Auction Software Statistics 2024

In the ever-evolving business landscape, the significance of auction software cannot be understated. As we forge ahead into 2024, understanding the latest statistics surrounding this technology becomes crucial for businesses and investors alike. These statistics offer invaluable insights into market trends, customer preferences, and technological advancements, providing a comprehensive understanding of the competitive environment. By staying informed, stakeholders can navigate the complexities of the auction software market and leverage these insights to drive growth and innovation.

Key stakeholders in this industry, including software developers, e-commerce platforms, and auction houses, will find this data particularly valuable. For developers, understanding market trends helps in refining their products to better meet user demands. E-commerce platforms and auction houses can utilize these insights to optimize their strategies, enhancing user experience and increasing engagement. The ripple effects of such data-driven decisions can significantly impact overall industry performance, fostering a more dynamic and competitive market.

The ability to make informed decisions based on solid data is indispensable in a rapidly evolving industry like auction software. Armed with this knowledge, stakeholders can strategically navigate market shifts, identify new opportunities, and mitigate risks. As we delve into the detailed statistics, it becomes clear that the insights gleaned from this data are not just informative but transformative, shaping the future of auction software in 2024 and beyond.

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Top Auction Software Statistics 2024

☰ Use “CTRL+F” to quickly find Auction Software facts. There are total 55 Auction Software Statistics on this page 🙂

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Market Size And Growth

• The global online auction market size was USD million in 2023 and is expected to reach USD million in 2032, exhibiting a CAGR of % during the forecast period. ^[?]
• According to a report by Research and Markets, the global online auction market is expected to grow at a compound annual growth rate (CAGR) of 7.6% from 2020 to 2025, reaching $6.2 billion by 2025. ^[4]
• The online auction market size is estimated to grow at a CAGR of 12.36% between 2023 and 2028. ^[11]
• The auction market is expected to grow at a CAGR of 4.33% from 2024 to 2031, propelled by trends including the acceleration of online car auctions. ^[12]
• Auction House Market size was valued at USD 80 Million in 2023 and is expected to reach USD 93,718.22 Million by the end of 2030 with a CAGR of 174.4% during the forecast period 2024-2030. ^[5]
• The hard asset equipment online auction market size is estimated to grow by USD 3.03 billion, at a CAGR of 22.45% between 2023 and 2028. ^[13]

Impact Of Covid-19

• The global COVID-19 pandemic has been unprecedented and staggering, with online auction experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. ^[1]
• COVID-19 Impact: Increased the Demand for Online Vendues During the Pandemic to Boost Market Growth. ^[1]
• Online auctions have become a popular and convenient way of buying and selling goods and services, especially in the wake of the COVID-19 pandemic. ^[4]
• The COVID-19 pandemic has intensified this shift, with online platforms offering a safer, more convenient way for consumers to buy and sell used vehicles. ^[12]

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User And Buyer Behavior

• Online auctions are wildly popular; nearly one third of adults in the United States who go online have participated in them—an estimated 35.6 million people. ^[7]
• Though most of the people who participate in online auctions have done so between one and ten times (65 percent), 22 percent said they had participated more than 26 times. ^[7]
• Online auctions appeal to bidders mainly because they’re looking for bargains (43 percent), hard-to-find items (23 percent), or things they collect (21 percent). ^[7]
• Of those who have participated as bidders in online auctions, 83 percent have actually bought something. ^[7]
• The average value of most purchases was $100 or less (75 percent), but 21 percent of buyers said the average value of their auction purchases was between $101 and $500. ^[7]
• The vast majority of those who participate in online auctions are very or somewhat confident that if they are the winning bidder, they will get what they pay for from the seller (94 percent). ^[7]

Leading Platforms And Technologies

• eBay, one of the largest online auction platforms, claims that an item is sold every second on its site, and that it takes an average of 15 minutes to list an item for sale. ^[4]
• Shopify, a leading online auction platform for entrepreneurs, offers 24/7 support, fraud prevention, and dispute resolution for its users. ^[4]
• Handbid mobile app, rated 4.8 stars with 23K reviews in the app store, allows bidders to access auction pages directly through the web via a URL or via the app. ^[2]
• Bid Beacon users report an average increase of 25% in total revenue generated by their online fundraiser. ^[3]
• Auction Technology Group (ATG) posted 6.4% year-on-year (y-o-y) growth in revenue for the six months to March 2024 (H1 FY2024). ^[16]

Trends And Innovations

• Blockchain and smart contracts can help online auction platforms to improve the security, transparency, and efficiency of the transactions, as well as to reduce the intermediaries and fees involved. ^[4]
• Social media and influencer marketing can help online auction platforms to increase their visibility, reach, and engagement, as well as to attract new and loyal customers. ^[4]
• The rise of online auctions and the impact of COVID-19 have accelerated the trend towards online auctions. ^[10]
• Online auction software often includes features such as integrated payment solutions, customizable donation forms, online event pages with detailed analytics, and volunteer management tools. ^[9]

High-value Transactions

• In 2018, a painting by the anonymous street artist Banksy, titled “Girl with Balloon”, was sold for $1.4 million at Sotheby’s London. ^[4]
• In 2020, a digital artwork by the artist Beeple, titled “Everydays: The First 5000 Days”, was sold for $69.3 million at Christie’s New York. ^[4]
• In 2021, a rare and mint-condition copy of the comic book “Action Comics #1”, which features the first appearance of Superman, was sold for $3.25 million at ComicConnect.com. ^[4]
• In 2017, a painting by Leonardo da Vinci, Salvator Mundi, sold for $450 million at Christie’s auction house. ^[10]
• In 2019, Christie’s auction house hosted a sale of 11 pieces of jewelry owned by the French Queen Marie Antoinette, generating over $42 million. ^[10]

Industry Partnerships And Acquisitions

• August 2020: eBay acquired Corrigon, an Israeli visual search technology company. ^[5]
• March 2021: eBay acquired BrandBucket, a marketplace for brandable domain names. ^[5]
• September 2020: eBay partnered with Shopify to offer integrated e-commerce solutions. ^[5]
• October 2020: eBay partnered with Amazon to offer integrated marketplace solutions. ^[5]
• November 2020: eBay partnered with Google to offer integrated search solutions. ^[5]

Market Segments And Categories

• The top five online auction platforms in 2020 were ebay, Amazon, Alibaba, Rakuten, and MercadoLibre. ^[4]
• The top five categories for online auctions in 2020 were clothing, shoes, and accessories; consumer electronics; collectibles; books; and home and garden. ^[4]
• The top five regions for online auctions in 2020 were North America, Europe, Asia, Latin America, and Oceania. ^[4]
• The collectibles segment was the largest segment and was valued at USD 643.01 million in 2018. ^[11]
• North America is estimated to contribute 41% to the growth of the global market during the forecast period. ^[11]

Geographic Analysis

• According to a report by Statista, North America witnessed solid growth in 2018, with the US holding a strong position in the market. ^[14]
• The US, China, and the UK account for more than 75% of the mid-range segment with China taking the lead in terms of value. ^[14]
• The UK moved up from third place to second place with 18% market share, while China fell to third place (17%). ^[15]
• Korea was counted for the first time and recorded a 1% share in the global art market. ^[15]

Financial Performance And Revenue

• ACV Auctions had revenue of $507.30M in the twelve months ending March 31, 2024, with 15.80% growth year-over-year. ^[20]
• Revenue in the quarter ending March 31, 2024, was $145.69M, with 21.79% year-over-year growth. ^[20]
• Sotheby’s recorded a sales revenue of $5.5 billion in 2020. ^[18]
• Christie’s reported a sales revenue of $4.4 billion in 2020. ^[18]
• Poly Auction achieved a sales revenue of $2.4 billion in 2020. ^[18]

Auction Market Challenges And Opportunities

• The unprecedented challenges and opportunities posed by the COVID-19 pandemic have reshaped the auction industry in profound ways. ^[17]
• The dynamic nature of auctions requires real-time decision-making support, emphasizing the importance of data analytics. ^[19]
• The auction insights report does not show insights when impression share is less than 10%. ^[6]

Miscellaneous

• In 2020, a 15-year-old girl from India, named Radhika Lakhani, auctioned off her online coding lessons on eBay, raising $21,000 for COVID-19 relief efforts in her country. ^[4]
• In 2021, a 12-year-old boy from London, named Abhimanyu Mishra, became the youngest chess grandmaster in history, breaking the previous record of 12 years and 7 months. ^[4]
• The NYSE operated in a fully electronic manner for the first time ever on March 23, 2020, when the Trading Floor was temporarily closed as a precautionary measure in response to the spread of COVID-19. ^[8]

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