Press release
Online Bidding Platforms Market is Predicted to grow at a CAGR of 10.1% from 2023 to 2033
Online Bidding Platform Market
People can bid and auction their products or services online at competitive prices using a mobile or web-based online bidding platform. The platform makes it simple to bid from any location. Any type of goods is subject to bidding in any field, including advertising and marketing for running ads, online auto sales, real estate, etc. The platform is useful for timed auctions, webcast auctions, invoicing, marketing, email deliverability, and other applications.
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The Online Bidding Platform Market refers to the market for software and services that enable businesses and organizations to conduct auctions and bidding processes electronically through the internet. These platforms provide a range of features, such as the ability to create and manage auctions, set rules and parameters, and track and report on bids and auction results.
The market for online bidding platforms is growing rapidly, driven by the increasing adoption of e-commerce and the need for businesses to streamline their procurement processes. As more and more companies look to purchase goods and services online, the demand for online bidding platforms has increased. Additionally, the global pandemic has accelerated the shift to remote work and digital processes and this has further increased the demand for online bidding platforms.
According to a recent market research report, the global online bidding platform market is expected to grow at a CAGR of over 15% during the forecast period from 2020 to 2025. The growth of the market is driven by factors such as the increasing adoption of e-commerce, the growing need for automation and efficiency in procurement processes, and the need for transparency and fairness in the bidding process.
The online bidding platform market is highly competitive, with key players such as eBay, Amazon, Alibaba, and Proxibid offering a range of solutions to meet the needs of businesses and organizations of all sizes and industries. These companies are investing in research and development to introduce new and advanced features to their solutions and stay ahead of the competition.
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How is Acceptance of Universal Products Driving Demand for Online Bidding Platforms?
A seller gets to list assets, medicines, construction equipment, clothing, cars, and much more for bidding with the help of an online bidding platform, and their products get a buyer quickly.
Bidders narrow down their search according to their requirement as there is an extensive range of products available. Bidders can go ahead with their search irrespective of the part in the world they are living in. Sellers connect with those leads who were searching for a particular product to convert them into a sale.
Thus, acceptance of universal products is fueling the growth of online bidding platform technology.
Impact of COVID-19
Every industry was affected due to an incomparable global public health emergency, COVID-19. Long-term effects are expected to impact growth of the industry during the forecast period of 2021-2031.
The story was a bit different for online bidding platforms. The technology helped various industries in so many ways by opening access to online bidding. Transparency in details of cars and transactions encouraged consumers to adopt online bidding platforms at a high rate.
For instance, in 2020, a classic car auction company RM Sotheby announced that it sold more than 90% automotive cars by organizing auction events on its online bidding platform. These were some of the advantages of using online bidding platform solution during the pandemic.
Competitive Landscape
Major online bidding companies are collaborating and partnering with other organizations to provide more efficient solutions.
In January 2022, Bonhams online bidding platform has acquired a Leading Nordic Auction House in a Bid to Boost Its Expansion into Europe. The acquisition in U.K. auction house's ambitious plans to expand into the European market.
In November 2021, online auction house is acquired by private equity funds managed by Castik Capital. TBAuctions on path to becoming Europe's largest online auction platform. Through continued organic growth and strategic acquisitions, TBAuctions will be able to accelerate its expansion across the European online auction market.
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Key Players
RainWorx Software
TahoePeaks, Inc.
OneCause
Auctria
Software Inc.
Bidpath
Mercury Minds
Key Segments of Online Bidding Platform Market Industry Research
By Solution:
Online Bidding Software
Marketplace Bidding Platform
Direct Bidding Platform
Services
Design & Integration Services
Catalog Management Services
Support & Maintenance Services
By Enterprise Size:
Small & Mid-sized Organizations
Large Organizations
By Industry:
Online Bidding Platforms for Media and Entertainment
Online Bidding Platforms for Government & Non-Profit
Online Bidding Platforms for Healthcare & Medical
Online Bidding Platforms for Retail & e-Commerce
Online Bidding Platforms for Real Estate
Online Bidding Platforms for Travel and Luxury
Online Bidding Platforms for Automotive
Online Bidding Platforms for Others Industry
By Region:
North America
Latin America
Europe
East Asia
South Asia Pacific
Middle East and Africa
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Expert analysis, actionable insights, and strategic recommendations - the Electronics, Semiconductor, and ICT team at Persistence Market Research helps clients from all over the globe with their unique business intelligence needs. With a repository of over 500 reports on electronics, semiconductors, and ICT, of which, 100+ reports are specific for ICT, the team provides end-to-end research and analysis on regional trends, drivers for market growth, and research development efforts in the electronics, semiconductor, and ICT industry.
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