Reward-Based Crowdfunding - Gambia

Gambia

Highlights

The Reward-Based Crowdfunding market in Gambia is projected to reach a total transaction value of US$1.29k in 2024.
When comparing globally, it is evident that the United States leads with the highest transaction value of US$465m in 2024.
Gambia's burgeoning Crowdfunding sector is attracting local investors seeking diverse capital-raising opportunities in the dynamic financial market landscape.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Crowdfunding market in Gambia has been steadily developing in recent years, driven by a combination of customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors. Customer preferences in Gambia have played a significant role in shaping the development of the Crowdfunding market.

Gambia has a young and tech-savvy population, with a high level of smartphone penetration. This has created a favorable environment for online platforms and digital payment systems, making it easier for individuals to participate in crowdfunding campaigns. Additionally, Gambians have shown a strong interest in supporting local businesses and community projects, which has contributed to the growth of crowdfunding initiatives in the country.

Trends in the market have also played a role in the development of crowdfunding in Gambia. Globally, crowdfunding has gained popularity as a means of raising funds for various purposes, including business startups, charitable causes, and creative projects. This trend has influenced the Gambian market, with more individuals and organizations turning to crowdfunding platforms to finance their ventures.

The rise of social media and online networking has also facilitated the spread of crowdfunding campaigns, allowing them to reach a wider audience and attract more support. Local special circumstances have further contributed to the development of the crowdfunding market in Gambia. The country has a relatively small formal banking sector, with limited access to traditional financing options for entrepreneurs and small businesses.

Crowdfunding provides an alternative source of funding, allowing individuals to bypass the traditional banking system and directly connect with potential investors or donors. This has been particularly beneficial for grassroots initiatives and community-driven projects that may have struggled to secure funding through traditional channels. Underlying macroeconomic factors have also influenced the development of crowdfunding in Gambia.

The country has experienced economic growth in recent years, but there are still significant disparities in income and wealth distribution. Crowdfunding has emerged as a way to address these inequalities by providing opportunities for individuals and communities to access capital and resources. Additionally, the government has recognized the potential of crowdfunding as a driver of economic development and has taken steps to support and regulate the industry, further fueling its growth.

In conclusion, the Crowdfunding market in Gambia has experienced steady development due to customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors. The country's young and tech-savvy population, interest in supporting local initiatives, and limited access to traditional financing options have all contributed to the growth of crowdfunding. As Gambia continues to embrace digital technologies and promote entrepreneurship, the crowdfunding market is expected to further expand in the coming years.

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.