LONDON--(BUSINESS WIRE)--The crowdfunding market is expected to grow by USD 124.35 billion during 2020-2024. The report also provides competitive insights into the market impact and new opportunities created due to the COVID-19 pandemic. According to the latest market research report by Technavio, the impact is going to be significant in the first quarter. It will eventually lessen the subsequent quarters – with a limited impact on the full-year economic growth.
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Social media platforms provide businesses an opportunity to promote their products and services at almost free of cost. It is also helping crowdfunding organizers to acquire more than just required funds. Also, social media campaigns effectively communicate the mission to the audience. Thus, the emergence of social media as a source of free of cost promotion is expected to foster the growth of the market during the forecast period.
As per Technavio, the increasing customer base will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024. To learn more about the global trends impacting the future of market research, download a free sample: https://www.technavio.com/talk-to-us?report=IRTNTR43648
Crowdfunding Market: Increasing Customer Base
The present digital era has increased the number of digital users worldwide. This has increased the number of crowdfunding platforms in the market. Also, there has been a significant increase in the number of investors in crowdfunding campaigns. This is helping entrepreneurs to sell products or concepts that have not been released in the market. This is emerging as an optimal method of gauging user reactions and analyzing the market. Thus, the rise in customer base is expected to positively influence the growth of the global crowdfunding market during the forecast period.
“Use of crowdfunding campaigns as avenues for crowdsourcing and the emergence of blockchain technology will further boost market growth during the forecast period”, says a senior analyst at Technavio.
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Crowdfunding Market: Segmentation Analysis
This market research report segments the crowdfunding market by Type (P2P lending, Equity investment, Hybrid, Reward, and Others) and Geography (North America, APAC, Europe, South America, and MEA).
The North America region led the crowdfunding market in 2019, followed by APAC, Europe, South America, and MEA respectively. Due to the increasing Internet and smartphone penetration, the APAC region can register the highest incremental growth during the forecast period.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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