Key regions: Germany, Brazil, Australia, Israel, United States
The Crowdfunding market in Ethiopia has been steadily developing over the past few years, driven by a combination of customer preferences, local special circumstances, and underlying macroeconomic factors.
Customer preferences: In Ethiopia, there is a growing interest in supporting social and community-based projects through crowdfunding. This is driven by a sense of community and a desire to make a positive impact on society. Customers are increasingly looking for ways to contribute to causes they believe in, and crowdfunding provides an accessible platform for them to do so. Additionally, the younger generation in Ethiopia is more tech-savvy and connected than ever before, making crowdfunding an attractive option for them to support projects and initiatives.
Trends in the market: One of the key trends in the crowdfunding market in Ethiopia is the rise of platforms that focus on social impact projects. These platforms specifically target projects that address social and environmental issues, such as education, healthcare, and renewable energy. This trend reflects the growing awareness and concern for social and environmental issues among Ethiopians, and their desire to actively contribute towards solving these problems. Another trend in the market is the increasing use of mobile crowdfunding platforms. With the widespread adoption of mobile phones in Ethiopia, mobile crowdfunding has become a convenient and accessible way for people to support projects. This trend is further fueled by the lack of traditional banking infrastructure in the country, making mobile crowdfunding an attractive alternative for fundraising.
Local special circumstances: Ethiopia is a country with a rich cultural heritage and a strong sense of community. This cultural context plays a significant role in the development of the crowdfunding market. Ethiopians have a strong tradition of supporting each other and contributing to community-based initiatives. Crowdfunding taps into this sense of community and provides a platform for Ethiopians to come together and support projects that benefit their communities.
Underlying macroeconomic factors: Ethiopia has been experiencing rapid economic growth in recent years, which has contributed to the development of the crowdfunding market. The growing middle class in the country has more disposable income and is increasingly looking for ways to invest in projects that align with their values and beliefs. This has created a favorable environment for crowdfunding platforms to thrive and attract a larger pool of potential backers. Additionally, the government of Ethiopia has recognized the potential of crowdfunding as a means to support entrepreneurship and innovation in the country. As a result, they have implemented policies and regulations that support the growth of the crowdfunding market. This includes initiatives to improve access to finance for small and medium-sized enterprises and the establishment of crowdfunding platforms that are specifically focused on supporting local entrepreneurs. In conclusion, the Crowdfunding market in Ethiopia is developing due to customer preferences for social impact projects, the rise of mobile crowdfunding platforms, local cultural values of community support, and the favorable macroeconomic factors such as rapid economic growth and government support. This presents a promising opportunity for both project creators and backers to come together and make a positive impact on society.
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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