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The Online Bidding Platform Market to witness a leap by reaching US$ 14 Bn Valuation by 2031
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The market is evolving at a fast pace, and partnerships, investments, and product launches are ongoing.
In September 2021, Sacramento Kings announced a multi-year partnership with I Got It, a marketplace and bidding technology, to serve as the team's auction platform.
In September 2019, AppLovin, a comprehensive mobile gaming platform, announced the launch of MAX, an unbiased real-time in-app bidding solution.
In March 2019, Teikametrics, a leading retail optimization platform (ROP) that helps brands and sellers optimize Amazon advertising campaigns, announced the launch of its new hourly bidding solution for its best-in-class software-as-a-service (SaaS) product - Teikametrics Flywheel.
Key Takeaways from Market Study
By solution, the online bidding software segment is anticipated to account for a leading share during the forecast period. However, the services segment is estimated to expand at a robust CAGR of 14.7% through 2031.
By enterprise size, demand from small & mid-sized organizations is anticipated to increase at a CAGR of 18.7% from 2021 to 2031, while large organizations are currently dominating the market share.
Adoption of online bidding platforms by the real estate sector is expected to rise at a high pace. Demand from this segment will increase at a CAGR of 22.7% through 2031.
Europe is expected to lead the market followed by North America, in 2021. South Asia & Pacific is anticipated to emerge as the fastest-growing market over the coming years.
The market in Japan is expected to progress at a CAGR of 8.6% through 2031. In the U.K., sales are expected to increase at a CAGR of close to 17.6% over the next ten years.
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Increase in Number of Repetitive Buyers and Sellers on Online Bidding Platforms
Online bidding platforms offer crazy deals to attract bidders or sellers. After grabbing a good deal at any online bidding platform, the bidder comes back to hunt for more. Also, a seller who skipped attractive deals before sticks around for trying his luck again. In addition, if anybody offers a smooth and hassle-free transaction, there is an advantage for both, the buyer and seller.
Moreover, a good number of repetitive buyers and sellers refer their colleagues, relatives, and friends due to an intuitive experience. On the back of these factors, the online bidding platform market is expected to grow at a significant rate over the next ten years.
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