NEWARK, Del, Aug. 08, 2023 (GLOBE NEWSWIRE) -- The PropTech market is expected to experience remarkable growth, with a projected CAGR of 9.3% from 2023 to 2033. This comes after a slightly lower CAGR of 7.2% recorded between 2018 and 2022. This substantial surge in demand highlights the increasing popularity and importance of PropTech, leading to a significant rise in its market value from US$ 19,608.1 million in 2023 to an estimated US$ 47,842.5 million by 2033.
Bridging the Communication Gap: Technology-Based Solutions in the PropTech Market
New technology-based solutions are effectively bridging the communication gap between startups and real estate firms, resulting in significant growth within the PropTech market. Key trends such as AI, data automation, sustainable technology, and IoT adoption are driving this expansion, offering cost savings, improved customer experiences, and increased revenues for businesses operating in the sector.
Key Trends Driving Growth: AI, Data Automation, Sustainable Technology, and IoT Adoption
The growing acceptance of cutting-edge technology in real estate solutions is driving the rapid growth of the PropTech market. This is particularly prevalent for asset and facility management in residential and commercial buildings. PropTech helps the real estate industry by facilitating communication and doing away with the need for in-person meetings. It also provides agents and investors with data-driven property research, increasing efficiency and accuracy.
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Overcoming Supply Chain Disruptions: Industry Participants Fueling Market Expansion
Global supply chain disruptions resulting from firm and plant closures have hindered production and sales in the real estate industry. However, there is a positive effect from industry participants fueling the market expansion. Despite this growth, there are still obstacles to overcome, such as high implementation costs as well as low research and development spending.
Nevertheless, developers are adopting effective project management and communication technologies. Furthermore, technological advancements like AI and VR are revolutionizing the real estate sector and creating new potential for the expansion of the PropTech market.
Key Takeaways from the PropTech Market:
- In 2022, the United States PropTech industry claimed a significant 20.4% share of the global market, mainly fueled by heightened investments in smart home technologies and IoT solutions to elevate property management and energy efficiency.
- India's PropTech industry is anticipated to grow rapidly, with a CAGR of 12.5% by 2033, propelled by significant technological advancements and the escalating digitalization within the real estate sector.
- The PropTech industry in the United Kingdom is anticipated to grow gradually, with analysts projecting a CAGR of 8.4% by 2033. This upswing is attributed to the rising popularity of cutting-edge PropTech solutions within the nation's thriving real estate sector.
- The PropTech industry in China is set to witness remarkable growth, with experts forecasting an impressive CAGR of 10.4% by 2033. This surge is propelled by the country's flourishing real estate market and rapid adoption of cutting-edge technologies within the industry.
- Australia PropTech industry is expected to grow gradually at a CAGR of 3.4% by 2033 as the country embraces digital transformation and PropTech solutions to improve its property environment.
- Japan PropTech industry accounted for a 5.6% share of the global market in 2022, owing to a combination of traditional real estate practices and novel tech-driven ways that enable long-term growth.
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Competitive Landscape and Recent Developments in PropTech Market
Both seasoned businesses with a history in real estate and recent entrants with a focus on cutting-edge technologies are important players in the PropTech market. These businesses provide various services, including virtual property tours, Internet marketplaces, smart home technology, property management systems, and data analytics tools.
The race to create the most user-friendly, effective, and economical solutions that address the unique needs of real estate developers, agents, landlords, and buyers characterizes the competitive environment. While larger corporations use their resources to increase their market presence and acquire potential startups, smaller businesses frequently concentrate on specific areas and deliver disruptive advances to the sector.
Top Key Players in PropTech Market and Their Marketing Strategy
- locale
- Airbnb
- OYO
- Lianjia
- WeCompany
- Compass
- Houzz
- Fangdd
- Ucommune
- Ziroom
Recent Developments
- In April 2023, Renew, a fresh PropTech firm that aims to streamline and automate resident tenant renewals, revealed its debut and more than US$8 million in preliminary investment. Its software is linked with top property management systems. It offers owners with a consolidated renewal solution and retention approach.
- In August 2022, Square Yards debuted a 3D Metaverse platform to demonstrate the upcoming age of real estate discovery and exploration using Dubai's high-end 3D virtual replicate.
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PropTech Market Segmentation
By Solution:
- PropTech Solutions
- PropTech Services
By Property Type:
- Residential Property
- Commercial Property
By Industries:
- Hospitality
- Retail
- Manufacturing
- Construction
- Other
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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