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Online Auction Market to Grow by USD 3.08 Billion (2024-2028), Shift to Online Auctions Boosting Growth, AI Transforming Market Trends – Technavio

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NEW YORK, Nov. 25, 2024 /PRNewswire/ — Report on how AI is redefining market landscape – The global online auction market size is estimated to grow by USD 3.08 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of  12.36%  during the forecast period. Shift in preference for online auctions from conventional auction model is driving market growth, with a trend towards emergence of ai-based online auctions. However, rise in shill bidding during online auctions  poses a challenge.Key market players include A One Salasar Pvt. Ltd, Auction House UK Ltd., Auction Technology Group Plc, BCL Auction, Biddingo.com, Bonanza Portfolio Ltd., Catawiki BV, eBay Inc., eBid Ltd., eCRATER, Invaluable LLC, John Pye and Sons Ltd., Liquidity Services Inc., SDL Auctions Ltd., Sothebys, UKauctioneers.com, U.S. Auction Online, Webstore.com, Williams and Williams Marketing Services Inc., and Wilsons Auctions Ltd..

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Online Auction Market Scope

Report Coverage

Details

Base year

2023

Historic period

2018 – 2022

Forecast period

2024-2028

Growth momentum & CAGR

Accelerate at a CAGR of 12.36%

Market growth 2024-2028

USD 3076.64 million

Market structure

Fragmented

YoY growth 2022-2023 (%)

10.27

Regional analysis

North America, Europe, APAC, South America, and Middle East and Africa

Performing market contribution

North America at 41%

Key countries

US, China, Japan, UK, and Germany

Key companies profiled

A One Salasar Pvt. Ltd, Auction House UK Ltd., Auction Technology Group Plc, BCL Auction, Biddingo.com, Bonanza Portfolio Ltd., Catawiki BV, eBay Inc., eBid Ltd., eCRATER, Invaluable LLC, John Pye and Sons Ltd., Liquidity Services Inc., SDL Auctions Ltd., Sothebys, UKauctioneers.com, U.S. Auction Online, Webstore.com, Williams and Williams Marketing Services Inc., and Wilsons Auctions Ltd.

Market Driver

Online auctions have seen in popularity among younger audiences, with the internet providing a convenient platform for buying and selling fine art, jewels and watches, cars, and various collectibles. Artificial Intelligence (AI) is used for fraud prevention and anti-money laundering, ensuring secure transactions. Pricing is automated, and data collection enables personalization and accessibility. Security concerns are addressed with encryption and secure payment options. Smartphone penetration drives e-commerce growth, enabling bidding on-the-go. Digital transformation brings affordability, enhanced viewing experience through AR and VR, and ethical sourcing of eco-friendly materials. Sellers, auctioneers, and bidders benefit from increased accessibility and internet access. Digital assets, paintings, antique goods, electronics, and artistic goods are all up for grabs, with credit card numbers, home addresses, and phone numbers protected. Online auctions offer convenience and collectability, making them an essential part of the modern marketplace. 

Online auctions are experiencing growth with the integration of Artificial Intelligence (AI) technology. AI platforms employ machine learning and algorithms to provide bidders with transparent, user-friendly, and decisive information. During online auctions, AI automates various processes, including internal operations, customer service inquiries, equipment packaging, and delivery. In March 2018, TradeRev, a KAR Auction Services Inc. (KAR Auction Services) subsidiary, introduced H, an AI-driven tool for dealer-to-dealer vehicle auctions, streamlining the bidding process. 

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 Market Challenges

Online auctions have gained significant traction in the business world, particularly among younger audiences. The internet has made it possible for people to buy and sell fine art, jewels and watches, cars, and various collectibles from anywhere, at any time. However, this digital transformation comes with challenges. Fraud prevention and anti-money laundering are crucial concerns for online auction platforms. Pricing, data collection, and automation require sophisticated systems, including Artificial Intelligence (AI), to ensure fairness and accuracy. Security is paramount, with payment options, credit card numbers, home addresses, and phone numbers all requiring protection. E-commerce and digitalization have opened up new markets for auctioneers, bidders, and sellers. Smartphone penetration has made accessibility easier than ever. However, sustainability and affordability are essential factors for buyers. Collectors seek enhanced viewing experiences through Augmented Reality (AR) and Virtual Reality (VR). Ethical sourcing and eco-friendly materials are also becoming important considerations. Sellers must navigate the complexities of auctioneering in the digital age, while bidders demand convenience and personalization. Auction platforms must balance these needs with the challenges of pricing, data collection, and security concerns. The future of online auctions lies in embracing these challenges and continuing the digital transformation.Online auctions have gained significant traction, yet they face a persistent issue with shill bidding. This deceptive practice involves a seller or their associates placing bids to manipulate the price of goods in forward auctions, or lower it in reverse auctions. Investigating numerous auctions and bidders for such activities is challenging, especially on digital platforms. Collaborative bidding among multiple users is a common tactic in online auctions, but shill bidding is an illegal attempt to boost interest and artificially inflate or deflate prices.

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Segment Overview 

This online auction market report extensively covers market segmentation by  

Product 1.1 Collectibles1.2 Electronics1.3 Artistic goods1.4 Jewelry1.5 OthersPlatform 2.1 Web-based2.2 Application-basedGeography 3.1 North America3.2 Europe3.3 APAC3.4 South America3.5 Middle East and Africa

1.1 Collectibles-  In the dynamic world of Online Auction Markets, the collectibles segment emerged as a major revenue generator in 2023. This growth can be attributed to the widespread passion for acquiring collectibles with historical value among people. Online auctions eliminate geographical barriers, enabling collectors worldwide to participate and broaden their search for rare items. These platforms extend the reach of collectible auctions beyond local markets, increasing the pool of potential buyers and sellers. Detailed information, images, and histories available online enhance transparency, instilling trust and confidence among collectors. As technology advances and more individuals embrace online transactions, the collectibles segment is expected to experience substantial growth during the forecast period.

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Research Analysis

The online auction market is experiencing explosive growth, particularly among younger audiences who prefer the convenience and accessibility of buying and selling on digital platforms. Fine art, jewels and watches, cars, and other valuable items are increasingly being bought and sold through online auctions on the Internet. Artificial Intelligence (AI) is revolutionizing the industry with fraud prevention and anti-money laundering measures, while automation, personalization, and data collection enhance the user experience. Security concerns and payment options are key considerations, with smartphone penetration driving the growth of e-commerce and digital transformation. Sustainability, affordability, collectability, and convenience are also major factors. Enhanced viewing experiences through AR and VR technology are bringing auctioneers and bidders closer together than ever before.

Market Research Overview

Online auctions have gained significant popularity among younger audiences, offering a convenient and accessible way to buy and sell fine art, jewels and watches, cars, and various collectibles on the internet. This digital transformation in the auction industry is driven by online platforms that leverage Artificial Intelligence (AI) for fraud prevention, anti-money laundering, and pricing. Data collection and automation enable personalization, while security concerns are addressed through advanced encryption and multi-factor authentication. Payment options are diverse, including credit cards and e-wallets, with smartphone penetration making bidding on-the-go a reality. E-commerce and sustainability are essential factors, with ethical sourcing, eco-friendly materials, and ethical practices becoming increasingly important. The enhanced viewing experience is made possible through Augmented Reality (AR) and Virtual Reality (VR), allowing bidders to inspect items in detail before placing a bid. Auctioneers, sellers, and bidders benefit from the convenience and affordability of online auctions, with digital assets like paintings, antique goods, electronics, and artistic goods also finding a place in this dynamic market.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

ProductCollectiblesElectronicsArtistic GoodsJewelryOthersPlatformWeb-basedApplication-basedGeographyNorth AmericaEuropeAPACSouth AmericaMiddle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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SOURCE Technavio

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365 Retail Markets Strengthens Leadership Team with Key Hires

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Announcement Comes as Two Long-Time Executives Retire

TROY, Mich., Dec. 26, 2024 /PRNewswire/ — 365 Retail Markets, the global leader in unattended retail technologies, today announced the appointment of Anton Rakushkin as Chief Technology Officer and Bill Reidy as VP of Sales for North America. These strategic hires come as two long-time leaders, Joe Rogan and John Chidiac, retire after years of dedicated service to the company.

365 Retail Markets announces the appointment of Anton Rakushkin as CTO and Bill Reidy as VP of Sales- North America.

Rakushkin comes to 365 with twenty years of experience in retail technology including time with Streamware Corporation and Crane Connectivity Solutions. He holds impressive accomplishments in the areas of vending management, including the architecture of Vendmax, an extensively used VMS system across the industry. His achievements also include innovations around data exchange and tools for operator success such as industry-first pre-kit and dynamic scheduling features. Rakushkin has had notable success working closely with both customers and other solution providers to create widely adopted industry standards.

“I am excited to bring my experience to the world-class team at 365 and look forward to elevating their impressive accomplishments across the industry as well as extending that success to more opportunities. By understanding customer needs and providing solutions that will drive the industry forward, we will accomplish great things,” said Rakushkin.

Reidy joins 365 Retail Markets with over thirty years of experience in sales leadership and executive management. Throughout his career, he has successfully developed and grown businesses across various verticals and industries. Reidy has cultivated a deep understanding of the SaaS industry by advancing through prominent firms, including well-known players in the automotive technology space, such as KPA, Netsertive, and DealerMatch. During his time at vAuto, he designed highly effective sales and operations management processes and built a renowned national sales team.

When asked about his optimism around 365’s growth potential, Reidy noted, “I’m fortunate to be joining a well-established team at 365 Retail Markets, and I believe that through coaching and establishing the right processes, we can expand our opportunities immensely. I am looking forward to elevating the reach and success of this organization through the help of a world-class sales team.”

Joe Hessling, CEO at 365 Retail Markets, expressed his excitement about the leadership additions. “Bringing experts like Anton and Bill onto the team is essential to keep up with the intense growth we are seeing in our unattended retail business. We have heard for years that the market is tired of the lack of investment by the legacy VMS providers and the lack of consumer-focused features from the me-too payment terminal providers.  Anton and Bill will be focused on being sure 365 remains the global leader for decades to come.”

Joe Rogan retires after 10 years with 365. While currently serving as Chief Strategy Officer, he has previously served as Chief Financial Officer and an early advisor and Board Member helping define nearly every successful initiative in the company’s history.  Joe will be missed greatly by his industry colleagues and friends at 365 but will remain in an advisory role in his retirement.

John Chidiac’s decade of service to 365 comes with many accomplishments in roles as Chief Operating Officer and later as President of International, spearheading international growth. His dedication to 365 has positioned the long-term success internationally and his relationships with many in the industry has gained him immense respect among his peers and colleagues.

Hessling acknowledged their contributions, stating, “I would like to thank both Joe and John for helping me turn 365 into what it is today.  Taking the leap to join over 10 years ago was a risk neither had to take and their impact on 365, me, and the industry has been something that most don’t ever get the chance to do in their careers.  I will miss working with them both but am happy for them in their next stage of life.”

Both retirements are effective December 31, 2024 and 365 Retail Markets thanks both individuals for their incredible dedication and commitment to the organization and industry.

CONTACT:       
Navreet Gill
VP of Marketing & Communications, 365 Retail Markets
navreet.gill@365smartshop.com

About 365 Retail Markets
365 Retail Markets is the global leader in unattended retail technology. Founded in 2008, 365 provides a full suite of best-in-class, self-service technologies for food service operators including end-to-end integrated SaaS software, payment processing and point of-sale hardware. Today, the company’s technology solutions autonomously power food retail spaces at corporate offices, manufacturing and distribution facilities, hospitality settings and more, in order to provide compelling foodservice options for consumers. 365’s technology solutions include a growing suite of frictionless smart stores, micro markets, vending, catering, and dining point-of-sale options to meet the expanding needs of its customers. 365 continuously pioneers innovation in the industry with superior technology, strategic partnerships and ultimate flexibility in customization and branding.  

For more information about 365 Retail Markets, visit www.365retailmarkets.com and connect on Facebook, Twitter, YouTube, and LinkedIn.

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SOURCE 365 Retail Markets, LLC

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The Inner Circle acknowledges, Tane Remington as a Pinnacle Professional Member

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LIVERMORE, Calif., Dec. 26, 2024 /PRNewswire/ — Prominently featured in The Inner Circle, Tane Remington is acknowledged as a Pinnacle Professional Member Inner Circle of Excellence for her contributions at the Forefront of Innovation in Physics & Engineering.               

Dr. Tane Remington, a trailblazer in the fields of physics, engineering, and materials science, continues to drive forward technological innovation as the co-founder and Chief Scientific Officer of Maelstrom Water Technologies. With a profound commitment to advancing environmental sustainability through cutting-edge research and development, Dr. Remington has established herself as a visionary leader in the industry.

Dr. Remington’s journey into the realm of scientific discovery began with a Bachelor of Science in Engineering, laying a solid foundation for her academic pursuits at Swarthmore College. At the University of California, San Diego. Here, she earned a Master of Science in Materials Science and Engineering, followed by a PhD in Mechanical and Aerospace Engineering, completing her education in 2015. Her academic achievements underscore her deep expertise and dedication to pushing the boundaries of scientific exploration.

Throughout her illustrious career spanning over a decade, Dr. Remington has amassed multiple pending patents and has actively contributed to pioneering research initiatives. Her seminal works, including groundbreaking articles on Numerical Simulations of Laboratory-Scale Hypervelocity-Impact Experiments for Asteroid-Deflection Code Validation and Deformation and failure in extreme regimes by high-energy pulsed lasers, highlight her pivotal role in advancing the frontiers of science and technology.

An active member of the American Physical Society, Dr. Remington remains committed to fostering collaborative partnerships and driving impactful change within her field. Her contributions have not only garnered acclaim but have also set new standards for innovation and excellence in physics and engineering.

Beyond her professional achievements, Dr. Remington attributes much of her success to the support of her family and peers, expressing gratitude to “all the dreamers” who have inspired and motivated her throughout her journey.

Looking ahead, Dr. Remington envisions a future marked by continued growth and success in her pursuit of environmental sustainability through technological advancement. Her unwavering commitment to innovation and scientific inquiry positions her as a catalyst for positive change in the global landscape of physics and engineering.

Contact: Katherine Green, 516-825-5634, editorialteam@continentalwhoswho.com

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SOURCE The Inner Circle

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The Inner Circle acknowledges, Donald B. Olson as a Pinnacle Life Achiever

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MIAMI, Dec. 26, 2024 /PRNewswire/ — Prominently featured in The Inner Circle, Donald B. Olson is acknowledged as a Pinnacle Life Achiever for his contributions in Leading Oceanography and Marine Science Innovator.

Dr. Donald B. Olson has established himself as a prominent figure in oceanography, marine, and atmospheric science over his illustrious 50-year career. Currently a professor at the University of Miami’s Rosenstiel School of Marine and Atmospheric Science since 1979, Dr. Olson’s contributions span across education, research, and international collaboration.

Dr. Olson’s academic journey began with a Bachelor of Science degree from the University of Wyoming in 1974, followed by both a Master of Science and a Doctor of Philosophy from Texas A&M University in 1976 and 1979, respectively. His early academic achievements paved the way for a distinguished career focused on advancing our understanding of oceanographic systems and their impact on marine ecosystems.

Throughout his career, Dr. Olson has been instrumental in fostering educational opportunities in South American oceanographic programs. He served as visiting faculty at the University of Buenos Aires and the University of Sao Paulo, pioneering graduate courses in physical oceanography tailored for fisheries and climate studies across Latin America. Additionally, Dr. Olson led a groundbreaking summer program on biophysical interactions in collaboration with Massachusetts Institute of Technology, supported by funding from the U.S. Navy to enhance biophysical models of the ocean.

Dr. Olson’s expertise spans multiple disciplines within oceanography, including marine ecosystem ecology, mesoscale oceanography, and mathematical physiology. He is a member of prestigious scientific organizations such as the American Meteorological Society, American Geophysical Union, American Association for the Advancement of Science, Oceanographic Society, and American Fisheries Society, reflecting his influence and recognition in the field.

His prolific research has garnered numerous grants from institutions like the Office of Naval Research, the National Science Foundation, and NASA. Dr. Olson’s work is widely published, with over 150 articles in scholarly journals and contributions to various book chapters. He has also served as an associate editor for Oceanography magazine, the Journal of Marine Research, and as editor of Geophysical Research Letters-Oceans.

Recognized for his outstanding contributions, Dr. Olson received the Distinguished Alumni Award from the University of Wyoming, celebrating his impact on oceanographic research and education. Looking ahead, Dr. Olson remains committed to advancing oceanographic knowledge, fostering international collaborations, and mentoring future generations of scientists in the field.

Contact: Katherine Green, 516-825-5634, editorialteam@continentalwhoswho.com

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SOURCE The Inner Circle

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