The crowdfunding market grew by 167% in 2014, with US$16.2bn raised, according to Massolution's 2015 CF–Crowdfunding Industry Survey report, Finextra said.
In the past year Asia has become a major crowdfunding region, with $3.4bn raised, representing an increase of 320% on the previous year. Asia is now ahead of Europe, with $3.26bn raised. North America rose 145% to $9.46bn, Finextra reported.
Massolution looked at 1250 crowdfunding platforms internationally, Finextra said.
Chief executive Carl Esposti said that "surprises materialising from this year’s research included the astounding growth in the P2P and P2B (peer-to-peer and peer-to-business) lending market in Asia, stemming largely from the Chinese market," Finextra reported.
The most popular categories of crowdfunding in 2014 were: business and entrepreneurship, at $6.7bn; social causes (3.06bn); film and performing arts ($1.97bn); real estate ($1.01bn); and music and recording arts ($736 million), Finextra said.