Advances in augmented reality, virtual reality and mixed reality technologies open up growth prospects

DublinAnd the October 10 2022 /PRNewswire/ – file “Global Online Auctions Market: Analysis by Product Type (Fine Art, Jewelery & Watches, Automotive, Decorative Arts & Furniture, etc.), by Region Size, Trends with Impact of COVID-19 and Forecast to 2027” Report added to ResearchAndMarkets.com Show.

Research and Markets logo

Research and Markets logo

In 2021, the global online auction market stopped at a level 5.90 billion US dollarsis likely to reach 11.47 billion US dollars by 2027. In recent years, younger audiences have recently shown a keen interest in auctions and a willingness to use digital platforms to get what they are looking for.

High-income millennials have fully embraced the digital transformation that auctions have seen, and in 2020 they are the top spenders. This is mostly due to millennials transitioning from younger, hardworking, and low-paid, in their twenties, to members of the older cohort who are approaching their forties and now have significant purchasing power that they did not have a few years ago.

An online auction is an auction in which auctioneers or bidders sell or bid for products or services over the Internet. Since auctions take place online, the market is no longer geographically predetermined. The main advantages offered by online auction include wide reach, open 24/7, convenience, wide exposure, global product acceptance, fast and reliable transactions, less on-site activities, etc. The global online auction market is expected to grow at a CAGR of 11.45% during the forecast period 2022-2027.

Market Segmentation Analysis:

  • By Product Type: The market report has divided the global online auction market into five segments on the basis of type: fine art, jewelry and watches, automotive, decorative arts, furniture, and others. The fine art segment captured more than 55% of the share in the online auction market in 2021, due to the increasing number of end consumers adopting online as their preferred channel.

  • By Region: According to this report, the global market can be divided into five major regions: North Amarica (United State, MexicoAnd the Canada), Asia Pacific (ChinaAnd the IndiaAnd the Japanrest Asia Pacific), Europe (United kingdom, FranceAnd the Germanyand the rest Europe), The Middle East & AfricaAnd the Latin america. The fastest growing regional market is Asia Pacificdriven by the three main factors identified: sustainability, affordability, and collectability, which continue to drive demand for online auctions in the region. China The largest online auction market is still inside Asia Pacificoccupied more than 50% stake in Asia Pacific, due to the country’s transformation into a consumer economy that relies mostly on digital technology over the past two decades. Moreover, young and wealthy bidders and debt transactions pay China The boom of the online auction market in the future.

market dynamics

growth engines

  • Increase in internet use for auctions

  • rapid urbanization

  • Increasing population of millennials

  • growing recognition of NFT

Challenges

  • security concerns

  • auction fraud

Market trends

  • Mobile phone bidding is growing in popularity

  • Artificial Intelligence (AI) Integration

  • The growing impact of digital marketing

  • Cloud-based online live auction

  • GenZ . population growth

  • Advances in Augmented Reality (AR), Virtual Reality (VR), and Mixed Reality (MR)

The main players

  • eBay Inc.

  • Technology Group PLC Auction (LiveAuctioneers.com)

  • Ritchie Bros. Co.. Auction Incorporated

  • Mortgage Specialists International, LLC (Auction Network)

  • Priceless, LLC (AuctionZip.com)

  • Epiris LLP (bonham.com)

  • Ebid.com

  • OnlineAuction.com, Inc.

  • WebStore.com

  • Auction Corporation (TAC)

  • Katawiki

  • One of the soldier Salasar. Ltd.

  • Biddingo.com

Main topics covered:

1. Executive Summary

2. Introduction

3. Global Market Analysis

4. Regional Market Analysis

5. Impact of COVID

6. Market dynamics

7. Competitive landscape

8. Company Profiles

mentioned companies

  • eBay Inc.

  • Technology Group PLC Auction (LiveAuctioneers.com)

  • Ritchie Bros. Co.. Auction Incorporated

  • Mortgage Specialists International, LLC (Auction Network)

  • Priceless, LLC (AuctionZip.com)

  • Epiris LLP (bonham.com)

  • Ebid.com

  • OnlineAuction.com, Inc.

  • WebStore.com

  • Auction Corporation (TAC)

  • Katawiki

  • One of the soldier Salasar. Ltd.

  • Biddingo.com

For more information about this report visit https://www.researchandmarkets.com/r/usjfqi

Media contact:

Research and Markets
Laura Wooddirector, mentor
press@researchandmarkets.com

For EST office hours, call +1-917-300-0470
For US/Canada, call toll free +1-800-526-8630
For GMT office hours, call +353-1-416-8900

US Fax: 646-607-1907
Fax (outside the US): +353-1-481-1716

Logo: https://mma.prnewswire.com/media/539438/Research_and_Markets_Logo.jpg

Cision

Cision

View original content:https://www.prnewswire.com/news-releases/global-online-auction-market-report-2022-advancement-in-ar-vr-and-mixed-reality-technology-opens-avenues-for-growth- 301644792.html

SOURCE Research & Markets

Leave a Comment