LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global crowdfunding market to post a CAGR of over 17%, according to their latest market research report. However, the market is expected to decelerate on a year-on-year basis, during the forecast period.
The crowdfunding campaigns as avenues for crowdsourcing is one of the major trends being witnessed in the global crowdfunding market 2018-2022. In the traditional funding, marketing, and product launch processes, there was very little interaction with the customers before the product reached them. However, this is one of the advantages of crowdfunding campaigns, which enables entrepreneurs to interact with customers or even to gauge the success of the product before launch. Moreover, campaign owners can engage with the target audience to gauge interest about the project and also to understand the expectations. This helps product developers to continuously work toward enhancing value proposition and understand the prospects of a project before launch. Thus, the use of crowdfunding campaigns as an avenue for crowdsourcing is a trend for the global crowdfunding market.
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According to Technavio analysts, one of the key factors contributing to the growth of the global crowdfunding market is social media as a source of free of cost promotion:
Global crowdfunding market: Social media as a source of free of cost promotion
One of the major factors driving the global crowdfunding market is that it is used as a means of free promotion. It provides an opportunity to pre-sell a product and also acts as a free of cost marketing tool. Therefore, an active crowdfunding campaign can go further than just acquiring the required funds. These campaigns are inexpensive and can rapidly access multiple channels. Campaigns are designed to communicate the mission and vision of the venture easily. Social media is a common platform adopted for many crowdfunding campaigns, allowing the tracking of referral traffic to the websites. Thus, with social media, an enterprise can promote an idea free of cost, which is likely to drive the global crowdfunding market during the forecast period.
According to a senior analyst at Technavio, “Apart from social media being a source of free of cost promotion, other factors such as the easy access to capital in comparison with traditional funding and blockchain technology are expected to boost the growth of the market during the forecast period.”
Global crowdfunding market: Segmentation analysis
The global crowdfunding market research report provides market segmentation by business model (P2P lending, equity investment, reward, hybrid), and by region (the Americas, EMEA, and APAC). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
The Americas held the largest share of the market in 2017, accounting for over 50% share, followed by the EMEA and APAC respectively. Although APAC held the smallest share of the market, it is expected to witness the maximum increase in its market share over the forecast period owing to the increasing internet and smartphone penetration.
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