Crowdfunding across the globe is set to explode, according to Massolution’s  2015CF – Crowdfunding Industry Report, released on Crowdsourcing.org.

Global crowdfunding in 2014 grew 167%, to $16.2 billion raised, and this year the industry should double again, to $34.4 billion, according to information collected by Massolution from 1,250 crowdfunding platforms and additional data submitted by 463 platforms to the Crowdfunding Industry Survey.

The industry is dominated by lending-based campaigns rather than equity raises. Lending campaigns raised $11.08 billion in 2014.

Asia accounts for much of last year’s growth, rising 320%, to $3.4 billion. North America continued to lead the world in crowdfunding volumes, increasing 145% and raising a total of $9.46 billion. Europe came in third at $3.26 billion.

“Surprises materializing from this year’s research included the astounding growth in the P2P and P2B lending markets in Asia, stemming largely from the Chinese market,” Massolution founder and chief executive Carl Esposti said in the announcement.

Business and entrepreneurship remained as the most popular crowdfunding category, collecting $6.7 billion in 2014, representing 41.3% of total crowdfunding volume. Social causes ($3.06 billion), films and performing arts ($1.97), real estate ($1.01 billion), and music and recording arts ($736 million) rounded out the top five categories.

Last month Massolution released its 2015CF – RE Crowdfunding for Real Estate Report, which tracks “one of the hottest sectors of crowdfunding,” Crowdsourcing.org wrote.

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