Network Auction Platforms Market Size, Share, Growth, And Industry Analysis By Type (Cloud-based, On-premises) By Application (Small and Medium Enterprises (SMEs), Large Enterprises), Regional Insights, and Forecast from 2023 to 2031

Updated On: 20 November 2023

Network Auction Platforms Market Report Overview

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The global Network Auction Platforms market size is expanded rapidly in 2021 and market is expected to generate substantial revenue by 2031, exhibiting a high compound annual growth rate (CAGR) from 2021 to 2031.

The phrase "auction software market" is fairly wide, although it often refers to a single programme or web-based portal for a public or private online bidding platform like eBay. These auction software applications often provide much more than simply the ability to bid and purchase products. Users that utilise auction software have access to a digital platform for planning, managing, and running live auctions. Businesses use the programme to hold live auctions as a fundraising event or a primary venue for commercial operations. Several auction software also include functions for distant, internet auctions.  The size of the auction software industry is expanding more quickly than in previous years, and it is predicted that the market will expand considerably from 2021 to 2031.

Live bidding is managed using auction software, which also offers tools for managing goods and price. Internal features or integrated software are also used to process payments. These elements are anticipated to fuel the market for auction software's expansion. The market is comprehensively evaluated in the study on the global auction software industry. The research provides in-depth analysis of the market's major segments, trends, drivers, constraints, competitive environment, and other elements.

COVID-19 Impact: COVID-19 Lockdowns Limited Market Development

The regional market's growth in 2020 was significantly influenced by the COVID-19 epidemic. However, in 2021, business and industrial activities resumed after the lockdown restrictions were relaxed as a result of the availability of COVID-19 vaccines and the extensive COVID-19 vaccination drives conducted by the governments of various countries, such as the US, Canada, and Mexico. This increased the demand for online auctions because an increasing number of end users were choosing online solutions as their preferred channel, which led to an increase in the demand for these auctions. Also, throughout the anticipated time, the market will rise because to the rising popularity of non-fungible tokens (NFTs).

Latest Trends

"AI-Based Online Auctions Would Have A Favourable Effect On The Industry"

Online auctions powered by artificial intelligence (AI) are becoming more and more common. Machine learning and algorithms are used by AI platforms to provide clear, user-friendly, and actionable intelligence to bidders. By automating a variety of activities, including internal operations, customer-based support enquiries, the packing of acquired industrial equipment, and its delivery, the use of AI during online auctions helps save administrative expenses. Online auctions may now handle the bidding process more effectively thanks to AI integration.

Network Auction Platforms Market Segmentation

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• By Type Analysis

According to type, the market can be segmented into Cloud-based, On-premises. Cloud-based is anticipated to be the leading segment.

• By Application Analysis

Based on application, the market can be divided into Small and Medium Enterprises (SMEs), Large Enterprises. Small and Medium Enterprises (SMEs) will be the dominating segment.

Driving Factors

"Rising Need For Auction Software Propel The Market Growth"

From pre-event preparation to post-event analysis, auction software aids customers in managing the whole auction cycle. Moreover, it assists in planning the event, processing payments, capturing bids, and managing compliance for auction fundraisers. As a result, there is a rising need for such software that foresees the expansion of the auction software market. Moreover, Auction Software controls live bidding and gives users options for managing inventory, pricing, and payments via built-in functionality or linked applications.

This in turn raises the need for auction software, which is anticipated to fuel the market's expansion. Auction software is a digital platform for planning, organising, and running auctions. It contains apps for auto, silent, online, and live auctions. The management encounters several challenges while planning an auction event, to the management must deal with a myriad of challenges while planning an auction event in order to optimise the return on auction fundraising. The growing use of auction software is anticipated to fuel the expansion of the auction software market over the course of the forecast period.

"Simplicity Of Bidding Is One Of The Main Elements Fueling Development In The Online Auction Sector"

Internet auctions give bidders the benefit of time and location flexibility. The site is simple to access, and participating in the auction can help users save money. Online auctions last a predetermined amount of time and typically require 21 days for advertising and open house viewings. As the procedure is done online, the bidders are not required to be there physically.

Restraining Factors

"Rise Of Fraudulent Operations Hinder The Market Growth"

The rise of fraudulent operations or the inability of even legitimate auctioneers to handle transactional issues properly might impede market expansion. During the course of the projection period, the development of artificial intelligence (AI) to enhance the bidding process will play a critical role in driving the market's expansion. Yet issues like an increase in shill bidding during online auctions might limit the market's expansion.

Network Auction Platforms Market Regional Insights

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"North America Is Anticipated To Be The Leading Region During Forecast Period"

Over the forecast period, North America is anticipated to contribute 41% to the growth of the worldwide market. The geographical trends and factors that will affect the market over the course of the projection have been thoroughly discussed by Technavio's experts. Due to the rise in time- and money-constrained customers who believe in searching, comparing, and buying things online, the growth momentum is anticipated to pick up during the projected period. The existence of top vendors in North America, the rise in time- and money-strapped consumers who believe in finding, comparing, and buying products online, as well as their preference for rare and antique goods, will all contribute to the online auction market's rapid growth during the forecast period.

Key Industry Players

"Key Players Focus on Partnerships to Gain a Competitive Advantage "

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.

List of Market Players Profiled

• Promena e-Sourcing Solutions (Turkey)
• RainWorx Software (U.S.)
• Eastern Unity (U.S.)
• Handbid (U.S.)
• BiddingOwl (U.S.)
• Ilance (Canada)
• Online Ventures Software (Australia)
• E-Multitech Solution (U.S.)
• Merkeleon Software (Austria)
• Auction-Experts (U.S.)

Report Coverage

This research profiles a report with extensive studies that take into description the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, and restraints. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.