According to the latest report by IMARC Group, titled “Crowdfunding Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” 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 a method used to raise capital to finance a venture or project from numerous individuals through the internet. It relies on several websites and social media platforms to reach entrepreneurs and investors together. It is a creative method of acquiring capital for new enterprises, concepts, and endeavors. It aids in raising funds for a charitable cause, creative project, business startup, school tuition, and personal expenses by asking a large number of individuals to donate money in small amounts. In addition, it allows companies to pre-sell at their convenience and promote their products. As a result, crowdfunding is widely adopted in the publishing, technology, social cause, entrepreneurship, real estate, and technology sectors.
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Market Trends
The market is primarily driven by the increasing incidence of chronic ailments among individuals. In addition, the rising crowdfunding activities on social media platforms, extensive advertising campaigns, and celebrity endorsements are encouraging people to support, which is contributing to the market growth. Moreover, technological innovations, such as the integration of artificial intelligence (AI) and machine learning (ML) in crowdfunding platforms, represent other major growth-inducing factors. Besides this, the implementation of various government policies to support crowdfunding platforms, creative ideas, and projects and minimize healthcare costs are accelerating the product adoption rate. Furthermore, non-governmental organizations (NGOs) are investing in and promoting crowdfunding campaigns to increase financial support and organizing sports events to raise funds in a shorter time frame, which is creating a positive market outlook.
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