Global Hard Asset Equipment Online Auction Market: About this market
Technavio’s hard asset equipment online auction market analysis considers sales from construction, transportation, agriculture, and other equipment . Our analysis also considers the sales of hard asset equipment online auction in APAC, Europe, North America, South America, and MEA. In 2018, the construction segment had a significant market share, and this trend is expected to continue over the forecast period. Factors such as rising population and rising short-term investments in limited-time projects will play a significant role in the construction segment to maintain its market position. Also, our global hard asset equipment online auction market report looks at factors such as the shift in preference toward online auctioning from conventional auctioning, rise in demand for used equipment auctions, and rise in government surplus asset auctions. However, rise in shill bidding during hard asset equipment auction, increasing competition from substitute services, and concerns related to fraudulent activities in hard asset equipment online auction may hamper the growth of the hard asset equipment online auction industry over the forecast period.
Global Hard Asset Equipment Online Auction Market: Overview
The rise in government surplus asset auctions
Online auctions are widely used by governments across the world to sell their surplus inventory, including hard assets such as equipment and vehicles, to drive down inventory management costs and procurement costs. Surplus asset auctions offer government agencies to increase their revenue as well. Some of the government agencies are also using commercial auction websites for auctioning their surplus assets. For instance, in September 2018, National Purchasing Partners Government Division in the US announced a new government auction services contract with GovDeals. This rise in government surplus asset auctions will lead the expansion of global hard asset equipment online auction market at a CAGR of over 20% during the forecast period.
The emergence of AI-based online auctions
Artificial Intelligence (AI) platforms use machine learning and algorithm, to deliver clear, easy, actionable intelligence to bidders. The integration of AI also helps reduce administration costs by automating various processes. Several vendors are developing voice search technology for online auctions. The use of AI-based tools in hard asset equipment online auction is expected to attract several customers in the forthcoming years. This development is expected to have a positive impact on the overall market growth.
For the detailed list of factors that will drive the global hard asset equipment online auction market during the forecast period 2019-2023, click here.
With the presence of several major players, the global hard asset equipment online auction market is highly fragmented. Technavio’s robust vendor analysis is designed to help clients improve their market position, and in line with this, this report provides a detailed analysis of several leading hard asset equipment online auction manufacturers, that include Euro Auctions UK Ltd., Machinery Auctioneers, Proxibid Inc., Ritchie Bros. Auctioneers Inc., Sandhills Global Inc.
Also, the hard asset equipment online auction market analysis report includes information on upcoming trends and challenges that will influence market growth. This is to help companies strategize and leverage on all forthcoming growth opportunities.
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