The emergence of artificial intelligence (AI) is one of the major trends being witnessed in the global online auction market 2018-2022. AI is used in an online auction to perform various activities such as processing customer-service inquiries, internal operations, product packaging, and delivery. In the recent years, AI has led to a shift in the preference for online auction from the conventional auction. Therefore, the emergence of AI and its increased adoption by different vendors to retain their market shares will contribute to the growth of the global online auction market.
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According to Technavio analysts, one of the key factors contributing to the growth of the global online auction market is the ease of bidding:
Global online auction market: Ease of bidding
Online auction provides bidders with flexibility in terms of time and place. One can easily login to the site and participate in the auction, which helps the user save both time and 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 stock and products on their websites. This helps bidders to compare prices and the quality of the product before participating in the bidding process. Moreover, the process eliminates the profit made by the agents, brokers, or middlemen, thereby making the bidding process cost-efficient thereby driving the growth of the global online auction market.
According to a senior analyst at Technavio for research on gaming, “With online auctions providing the bidder with more financial security, several buyers are inspired to invest more than they were investing previously, thereby boosting the overall growth of the online auction industry.”
Global online auction market: Segmentation analysis
The global online auction market research report provides market segmentation by product (collectibles, electronics, artistic goods, jewelry, others), and by region (the Americas, EMEA, and APAC). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
The Americas held the largest share of the market in 2017, accounting for over 50% share, followed by the EMEA and APAC respectively. However, during the forecast period, the region of APAC is expected to exhibit the highest incremental growth followed by the Americas. EMEA is expected to see a commensurate decline in its market share over the forecast period.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market sizing
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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