The Crowdfunding market in India has been experiencing significant growth in recent years.
Customer preferences: One of the main reasons for the growth of the Crowdfunding market in India is the increasing popularity of online platforms. With the rise of internet penetration and smartphone usage in the country, more people have access to crowdfunding platforms, allowing them to easily contribute to projects and causes they believe in. Additionally, the convenience and transparency of online crowdfunding platforms have made them a preferred choice for many Indians who want to support innovative ideas or social causes.
Trends in the market: One trend in the Crowdfunding market in India is the emergence of niche platforms catering to specific industries or causes. For example, there are crowdfunding platforms dedicated to supporting startups, social enterprises, and creative projects. This trend reflects the diverse needs and interests of Indian consumers, as well as the growing recognition of crowdfunding as a viable alternative to traditional funding sources. Another trend in the market is the increasing participation of corporates and large organizations in crowdfunding campaigns. This can be attributed to the corporate social responsibility initiatives undertaken by companies in India, as well as the recognition of the potential for crowdfunding to generate positive publicity and brand awareness. The involvement of corporates not only provides financial support to crowdfunding campaigns but also lends credibility and legitimacy to the projects, attracting more contributors.
Local special circumstances: India is a country with a rich culture of philanthropy and community support. The concept of crowdfunding aligns well with these values, as it allows individuals to directly contribute to causes and projects they care about. The strong sense of community and social responsibility in India has contributed to the growth of the Crowdfunding market, as people are more willing to support initiatives that have a positive impact on society.
Underlying macroeconomic factors: India is one of the fastest-growing economies in the world, with a large and young population. This presents a favorable environment for crowdfunding, as there is a growing pool of potential contributors who are willing to support innovative ideas and projects. Additionally, the government of India has implemented various initiatives to promote entrepreneurship and innovation, which has further fueled the growth of the Crowdfunding market. In conclusion, the Crowdfunding market in India is experiencing significant growth due to customer preferences for online platforms, emerging trends in niche crowdfunding, the participation of corporates, the culture of philanthropy, and the favorable macroeconomic factors in the country. As more Indians embrace crowdfunding as a means of supporting causes and projects, the market is expected to continue its upward trajectory.
Data coverage:
The data encompasses B2C enterprises. Figures are based on transaction values / revenues / assets under management and user data of relevant services and products offered within the FinTech market.Modeling approach / Market size:
Market sizes are determined through a combined top-down and bottom-up approach, building on a specific rationale for each market segment. As a basis for evaluating markets, we use annual financial reports of key players, industry reports, third-party reports, publicly available databases, and survey results from primary research (e.g., the Statista Global Consumer Survey). In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, consumer spending, population, internet penetration, smartphone penetration, credit card penetration, and online banking penetration. This data helps us estimate the market size for each country individually.Forecasts:
In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the S-curve function and exponential trend smoothing are well suited for forecasting digital products and services due to the non-linear growth of technology adoption.Additional notes:
The market is updated twice a year in case market dynamics change. The impact of the COVID-19 pandemic and the Russia-Ukraine war is considered at a country-specific level.
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