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Property Technology (Proptech) Market 2024 - By Share, Size, Trend, Demand, Analysis By Top Leading Players And Forecast Till 2033
Property Technology (Proptech) Market
According to The Business Research Company's, 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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Market Drivers and Trends:
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.
Major companies operating in the property technology (Proptech) market are focusing on technological strides, such as the PropTech platform, to sustain their position in the market. The PropTech platform refers to the intersection of the real estate industry with technology and software. For instance, in September 2022, HDFC Capital and Invest India, an India-based company, jointly introduced the PropTech platform called HDFC Real Estate Tech Program, which aims to foster collaborations between technology companies and the real estate sector. The platform's main objective is to identify, acknowledge, and honor groundbreaking innovations in the fields of construction tech, sales tech, fintech, and sustainability tech within the real estate industry.
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Major Key Players of the Market:
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
Property Technology (Proptech) Market 2024 Key Insights:
• The property technology (proptech) market is expected to grow to $63.28 billion in 2028 at a compound annual growth rate (CAGR) of 15.1%.
• The Surge In Demand For Digital Property Management Solutions Fuels PropTech Market Expansion
• PropTech Market Dynamics Driving Technological Advancements for Enhanced Real Estate Operations
• North America was the largest region in the property technology (PropTech) market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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