Industry Background:
An online auction takes place over the internet, so it removes the physical restrictions of conventional auctions like need for physical presence, geographical constraints, space requirements, time constraints, and limited target audience. The emergence of artificial intelligence in online auction is key trend in the market. AI is used in online auctions to do various activities including processing customer-service inquiries, product packaging, internal operations, as well as delivery. The ease of bidding is the key driver boosting global online auction market growth over the coming years.
According to AMA, the market for Online Auction is expected to register a CAGR of 7.1% during the forecast period to 2026. This growth is primarily driven by Ease & Convenience of Bidding, Growing sales of art-based goods through online auctions and Increased adoption by different vendors.
Globally, a noticeable market trend is evident Use of Artificial Intelligence in Online Auctions
. The Internet Software & Services sector in the North America region has been increasing at a sustainable rate and further growth is expected to be witnessed over the forecast period, owing to the robust investments and expansion in production facilities in the region. Major Players, such as Bonanza (United States), eBay Inc. (United States), OnlineAuction.com, Inc. (United States), Webstore.com (United States), AirAuctioneer (Australia), LiveAuctioneers (United States), Silent Auction Pro (United States), FrontStream (United States), eBid (United Kingdom) and GalaBid (CrowdComms) (Australia) etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years.
Market Drivers
- Ease & Convenience of Bidding
- Growing sales of art-based goods through online auctions
- Increased adoption by different vendors
Market Trend
- Use of Artificial Intelligence in Online Auctions
- Growing popularity of online auction advertisements
Restraints
Opportunities
Emerging markets
AMA Research follow a focused and realistic research framework that provides the ability to study the crucial market dynamics in several regions across the world. Moreover, an in-depth assessment is mostly conducted by our analysts on geographical regions to provide clients and businesses the opportunity to dominate in niche markets and expand in emerging markets across the globe. This market research study also showcase the spontaneously changing Players landscape impacting the growth of the market. Furthermore, our market researchers extensively analyse the products and services offered by multiple players competing to increase their market share and presence.
Customization in the Report
AMA Research features not only specific market forecasts, but also include significant value-added commentary on:
- Market Trends
- Technological Trends and Innovations
- Market Maturity Indicators
- Growth Drivers and Constraints
- New Entrants into the Market & Entry/Exit Barriers
- To Seize Powerful Market Opportunities
- Identify Key Business Segments, Market Proposition & Gap Analysis
Against this Challenging Backdrop, Online Auction Study Sheds Light on
The Online Auction Market status quo and key characteristics. To end this, Analyst at AMA organize and took survey of the Online Auction industry Players. The resultant snapshot serves as a basis for understanding why and how the industry can be expected to change.
Where Online Auction industry is heading and what are the top priorities. Insights are drawn from financial analysis, the survey and interviews with key executives and industry experts.
How every company in this diverse set of Players can best navigate the emerging competition landscape and follow a strategy that helps them position to hold value they currently claim, or capture the new addressable opportunity.