The last couple of years have witnessed an increased reach of internet connectivity and an upsurge of digital payment platforms. This is led to the digitalisation of auction platforms globally. In addition, due to the Covid-19 pandemic, there has been a substantial shift of conventional auction companies to online platforms, enhancing the growth of the online auction market.
Reportedly, the global online auction market was valued at $4071M (approx €3.35B) in 2019 and is anticipated to grow at a CAGR of 9.2% over the forecast period between 2020-2028.