Posted by It is anticipated that the size of the worldwide PropTech market will increase to around USD 32.2 billion by 2030, with a compound annual growth rate (CAGR) of approximately 6.5% between 2023 and 2030. The market was estimated to be worth approximately USD 19.5 billion in 2022.
PropTech Market: Overview
The term “proptech,” which stands for “property technology,” refers to all of the technical tools that are used by real estate professionals to improve the process of buying, selling, conducting research on, and promoting a property. These cutting-edge technologies go under a variety of names, including Real Estate Tech, Retech, Realtech, and Commercial Real Estate (CRE) Tech. The names come from the various lenses through which people view these innovations. At its core, the term “proptech” is short for “property technology,” and it always alludes to a strong alignment between real estate and technology.
PropTech Market: Growth Drivers
The expansion of the market is driven by both advances in technology and shifting patterns of consumer behavior.
The rapid development of technology such as artificial intelligence (AI), machine learning, big data analytics, and blockchain has made it possible to construct cutting-edge proptech solutions. Automating processes, conducting predictive analytics, delivering individualized customer service, and successfully managing properties are all made feasible by the technologies available today. In addition, the digital revolution has had a huge impact on consumer behavior, which has also had an effect on the real estate business, which is not exception. The internet needs to be user-friendly for today’s buyers and renters; they want easy access to property details; they want virtual tours; and they want the transaction process to be streamlined. Proptech is able to fulfill these needs because it provides digital tools and platforms that are intuitive to use and increase the overall quality of the customer experience. As a result of this, it is anticipated that this will propel the expansion of the worldwide PropTech market throughout the period in question.
PropTech Market: Segmentation
The global market for PropTech may be broken down into several distinct categories, including end user, property type, solution, and deployment.
The global market can be broken down into residential, commercial, and industrial segments, depending on the type of property being sold. Over the course of the projected period, it is anticipated that the residential sector will have the majority share of the market. This dominance is largely attributed to the growth of many technological aspects within the residential real estate industry. Tech companies are shifting their attention to the residential market in order to capitalize on the opportunities presented by the provision of services such as online open houses and digital settlements.
Because of advances in technology, the first steps that prospective homebuyers need to take can now be completed with less difficulty. They might use a number of different platforms to browse for homes, compare amenities and costs, and even take virtual tours of potential properties. As a consequence of this, the vast majority of digital start-ups are gravitating toward the provision of individualized housing solutions to meet the requirements of individual customers, which is contributing to the expansion of the residential market segment.
PropTech market: Regional Analysis
North America is expected to dominate the market during the forecast period
North America is expected to dominate the global PropTech market during the forecast period. The market growth in the region is attributed to the presence of major market players such as Altus Group, Ascendix Technologies, Zumper Inc., and Opendoor. These players offered an innovative solution to the regional market to remain competitive. For instance, in August 2022, the “Overall Real Estate Data Solution Provider of the Year” award was given by PropTech Breakthrough’s 2022 Awards program, which recognized Altus Group Limited, a market-leading supplier of Intelligence as a Service to the international commercial real estate industry.
PropTech Market: Competitive Analysis
The global PropTech market is dominated by players like:
Altus Group
HoloBuilder Inc.
Zumper Inc.
Reggora
Ascendix Technologies
Guesty Inc.
Zillow Inc.
ManageCasa
Coadjute
VergeSense
Opendoor
Homelight
Enertiv
Qualia and Proptech group
The global PropTech market is segmented as follows:
By Property Type
Residential
Commercial
Industrial
By Solution
Software
Services
By Deployment
On-premises
Cloud-based
By End User
Housing Associations
Property Managers/Agents
Property Investors
Others
By Region
North America
The U.S.
Canada
Europe
France
The UK
Spain
Germany
Italy
Rest of Europe
Asia Pacific
China
Japan
India
South Korea
Southeast Asia
Rest of Asia Pacific
Latin America
Brazil
Mexico
Rest of Latin America
Middle East & Africa
GCC
South Africa
Rest of Middle East & Africa
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