Online Auction Market to Record 8.07% Y-O-Y Growth Rate in 2022, Emergence of AI-Based Online Auctions is a Major Trend to Fuel the Market – Technavio

The global online auction market size is expected to grow by USD 1.90 billion from 2021 to 2026, at a CAGR of 9.7% as per the latest market report by Technavio. The emergence of AI-based online auctions is an online auction market trend that is expected to have a positive impact in the coming years. Artificial Intelligence (AI)-based online auctions are gaining popularity. AI platforms use machine learning and algorithms to deliver clear, easy, and actionable intelligence to bidders. During online auctions, the use of AI helps reduce administrative costs as a number of processes such as internal operations, customer-based service inquiries, the packaging of purchased industrial equipment, and its delivery can be automated.

Major Driver:

• The key factors driving growth in the online auction market is the ease of bidding.
• Online auctions provide bidders with the convenience of flexibility in terms of time and place. One can easily log into the site and participate in the auction, which helps the users save money. Online auctions run over a fixed period and normally take 21 days for marketing and open-house viewings. They do not require the physical presence of the bidders as the process is carried out online. Companies upload images and videos of their stocks and products on their websites.
• Users can conduct research regarding the prices and the quality of the product before participating in the bidding process. This helps users understand the market situations and decide accordingly. It also helps in bargaining while bidding with the sellers or manufacturers. It eliminates the profit made by agents, brokers, or middlemen, thereby making the bidding process much easier and driving the growth of the global online auction market during the forecast period.

Major Challenges:

• The concerns related to fraudulent activities in online auctions will be a major challenge for the online auction market during the forecast period. 
• The rapid increase in the number of participants in online auctions has led to a rise in fraudulent activities, making online auction fraud one of the most commonly prevalent online crimes. Bid rigging is one of the main types of fraud in online auctions.
• Bid rigging is primarily seen during the online auction of assets, such as automobiles and construction equipment. This type of fraud suppresses market competition, as the rigged price will be higher than what might have resulted from a competitive bidding process. Furthermore, the quality of products sold through online auctions is another major area of concern. Online auctioneers post fake images, ambiguous descriptions, and false facts about the product being sold through online auctions.

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Read the 120-page report with TOC on “Online Auction Market Analysis Report by Product (collectibles, electronics, artistic goods, jewelry, and others) and Geography (North America, Europe, APAC, South America, and the Middle East and Africa), and the Segment Forecasts,2022-2026″. Gain competitive intelligence about market leaders. Track key industry opportunities, trends, and threats. Information on marketing, brand, strategy and market development, sales, and supply functions. https://www.technavio.com/report/report/online-auction-market-industry-size-analysis

The online auction market is fragmented and the vendors are deploying growth strategies such as investing in designing, planning, developing, branding, expanding existing products and services, and acquiring new players to compete in the market.

• Atomic Mall
• A One Salasar Pvt. Ltd.
• Auction Network
• Auction Technology Group Plc
• AuctionZip LLC
• Biddingo.com
• Bonanza
• eBay Inc.
• eBid Ltd.
• eCRATER
• Goodwill Industries of Orange County
• Listia Inc.
• OnlineAuction.com
• PropertyRoom.com Inc.
• SJH-All Plant Group Ltd.
• Webstore.com
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Product Outlook (Revenue, USD bn, 2021-2026)

• Collectibles – size and forecast 2021-2026
• Electronics – size and forecast 2021-2026
• Artistic goods – size and forecast 2021-2026
• Jewelry – size and forecast 2021-2026
• Others – size and forecast 2021-2026

 Geography Outlook (Revenue, USD bn, 2021-2026)

• North America – size and forecast 2021-2026
• Europe – size and forecast 2021-2026
• APAC – size and forecast 2021-2026
• South America – size and forecast 2021-2026
• The Middle East and Africa – size and forecast 2021-2026

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