DUBLIN, Oct. 20, 2023 /PRNewswire/ — The “Global Online Auction Market (by Product Type, & Region): Insights and Forecast with Potential Impact of COVID-19 (2022-2027)” report has been added to ResearchAndMarkets.com’s offering.
The global online auction market is poised for substantial growth, with an expected value of $7.42 billion by 2023, representing a robust Compound Annual Growth Rate (CAGR) of 11.50% during the forecast period.
Younger audiences, particularly High-Net-Worth Millennials, are driving the digital transformation of auctions, leveraging online platforms to access a wide range of goods and services.
The report categorizes the global online auction market based on various parameters:
By Product Type:
- Fine Art
- Jewels and Watches
- Decorative Arts and Furniture
Fine art auctions hold the largest market share, driven by increasing consumer adoption of online platforms for art transactions.
The global market is divided into five major regions:
- North America
- Asia Pacific
- Middle East & Africa
- Latin America
Asia Pacific is the fastest-growing regional market, fueled by sustainability, affordability, and collectibility trends. China stands as a significant contributor to the growth of online auctions in the region.
Key Growth Drivers:
- Rise in Internet Use for Auctions: The internet has revolutionized the auction industry, enabling global access to auctions 24/7, on any device. Advancements in technology, high-speed internet, and secure payment options have facilitated online auctions.
- Rapid Urbanization: Urbanization trends have led to increased consumer demand for online auctions, particularly in densely populated urban areas.
- Surging Millennial Population: High-Net-Worth Millennials are becoming significant spenders in the online auction market as they enter their peak earning years.
- Growing Recognition of NFTs: The rise of Non-Fungible Tokens (NFTs) is garnering attention, attracting collectors and investors to digital assets.
- Security Concerns: Security and privacy are paramount in online auctions, and breaches can result in the exposure of sensitive information, undermining trust in the platform.
- Auction Fraud: Online auctions are susceptible to fraudulent activities, such as fake listings and scams, posing risks to both buyers and sellers.
- Growing Popularity of Mobile Bidding: Mobile devices are increasingly used for bidding, offering convenience and accessibility to a wider audience.
- Integration of Artificial Intelligence (AI): AI is enhancing various aspects of online auctions, from customer service to fraud prevention, and improving the overall experience for participants.
- Growing Influence of Digital Marketing: Digital marketing strategies are being leveraged to promote online auctions, attracting a broader audience and increasing engagement.
- Cloud-based Live Streaming Online Auctions: Online auctions are incorporating cloud-based live streaming to provide an immersive and interactive experience for bidders.
The COVID-19 Impact:
The COVID-19 pandemic accelerated the digital transformation of the online auction market, as remote work and digital activities became the norm. The convenience and safety of online auctions gained traction during the pandemic, leading to lasting changes in the industry.
Analysis of Key Players:
The global online auction market features both organic and inorganic expansion strategies among vendors. Key players are leveraging cutting-edge technology to enhance the presentation of auctioned products. Leading companies in the market include Ritchie Bros. Auctioneers Incorporated, eBay Inc., Auction Technology Group PLC (LiveAuctioneers.com), Mortgage Specialists International, LLC (Auction Network), Epiris LLP (bonham.com), Ebid.com, The Auction Company (TAC), Invaluable, LLC (AuctionZip.com), OnlineAuction.com, Inc., WebStore.com, Catawiki, Biddingo.com, and A One Salasar Pvt. Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/mh0nrl
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Originally published at https://www.prnewswire.com/news-releases/online-auction-market-to-reach-7-42-billion-by-2023-younger-audiences-drive-digital-transformation-in-fine-art-jewelry-and-more-301963174.html
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