PUBLISHER: IMARC | PRODUCT CODE: 1236899
PUBLISHER: IMARC | PRODUCT CODE: 1236899
The global crowdfunding market size reached US$ 14.9 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 28.9 Billion by 2028, exhibiting a growth rate (CAGR) of 11.6% during 2023-2028.
Crowdfunding is the process of raising funds for a specific cause or project by asking a large number of individuals to donate money in small amounts. It is performed online with social networks, which makes it easier for supporters to share a cause or project. It can raise funds for a charitable cause, creative project, business startup, school tuition, and personal expenses. As it is a scalable, flexible, and efficient fund-raising solution, the demand for crowdfunding is escalating worldwide.
The increasing prevalence of chronic disorders among the masses represents one of the key factors positively influencing the adoption of crowdfunding around the world. In addition, several initiatives undertaken by governing authorities to minimize healthcare expenses are favoring the market growth. These authorities, along with other non-governmental organizations (NGOs), are also investing and spreading awareness about crowdfunding for financial support through crowdfunding campaigns. Apart from this, extensive advertising campaigns and celebrity and social media influencer endorsements are encouraging individuals to support the global population for a better future, which is creating a positive outlook for the market. It can also be attributed to rapid urbanization, rising sales of smartphones and the easy availability of high-speed internet. Furthermore, various sports events are being organized to raise funds in a shorter time frame, which is propelling the market growth. Besides this, the emerging trend of launching business startups by individuals is gaining traction among the masses. This, in confluence with the launch of mobile applications and websites for raising funds easily, is offering lucrative growth opportunities to industry investors.