Research And Markets released a report detailing the immense growth of the online auction market, showing off an astounding compound Annual Growth Rate (CAGR) of 11.50% during the forecast period of 2022-2027. According to Cision’s PR Newswire, the report predicts that the global online auction market will reach a value of $7.42 billion by 2023.
The report highlights several key drivers of this growth, including a younger audience of high-net-worth millennials who are driving the "digital transformation of auctions, leveraging online platforms to access a wide range of goods and services." The internet has revolutionized the auction industry, enabling global access to auctions 24/7, on any device. Advancements in technology, high-speed internet, and secure payment options have also played a significant role in advancing this market. Additionally, rapid urbanization in recent years has led to a dramatic increase in consumer demand for online auctions. The rise of Non-Fungible Tokens (NFTs) is also attracting collectors and investors to digital assets.
However, the online auction market is not without its challenges. Security concerns and auction fraud are significant issues that undermine trust in the platform. Breaches in security and privacy can expose sensitive information, while fake listings and scams pose risks to both buyers and sellers.
Research and Markets, the company behind the report, is the world's largest market research store. They provide data and insights for over 450 clients and 800 different industries and markets. Founded in 2002, the company is headquartered in Dublin, Ireland, next to the Guinness Brewery. They offer a diverse range of data and information covering a wide range of industries.
With the online auction market poised for substantial growth, it is clear that the digital transformation of auctions is here to stay. As more people gain access to high-speed internet and become comfortable with online transactions, the online auction market is expected to continue its upward trajectory in the coming years.