Key regions: Germany, Brazil, Australia, Israel, United States
Crowdfunding, a popular method of raising funds through online platforms, is gaining traction in Bhutan. This alternative form of financing has seen a steady increase in popularity among entrepreneurs and individuals seeking financial support for their projects or causes.
Customer preferences: In Bhutan, where access to traditional financing options may be limited, crowdfunding provides a viable alternative for individuals and businesses to raise funds. The ease and convenience of online platforms have made it increasingly popular among the younger generation who are tech-savvy and comfortable with digital transactions. Additionally, crowdfunding allows individuals to tap into a wider network of potential supporters, both within Bhutan and internationally.
Trends in the market: One of the key trends in the crowdfunding market in Bhutan is the rise of social and community-based projects. Bhutan has a strong sense of community and social responsibility, and crowdfunding platforms have become a popular way for individuals and groups to raise funds for social causes, such as education, healthcare, and environmental conservation. These projects often resonate with the values and priorities of the Bhutanese people, leading to increased support and donations. Another trend in the market is the emergence of creative and artistic projects seeking funding. Bhutan is known for its rich cultural heritage, and many individuals and organizations are turning to crowdfunding to support initiatives related to art, music, film, and traditional crafts. Crowdfunding platforms provide a platform for artists and creators to showcase their work and gain financial support from a global audience.
Local special circumstances: Bhutan is a small, landlocked country with a limited domestic market. This poses challenges for entrepreneurs and individuals seeking funding for their projects. Crowdfunding offers a solution by providing access to a global pool of potential backers. The international reach of crowdfunding platforms allows Bhutanese projects to gain exposure and attract support from individuals who may have a personal connection to Bhutan or an interest in its culture and development.
Underlying macroeconomic factors: The development of the crowdfunding market in Bhutan is also influenced by underlying macroeconomic factors. Bhutan has been experiencing steady economic growth in recent years, which has led to an increase in disposable income and a growing middle class. This provides individuals with the financial means to support crowdfunding campaigns and contribute to projects they believe in. Furthermore, the government of Bhutan has recognized the potential of crowdfunding as a tool for economic development. Efforts have been made to create a supportive environment for crowdfunding, such as the development of regulations and policies that facilitate crowdfunding activities. These initiatives have helped to build trust and confidence in the crowdfunding market, encouraging more individuals and businesses to participate. In conclusion, the crowdfunding market in Bhutan is experiencing growth due to customer preferences for alternative financing options, the rise of social and artistic projects, local special circumstances, and underlying macroeconomic factors. As Bhutan continues to develop and embrace digital technologies, the crowdfunding market is likely to expand further, providing an avenue for individuals and businesses to access much-needed funding for their projects and causes.
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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