According to Massolution’s 2015 crowdfunding survey, the industry should raise $34.4bn this year, doubling 2014’s $16.2bn funds, thanks to high levels of growth in Asia.

The continent was responsible for $3.4bn (rising 320 per cent growth) of revenues last year, which is slightly more than Europe’s funds of $3.26bn, the third best performing territory in the world. Unsurprisingly, the US continues to lead, with 145 per cent growth year on year, accounting for $9.46bn of total crowdfunding revenues last year.

Massolution founder and CEO Carl Esposti told Crowdsourcing: “Surprises materializing from this year’s research included the astounding growth in the P2P and P2B lending market in Asia, stemming largely from the Chinese market.”

The study involved examining 1250 active crowdfunding platforms around the world. 463 of these freely gave Massolution information about the amount raised and types of campaigns on their websites, while the research team uncovered data from the remaining platforms.

Lending-based platforms saw the biggest revenue increases, raising $11.08bn in 2014. However, rewards- and equity-based campaigns still put in a good show, although the individual campaigns tend to raise less money than lending schemes.

Business and entrepreneurship was the most popular crowdfunding category last year taking 41.3 per cent of the total crowdfunding pie, although social causes, films and performing arts, property and music and recording arts all took places in the top five spots.

Other insights in the report include the market shares of top five and top ten crowdfunding platforms in North America and Europe, platform leaderboards by region, growth in the number of and worldwide distribution of platforms, average deal size for the leading platforms and types of campaigns, individual project success rates and what Massolution considers to be the 15 biggest crowdfunding trends and developments in 2014, looking ahead to 2015.