New York, USA, Aug. 12, 2024 (GLOBE NEWSWIRE) -- Market Overview:
The global crowdfunding market was at USD 19.86 billion in 2023, and it is projected to hit USD 72.88 billion by 2032. During the forecast period from 2024-2032, the industry is likely to generate an astounding compound annual growth rate (CAGR) of 16.1%.
What is Crowdfunding?
Crowdfunding is a way of fundraising where small and medium-sized businesses ask a large number of individuals for contributions in new business ventures or product launches. The process is typically done online with social networks. Today's crowdfunding, also known as crowdsourcing, extends beyond traditional owners, venture capitalists, or well-known individuals by leveraging the reach of social media and crowdfunding websites.
One can start by creating a business profile on a well-known crowdfunding platform and then setting funding goals. People discover your profile online, often via social media, and invest in your project. Kickstarter, Indiegogo, and GoFundMe are some of the popular crowdsourcing websites among businesses, aiding them to grow their audience reach and receive the required funding.
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Key Market Stats:
- The global crowdfunding market size was valued at USD 19.86 billion in 2023.
- The market is expected to grow from USD 22.12 billion in 2024 to USD 72.88 billion by 2032
- During the forecast period from 2024-2032, the industry is expected to record a compound annual growth rate (CAGR) of 16.1%.
Major Findings From the Report:
- Breakthroughs in crowdfunding platforms, along with the integration of advanced technologies such as artificial intelligence and machine learning, are accelerating the crowdfunding market growth. An increasing number of crowdfunding activities running on social media platforms like Facebook, Twitter, Instagram, and LinkedIn also drives the market success.
- The crowdfunding industry is segregated based on type, application, and region.
- In 2023, the North America region had the largest market share.
Crowdfunding Market Drivers And Trends:
- Utilization of Crowdfunding in Healthcare: The healthcare industry worldwide is incorporating crowdfunding to gain significant funds for various healthcare requirements such as treatments, vaccine research, medical operations, and treating accidental cases. Thus, increasing the utilization of crowdfunding as financial assistance in healthcare is projected to foster market revenue.
- Use of Social Media: The growing use of social media platforms has greatly boosted social connections, propelled the creation of original content and ads, and expanded audiences. Platforms like Instagram, Twitter, Facebook, and LinkedIn are now effectively engaging customers, capturing interest in businesses or products, and supporting startups, which augments the crowdfunding market demand for crowdfunding platforms.
- Reward-Based Crowdfunding: One of the forms of reward-based crowdfunding in which investors receive non-monetary rewards or gifts in exchange for their funds. Increasing the use of reward-based crowdfunding is further expected to enhance the market expansion.
- Government Efforts: Rising government support for product launches related to crowdfunding platforms is likely to boost market growth.
Prominent Crowdfunding Market Players:
- CircleUp
- Crowdcube
- Crowdfunder
- Fundly
- Asia
- Gofundme
- Indiegogo
- Jingdong
- Kickstarter
- Nav Technologies
- Patreon
- Pozible
- RM Technologies
- SeedInvest
- StartEngine
- Thunder Fund
- Wefunder
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Geographical Landscape:
Based on region, North America held the largest crowdfunding market share in 2023 because of the increasing rate of technological revolution and the development of IT companies. Also, the growth of startups from industries including comics & illustration, art, publishing, and others is expected to fuel the regional market growth. Moreover, crucial efforts by key market players and initiatives or campaigns by the government in order to encourage crowdfunding activities are further expected to promote market growth.
Furthermore, Asia Pacific is likely to dominate the market over the forecast years owing to rapid digitalization, which has led to a surge in the number of startups in Asia Pacific. In addition, the increasing availability of crowdfunding platforms and rising financial funding by regulators fosters industry growth.
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Market Segmentation:
Crowdfunding Type Outlook
- Equity-based crowdfunding
- Debt-based crowdfunding
Crowdfunding Application Outlook
- Food & Beverage
- Healthcare
- Technology
- Real Estate
- Media
- Others
Crowdfunding Regional Outlook
- North America
- US
- Canada
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Netherlands
- Russia
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Malaysia
- South Korea
- Indonesia
- Australia
- Rest of Asia Pacific
- Middle East & Africa
- Saudi Arabia
- UAE
- Israel
- South Africa
- Rest of Middle East & Africa
- Latin America
- Mexico
- Brazil
- Argentina
- Rest of Latin America
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