level Credential That Will Transform the Future of Work and Higher Education.
The New Zealand Qualifications Authority (NZQA) conducted three micro-credential pilots in July 2017 – June 2018 with Udacity, Otago Polytechnic, and Young Enterprise Scheme. As a result of these pilots, the NZOA has now released a micro-credential system that aligns with their national Qualification Framework. This initiative, however, does not have university backing. In 2019, The New Zealand Tertiary Education Commission also introduced a public funding system for micro-credentials which means that all New Zealand Higher Education Institutions are eligible to apply for the funding that will help them deliver micro-credential programmes (Tertiary Education Commission, 2019).
- Growing Popularity of the Micro credential across the Globe
- Surging Demand From Developing Countries
- High Demand Due To Personalisation For Employees And Employers
- Growing Employer Acceptance of Credentials Earned Online
- The Increasing Popularity Of the Technical Education
- The Concerns Regarding The Acceptability Of Certificates From Massive Open Online Courses In The Industry
The global demand for MOOCs has grown even more with the outbreak of the COVID-19 pandemic. Even after the pandemic has passed, this pattern is likely to continue. The sector is projected to gain traction in the coming years as governments around the world take steps to make education and training more accessible to all.
Key Target Audience
Micro-credential Providers, Government Regulatory Bodies, Private Research Organization, Government Research Organizations and Others
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have the better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with purpose to understand companys positioning regarding market value, volume and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders etc. and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, analyst team keeps preparing set of questionnaires and after getting appointee list; the target audience are then tapped and segregated with various mediums and channels that are feasible for making connection that includes email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey etc.