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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
The online bidding platform market is estimated to be valued US$ 2,641.4 Mn by 2023, and is projected to reach US$ 6,934.6 Mn by the end of 2033. The market for online bidding is predicted to grow at a CAGR of 10.1% from 2023 to 2033.
A mobile- or web-based online bidding platform is one that lets people bid and auction their goods or services online at a good price. The platform provides the convenience of bidding from any location. In any industry, bidding is done on any kind of product, such as advertising and marketing for running ads, online car sales, real estate, etc. Timed auctions, webcast auctions, invoicing, marketing, email deliverability, and other applications benefit from the platform.
An auction is open to bidders from any location and at any time. Online sale sets aside time and cash for the two purchasers and dealers. Sellers do not need to host a live event, and buyers do not need to travel to take part in the auction. The fact that you can compare prices online is the primary benefit of bidding online. Before bidding, the bidder can conduct some preliminary research on other online auction sites regarding the product's price and quality.
The market's expansion is driven by millennial and Gen X consumers' increasing demand for online streaming content. Since advertisers have recognized the opportunities, they have made significant investments in online distribution of their media in order to reach their intended audience. A more interactive bidding software that offers clients seamless services is being developed as a result of advances in machine learning and artificial intelligence.
When entering the online bidding market, one cannot eliminate the possibility of fraud, despite the transparent nature of the process. As a result, both the buyer and the seller must undergo extensive background checks prior to participating in the transaction.
The online bidding platform market was valued at US$ 2,434.5 Mn in 2022. In terms of the regional market landscape, the market in North America held a leading market share of 29.6% in the global landscape in 2022 and is expected to retain its leading position throughout the forecast period. Meanwhile, demand for online bidding in the Europe region will hold around 23.3% of the market in 2022.
| Attributes | Key Insights |
|---|---|
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Online Bidding Platform Market Size (2023) |
US$ 2,641.4 Mn |
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Projected Market Value (2033) |
US$ 6,934.6 Mn |
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Global Market Growth Rate (2023-2033) |
10.1% |
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Online Biddings Segment Market Share (2022) |
54.4% |
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U.S. Market Share (2022) |
18.6% |
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Online Biddings for Retail and E-Commerce Segment Market Share (2022) |
15.5% |
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“Ease of Bidding can Create Growth.”
Bidders can choose when and where to place their bids in an online bidding, which is convenient and flexible. Users are able to participate in the bidding with ease, which helps them save money. Due to the online nature of the process, bidders must be present in person. Organizations transfer pictures and recordings of their stocks and items on their sites. Clients can direct research in regards to the costs and the nature of the item prior to partaking in the offering system. So this makes the online bidding process easier and drive the growth of the global online bidding platform market.
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The U.S. is the most lucrative market for online bidding in the North American region and is expected to maintain this position across the forecast period as well. The online bidding platforms give more offers. The bidder returns to an online bidding platform after securing a favourable deal. Additionally, a seller who has missed out on attractive deals in the past stays around to try his luck again. Furthermore, there is a benefit for both the seller and the buyer if someone offers a hassle-free transaction.
In addition, a significant number of repeat buyers and sellers recommend their colleagues, family, and friends. The market for online bidding platforms is anticipated to expand significantly over the next ten years as a result of these factors.
In 2022, the U.S. online bidding market helped the country to account for a dominant share of 18.6% in the global marketplace.
“Development in Automation and Customization”
Internet users are increasing so the internet makes people's lives easier. E-bidding portals clearly have an advantage due to the widespread use of the internet. From contacting as many potential buyers as possible to selling various assets at the highest possible prices in the shortest possible time the internet has simplified and made everything possible for people today. In addition to providing their customers with the confidence, dependability, honesty, transparency, and contentment they deserve, these platforms are always at the forefront of offering comprehensive solutions.
In fact, the majority of bidding platform in India are being developed with the appropriate automation and customization to meet the user's needs and budget. Online bidding is extremely helpful if you want to reduce unnecessary costs and improve procurement efficiency. In India online bidding platform market is expected to advance at a phenomenal 12.3% CAGR through 2033.
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“The Emergence of AI-Based Online Bidding”
Online bidding is depend on artificial intelligence (AI) are becoming increasingly popular. AI platforms provide bidders with easy-to-understand, actionable intelligence through the use of machine learning and algorithms. Because a number of processes, including internal operations, customer-based service inquiries, the packaging of purchased industrial equipment, and its delivery, can be automated, the use of AI helps reduce administrative costs during online bidding.
A more effective method for managing the bidding process is also made possible by the incorporation of AI into online auctions. In addition, voice search technology for online auctions, which is in development right now, has the potential to become the most common method of information access in the future. Voice-activated searches will benefit from the accuracy provided by AI programs.
Voice-search technology is the primary focus of some of the market vendors. The market's growth prospects will likely improve over the forecast period as a result of the application of AI-based tools in online bidding. In online bidding platform market in Germany held the market share of 12.2% in 2022.
Why Online Bidding Software has more Demanding in Online Bidding Platform Market?
Based on solution, the market is segmented into online bidding software and services. In 2022, online bidding software accounted for 54.4% of the global market share and are expected to maintain their position over the next ten years. A digital platform for organizing, managing, and conducting online bidding is provided to users by the bidding software. The non-profit organization is widely used for online crowdfunding because it streamlines the fundraising process and makes it easier to reach more people in a shorter amount of time.
The main goal of using the software is to get donors and keep them coming back so that the non-profit can keep getting money for its work. Due to their extensive reach, online fundraising activities are carried out on a variety of social media platforms.
Why Online Bidding Platforms Segment Retail and E-Commerce holds the largest market share?
The market is divided into online bidding platforms for media and entertainment, government & non-profit, healthcare & medical, retail & e-commerce, real estate, travel and luxury, and automotive. The online bidding platforms for Retail and E-Commerce accounted for 15.5% of the global market share and is expected to hold that position over the next ten years. In order to attract a large number of customers to their websites and applications, retail and e-commerce businesses require customer data. Customers are more likely to view personalized ads because of this. So the retail and e-commerce in online bidding holds largest market share.
Major online bidding companies are collaborating and partnering with other organizations to provide more efficient solutions.
Recent developments related to key players providing online bidding Market have been tracked by the analysts at Persistence Market Research, which will be accessible in the full report.
| Attribute | Details |
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Forecast Period |
2023-2033 |
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Historical Data Available for |
2018-2022 |
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Market Analysis |
US$ Mn for Value |
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Key Regions Covered |
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Key Countries Covered |
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Key Market Segments Covered |
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Key Companies Profiled |
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Pricing |
Available upon Request |
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In 2022, demand for online bidding accounts for a valuation of US$ 2,434.5 Mn.
The global online bidding market is estimated to advance at a phenomenal 10.1% CAGR through 2033.
The market for online bidding is forecasted to climb to US$ 6,934.6 Mn by 2033 end.
Demand for online bidding market in India is projected to rise at an astronomical CAGR of 12.3% over the next ten years.
In 2022, the North America online bidding market held a dominant market share of 29.6%.
