NEW YORK, Jan. 21, 2025 /PRNewswire/ -- Report on how AI is redefining market landscape - The global online auction market size is estimated to grow by USD 3.98 billion from 2025-2029, according to Technavio. The market is estimated to grow at a CAGR of 14% 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, 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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Key Market Trends Fueling Growth

The online auction market is experiencing in popularity, particularly in the sale of high-quality watches and electronics. Technological advancements, such as bidding on tablets, have made online auctions more accessible and convenient for buyers. E-commerce platforms are leading the charge, offering standard auctions, sealed-bid auctions, and reverse auctions for various products like artwork, clothing, vehicles, and collectibles. Environmental issues and artificial intelligence are also influencing the market, with an increasing demand for certified products and the use of voice search technology for convenience. International trade and supply chain shortages have created opportunities for online auctions in industries like construction and agriculture. However, the market faces challenges such as online auction fraud and the need for standardization and user experience improvements. Auction technology continues to evolve, with virtual reality and operational efficiency tools like cranes, bulldozers, and excavators becoming essential for infrastructure projects. Short-term investment needs and budgetary distributions have also driven the demand for used equipment auctions and rental use of mobile fleets. Overall, the online auction market is a dynamic and growing sector, offering opportunities for businesses and individuals alike. 

Online auctions are experiencing growth through the implementation of Artificial Intelligence (AI) technology. AI platforms utilize machine learning and algorithms to provide bidders with transparent, user-friendly, and decisive insights. This innovation streamlines 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, revolutionizing the bidding process with enhanced efficiency. 

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Market Challenges

• The online auction market is thriving, with various categories such as quality watches, electronics, refurbished goods, artwork, collectibles, vehicles, and construction equipment up for grabs. Technological advancements, including tablets and voice search technology, make online bidding more. E-commerce platforms offer standard auctions, sealed-bid auctions, reverse auctions, and real-time bidding. Product certification and artificial intelligence ensure authenticity and transparency. However, challenges persist, like online auction fraud, environmental issues, and supply chain shortages. International trade, infrastructure projects, and construction activities drive demand for online auctions in various sectors. Standardization and user experience are crucial for auction platforms to attract and retain customers. Online shopping in sectors like agriculture, building permits, and commercial construction also benefits from online auctioning. Operational needs, budgetary distributions, and short-term investment needs further fuel the market growth.
• Online auctions have gained significant traction in the market, yet they face a persistent challenge with the illegal practice of shill bidding. Shill bidding occurs when a seller or their associates place bids to manipulate the price of a product in forward auctions, artificially increasing it, or in reverse auctions, decreasing it. Investigating such activities in online auctions is challenging due to the vast number of participants. Shill bidding is often employed to generate greater buyer interest. In forward auctions, multiple users may collude to bid on each other's products under the auction regulations. In reverse auctions, this practice can lower the final price. Shill bidding is a deceptive tactic that undermines the fairness and transparency of online auctions.

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Segment Overview

This online auction market report extensively covers market segmentation by

1. Product 
• 1.1 Collectibles
• 1.2 Electronics
• 1.3 Artistic goods
• 1.4 Jewelry
• 1.5 Others
2. Platform 
• 2.1 Web-based
• 2.2 Application-based
3. Geography 
• 3.1 North America
• 3.2 Europe
• 3.3 APAC
• 3.4 South America
• 3.5 Middle East and Africa
4. Product Category
5. Auction Format

1.1 Collectibles- In the dynamic world of Online Auction Markets, the collectibles segment emerged as a significant revenue generator in 2024. This popularity stems from the widespread passion for acquiring items with historical value. Online auctions eliminate geographical limitations, enabling collectors worldwide to engage and broaden their search for rare collectibles. These digital platforms extend the reach of collectible auctioning beyond local markets, increasing the pool of potential buyers and sellers. Detailed product information, images, and histories available online foster transparency, instilling trust and confidence among collectors. With technology's continuous evolution and growing comfort with online transactions, the collectibles segment's online auction market is poised for substantial expansion during the forecast period.

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Research Analysis

The online auction market is a dynamic and ever-evolving industry that offers a platform for buying and selling used goods and second-hand products. Auctions provide an efficient and cost-effective way to buy and sell various items, including construction equipment parts. In this market, auction value is determined through bidding wars among interested buyers. Auction houses offer various services such as auctioneer training, appraisal, marketing, and logistics to ensure smooth transactions. Mobile bidding and online auction trends have revolutionized the industry, making it more accessible to a wider audience. Auction history, etiquette, regulations, and security are essential aspects that ensure fair and transparent transactions. Product standardization, financing, insurance, and photography are other crucial services offered in the auction market. Construction equipment, including parts, dealers, financing, sustainable equipment, manufacturers, and valuation, are significant categories in this market. Stay updated with the latest auction trends, regulations, and fraud prevention through various resources, publications, conferences, and software.

Market Research Overview

The online auction market is experiencing significant growth, driven by technological advancements and the increasing popularity of e-commerce platforms. Quality watches, electronics, refurbished goods, artwork, collectibles, and vehicles are among the various product categories sold through bidding experiences on auction platforms. Tablets and virtual reality technology enhance the user experience, while standardization and product certification ensure authenticity and transparency. Sealed-bid auctions, reverse auctions, and voice search technology offer alternative bidding methods. International trade, construction equipment auctions, and infrastructure projects are major sectors benefiting from this dynamic market. However, concerns over online auction fraud and environmental issues persist, while artificial intelligence and substitute services reshape the industry landscape. Short-term investment needs and supply chain shortages also impact the market, as do operational challenges and budgetary distributions in various industries.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Product
• Collectibles
• Electronics
• Artistic Goods
• Jewelry
• Others
• Platform
• Web-based
• Application-based
• Geography
• North America
• Europe
• APAC
• South America
• Middle East And Africa
• Product Category
• Auction Format

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