The report highlights the increasing adoption of innovative technologies such as blockchain, AI, and machine learning by various crowdfunding platforms, as well as the extensive rise in the number of social media users, which are major factors that will boost the growth of the global market throughout the forecast period.
Moreover, the study emphasizes the efforts by crowdfunding service providers to help startup companies raise funds from investors without the need to navigate complicated banking procedures, which is expected to be another key factor propelling the market’s growth over the coming years.
Raising funds and capital for smaller projects with the help of crowdfunding on social media platforms is gaining huge popularity, especially for companies in the pre-profit-making stage. Social media platforms act as free promotion resources for crowdfunding organizations, making it easier to reach global audiences and create high growth opportunities for the market.
Nearly USD 17.2 billion is generated yearly through crowdfunding platforms in North America, with a significant rise every year. It is estimated that the number of crowdfunding campaigns will reach about 12,064,870 by 2023, and the average amount raised by successful campaigns was USD 28,656.
Therefore, social entrepreneurs and innovators should take advantage of the positive trends in crowdfunding development and consider it as a viable funding option. Let’s work together to make your social initiatives a reality!
Source: Research and Markets, GlobeNewswire, http://surl.li/gjbtq