NEW YORK, Nov. 25, 2024 /PRNewswire/ -- Report on how AI is redefining market landscape - The global online auction market size is estimated to grow by USD 3.08 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 12.36% during the forecast period. Shift in preference for online auctions from conventional auction model is driving market growth, with a trend towards emergence of ai-based online auctions. However, rise in shill bidding during online auctions poses a challenge.Key market players include A One Salasar Pvt. Ltd, Auction House UK Ltd., Auction Technology Group Plc, BCL Auction, Biddingo.com, Bonanza Portfolio Ltd., Catawiki BV, eBay Inc., eBid Ltd., eCRATER, Invaluable LLC, John Pye and Sons Ltd., Liquidity Services Inc., SDL Auctions Ltd., Sothebys, UKauctioneers.com, U.S. Auction Online, Webstore.com, Williams and Williams Marketing Services Inc., and Wilsons Auctions Ltd..
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Online Auction Market Scope |
|
Report Coverage |
Details |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 12.36% |
Market growth 2024-2028 |
USD 3076.64 million |
Market structure |
Fragmented |
YoY growth 2022-2023 (%) |
10.27 |
Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
Performing market contribution |
North America at 41% |
Key countries |
US, China, Japan, UK, and Germany |
Key companies profiled |
A One Salasar Pvt. Ltd, Auction House UK Ltd., Auction Technology Group Plc, BCL Auction, Biddingo.com, Bonanza Portfolio Ltd., Catawiki BV, eBay Inc., eBid Ltd., eCRATER, Invaluable LLC, John Pye and Sons Ltd., Liquidity Services Inc., SDL Auctions Ltd., Sothebys, UKauctioneers.com, U.S. Auction Online, Webstore.com, Williams and Williams Marketing Services Inc., and Wilsons Auctions Ltd. |
Market Driver
Online auctions have seen in popularity among younger audiences, with the internet providing a convenient platform for buying and selling fine art, jewels and watches, cars, and various collectibles. Artificial Intelligence (AI) is used for fraud prevention and anti-money laundering, ensuring secure transactions. Pricing is automated, and data collection enables personalization and accessibility. Security concerns are addressed with encryption and secure payment options. Smartphone penetration drives e-commerce growth, enabling bidding on-the-go. Digital transformation brings affordability, enhanced viewing experience through AR and VR, and ethical sourcing of eco-friendly materials. Sellers, auctioneers, and bidders benefit from increased accessibility and internet access. Digital assets, paintings, antique goods, electronics, and artistic goods are all up for grabs, with credit card numbers, home addresses, and phone numbers protected. Online auctions offer convenience and collectability, making them an essential part of the modern marketplace.
Online auctions are experiencing growth with the integration of Artificial Intelligence (AI) technology. AI platforms employ machine learning and algorithms to provide bidders with transparent, user-friendly, and decisive information. During online auctions, AI automates various processes, including internal operations, customer service inquiries, equipment packaging, and delivery. In March 2018, TradeRev, a KAR Auction Services Inc. (KAR Auction Services) subsidiary, introduced H, an AI-driven tool for dealer-to-dealer vehicle auctions, streamlining the bidding process.
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Market Challenges
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Segment Overview
This online auction market report extensively covers market segmentation by
1.1 Collectibles- In the dynamic world of Online Auction Markets, the collectibles segment emerged as a major revenue generator in 2023. This growth can be attributed to the widespread passion for acquiring collectibles with historical value among people. Online auctions eliminate geographical barriers, enabling collectors worldwide to participate and broaden their search for rare items. These platforms extend the reach of collectible auctions beyond local markets, increasing the pool of potential buyers and sellers. Detailed information, images, and histories available online enhance transparency, instilling trust and confidence among collectors. As technology advances and more individuals embrace online transactions, the collectibles segment is expected to experience substantial growth during the forecast period.
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Research Analysis
The online auction market is experiencing explosive growth, particularly among younger audiences who prefer the convenience and accessibility of buying and selling on digital platforms. Fine art, jewels and watches, cars, and other valuable items are increasingly being bought and sold through online auctions on the Internet. Artificial Intelligence (AI) is revolutionizing the industry with fraud prevention and anti-money laundering measures, while automation, personalization, and data collection enhance the user experience. Security concerns and payment options are key considerations, with smartphone penetration driving the growth of e-commerce and digital transformation. Sustainability, affordability, collectability, and convenience are also major factors. Enhanced viewing experiences through AR and VR technology are bringing auctioneers and bidders closer together than ever before.
Market Research Overview
Online auctions have gained significant popularity among younger audiences, offering a convenient and accessible way to buy and sell fine art, jewels and watches, cars, and various collectibles on the internet. This digital transformation in the auction industry is driven by online platforms that leverage Artificial Intelligence (AI) for fraud prevention, anti-money laundering, and pricing. Data collection and automation enable personalization, while security concerns are addressed through advanced encryption and multi-factor authentication. Payment options are diverse, including credit cards and e-wallets, with smartphone penetration making bidding on-the-go a reality. E-commerce and sustainability are essential factors, with ethical sourcing, eco-friendly materials, and ethical practices becoming increasingly important. The enhanced viewing experience is made possible through Augmented Reality (AR) and Virtual Reality (VR), allowing bidders to inspect items in detail before placing a bid. Auctioneers, sellers, and bidders benefit from the convenience and affordability of online auctions, with digital assets like paintings, antique goods, electronics, and artistic goods also finding a place in this dynamic market.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
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SOURCE Technavio