Online Bidding Platform Market
Market Study on Online Bidding Platforms: Real Estate Sector to Emerge as Prominent End User
Online Bidding Platform Market Segmented By Marketplace Bidding Platforms, Direct Bidding Platforms in Online Bidding Software and Design & Integration Services, Catalog Management Services, Support & Maintenance Services
Revenue from the global online bidding platform market totaled US$ 2.68 Bn in 2020, according to a new study by Persistence Market Research. The online bidding platform market is estimated to witness noteworthy growth at around 13.3% to 15.5% Y-o-Y from 2019 to 2021.
Market growth will continue to accelerate, increasing the competition already prevalent in the market. The study reveals that the top 5 providers of online bidding platforms accounted for around 20% market share in 2020.
Base Year (2020) Market Value
US$ 2.68 Bn
Projected Year (2031) Market Value
US$ 13.96 Bn
Share of Top 5 Players
Find Out More about the Report Coverage
- Easy Auction
- TahoePeaks, Inc.
- Software Inc.
- RainWorx Software
- AirAuctioneer Pty Ltd.
Online Bidding Platform Demand Analysis from 2016-2020 Compared to Market Outlook for 2021-2031
An online bidding platform is a software for bidders to easily login onto a website and participate in the bidding process. As the process is carried out online, these platforms do not require the physical presence of the bidders. This helps users save both, money and time, which is a factor that has been increasing their popularity over time.
Online bidding platforms are providing bidders with more financial security and flexibility in terms of time and place. The process eliminates the profit made by brokers and agents, thereby driving the market even more.
Online bidding platform demand is estimated to rise at 16.3% CAGR from 2021 to 2031 in comparison to 13.4% CAGR registered during 2016-2020.
Online bidding is becoming common in many parts of the world. It has been easier to earn online profits for individuals and enterprises through bidding. Online bidding platforms have emerged as a core solution of retail and e-Commerce. Most of the e-Commerce sector is conducting auctions through direct bidding platforms, and this is easing entry into the online bidding industry.
The global online bidding platform market is anticipated to witness revenue around US$ 3.1 Bn in 2021.
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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.
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How Big is the Opportunity for Adoption of Online Bidding Platforms in the U.S.?
The U.S. is predicted to remain one of the most attractive markets over the forecast period. According to the Persistence Market Research study, the U.S. is expected to account for over 80% market share through 2031.
Online bidding platform solutions in the U.S. are estimated to grow at a significant rate as the country is the largest producer of high-technology manufacturing. In the U.S. alone, the e-Commerce and online bidding space is a US$ 600 Bn industry. Many U.S. brands are selling their products through online bidding platforms.
A company named BidNet is gathering state and local government, and federal RFPs from across the U.S., and delivering new contract opportunities to customers every day. BidNet has an advanced notification feature that alerts customers months before a term contract in their industry expires, and provides opportunities to influence the creation of the next proposal. Such factors are continuously helping the online bidding platform industry to grow in the U.S.
Why is Demand for Online Bidding Platforms Increasing across the U.K.?
Online bidding platform demand in the U.K. is expected to rise at an impressive CAGR of around 16.8% over the decade.
The U.K. is home to breakthrough technologies and has a booming online bidding platform industry. The country is ramping up investments in the development of bidding platforms. Due to the COVID-19 pandemic, many companies took all their property auctions online via live streaming in the country. This helped customers bid on properties in real time from the comfort of their home.
For instance, in September 2021, SDL Property Auctions dominated the market with the country’s largest live-streamed auction. Buyers had a huge range of lots to choose from, including cottages, flats, offices, and even a houseboat.
As such, the online bidding platform space in the United Kingdom is slated witness a healthy growth rate over the forecast period.
How Will Sales Prospects of Online Bidding Platform Solutions Unfold in China?
Sales in China are estimated to increase at an impressive rate of around 10.4% CAGR from 2021 to 2031.
Online bidding platform solutions are rapidly evolving with new technologies and methodologies in China. Real estate bidding has taken off in the country as more than 490,000 were listed on Internet auctions in 2020. The number is 5 times more than the count in 2015.
Taobao is an e-Commerce portal operated by Alibaba Group Holding. This is known to command a high share in the online bidding market. Taobao has partnered with courts to list items for bidding since 2012. Bidding platforms in China handle real estate, automobiles, production equipment, warehouses, and others.
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What’s Driving Adoption of Online Bidding Platforms in the Real Estate Industry?
Based on industry, online bidding platforms for real estate are expected to increase at a robust CAGR of nearly 22.7% over the forecast period. An effective way for investors to get a good deal on property is online real estate bidding.
Real estate bidding solutions are helping both, ordinary homebuyers and investors in finding short-sale properties and bid on them. These bidding platforms are equipped with powerful functionality to facilitate sellers.
Buyers are looking for a smooth bidding experience and also want to make sure that all their actions are safe and secure. Real estate bidding platforms are addressing such issues. Therefore, implementation of online bidding platforms in the real estate industry will create many opportunities for the global market.
Why is Adoption of Automotive Bidding Software Fueling Market Expansion?
The automotive industry accounted for more than 9% of the overall market share in 2020, and is expected to continue its dominance during the forecast period. As bidding is shifting to a virtual environment, a good number of first-time buyers are bidding for vehicles.
A U.K. company named Webtron is offering an automotive timed auction solution. It helps online bidders enjoy a highly interactive and engaging experience. Automotive bidders are utilizing this solution to start a bidding event automatically. This gives them time to focus on their bidding marketing activities such as adding videos, pictures, and PDFs.
Hence, adoption of automotive bidding software across the globe is one of the key trends fuelling market growth.
Will Emergence of Artificial Intelligence in Online Bidding Platforms Support Market Growth?
One of major trends in online bidding platforms is the emergence of artificial intelligence. Online bidding platforms are performing various activities such as processing internal operations, product packaging, delivery, and customer-service inquiries with the help of artificial intelligence technology.
Sellers are able to target potential buyers online by using AI-powered data analytics and bots. AI-powered bidding analytics is helping bidders and sellers to tailor their digital marketing campaigns. It is also providing potential leads with the information they need. Thus, emergence of artificial intelligence in online bidding platforms is driving the global market.
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.
A number of leading online bidding platform providers are coming up with advanced and innovative solutions that meet the ever-changing demand from various organizations.
- In February 2019, OneCause, a leader in mobile fundraising, and WEDO Charity Auctions, announced a strategic partnership joining premium event consulting and services with industry-leading mobile bidding and event management software to help their mutual nonprofit clients increase fundraising revenues.
- In July 2020, Bidpath, a global bidding software solution, collaborated with Hectare’s SellMyLivestock. With this collaboration, the technology of Bidpath will enable Hectare’s farmers to take more of their business online and help them attract new buyers.
Online Bidding Platform Industry Report Scope
Historical Data Available for
USD Million for Value
Key Regions Covered
Key Countries Covered
Key Segments Covered
Key Companies Profiled
Customization & Pricing
Available upon Request
Online Bidding Platform Industry Outlook by Category
- Online Bidding Software
- Marketplace Bidding Platforms
- Direct Bidding Platforms
- Design & Integration Services
- Catalog Management Services
- Support & Maintenance Services
- Small & Mid-sized Organizations
- Large Organizations
- 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
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