Overview and Scope
Property technology (prop-tech) refers to using technology to innovate, streamline, and enhance various aspects of the real estate industry. This includes software, hardware, and platforms that digitize and optimize property management, development, sales, leasing, and investment processes. PropTech solutions leverage technologies such as artificial intelligence, big data analytics, the internet of things (IoT), and blockchain to improve efficiency, transparency, and user experience in real estate transactions and operations.
Sizing and Forecast
The property technology (Proptech) market size has grown rapidly in recent years. It will grow from $31.18 billion in 2023 to $36.08 billion in 2024 at a compound annual growth rate (CAGR) of 15.7%. The growth in the historic period can be attributed to growing urbanization, smart home automation, e-signature solutions for contracts, AI-driven property valuation, and crowd-funded real estate investments.
The property technology (Proptech) market size is expected to see rapid growth in the next few years. It will grow to $63.28 billion in 2028 at a compound annual growth rate (CAGR) of 15.1%. The growth in the forecast period can be attributed to AI-driven property valuation, highly use of blockchain for secure transactions, mobile applications for property transactions, cloud-based property management systems, drone technology in property surveying. Major trends in the forecast period include rise of artificial intelligence (AI) and machine learning, blockchain for security and transparency, smart building technologies, data security and privacy measures, flexible and remote work solutions.
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Segmentation & Regional Insights
The property technology (Proptech) market covered in this report is segmented –
1) By Component: Solution, Service
2) By Deployment: On-Premise , Cloud Learning
3) By Property Type: Residential Property, Commercial Property
4) By End User: Housing Associations, Property Managers Or Agents, Property Investors, Other End Users
North America was the largest region in the property technology (PropTech) market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the property technology (proptech) market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The increasing demand for digital property management solutions is expected to propel the growth of the property technology (PropTech) market going forward. Digital property management refers to using technology and software to streamline and enhance various aspects of property management. Digital property management solutions offer streamlined lease management, rent collection, and maintenance tracking. Digital property management solutions offer simplified and automated processes, including tenant onboarding, rent collection, maintenance requests, and lease management. These solutions reduce manual workloads, improve operational efficiency, and enhance overall property management effectiveness. For instance, in 2021, according to a survey by the National Apartment Association (NAA), a US-based non-profit trade association, 70% of property managers considered investing in PropTech solutions to enhance operational efficiency. Therefore, the increasing demand for digital property management solutions is driving the growth of the property technology (PropTech) market.
Key Industry Players
Major companies operating in the property technology (Proptech) market are Opendoor Technologies Inc., Airbnb Inc., WeWork Companies Inc., Stitch AI Inc., Compass Inc., EquipmentShare.com Inc., HomeLight Inc., Pacaso Inc., Kin Insurance Inc., VTS Inc., Hometap Equity Partners LLC, Roofr Inc., Homeday GmbH, Engrain LLC, Landbay Partners Limited, Bilt Rewards Inc., Orchard Platform Corporation, flatfair Limited, Plentific Limited, Lavanda Technologies Limited, HomeViews Limited, Ideal Flatmate Ltd, Ohmyhome Pte. Ltd., Acaboom Limited
The property technology (proptech) market report table of contents includes:
1. Executive Summary
2. Property Technology (Proptech) Market Characteristics
3. Property Technology (Proptech) Market Trends And Strategies
4. Property Technology (Proptech) Market – Macro Economic Scenario
5. Global Property Technology (Proptech) Market Size and Growth
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27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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