Global PropTech Market to Hit USD 119.9 Billion by 2032, Growing at 16.5% CAGR

According to a new report published by Allied Market Research, titled, "PropTech Market Size, Share, Competitive Landscape and Trend Analysis Report, by Component, by Deployment Mode, by Type, by End-User : Global Opportunity Analysis and Industry Forecast, 2023-2032."

𝐏𝐫𝐨𝐩𝐓𝐞𝐜𝐡 𝐌𝐚𝐫𝐤𝐞𝐭 𝐒𝐭𝐚𝐭𝐢𝐬𝐭𝐢𝐜𝐬, 𝟐𝟎𝟑𝟐 :

The global proptech market was valued at $26.8 billion in 2022, and is projected to reach $119.9 billion by 2032, growing at a compound annual growth rate (CAGR) of 16.5% from 2023 to 2032.

Proptech offers numerous benefits that are transforming the real estate landscape. It enhances convenience and efficiency for buyers and sellers by providing online property listings and marketplaces, making it easier to search for and showcase properties. In addition, property technology streamlines property management with advanced software solutions that automate tasks and enhance communication with tenants, help to save time and money, and reduce paperwork, which is expected to provide lucrative opportunities for the market growth during the forecast period. Furthermore, the integration of data analytics and artificial intelligence (AI) enables more accurate property valuations, empowering buyers to make informed decisions. In addition, other advanced technology such as virtual and augmented reality technologies further enhance the property viewing experience, allowing potential buyers to tour properties remotely. Moreover, sustainable solutions, such as IoT devices for energy management, contribute to environmentally friendly practices in the real estate sector. Such factors benefit both, residential and commercial industry, which is expected to enhance the property technology market growth in the future.

𝐆𝐞𝐭 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭 𝐒𝐚𝐦𝐩𝐥𝐞 𝐏𝐚𝐠𝐞𝐬 : https://www.alliedmarketresearch.com/request-sample/A185555

On the basis of deployment mode, the on-premise segment dominated the proptech market size in 2022 and is expected to continue this trend during the forecast period. As businesses can secure the confidentiality of information with on-premise solutions by storing the data within their own premises or dedicated infrastructure. These factors further drive the demand for the on-premise segment in the global market. However, the cloud segment is expected to exhibit the highest growth during the forecast period. Cloud-based solutions offer real-time assistance and insights, which further is expected to provide lucrative growth opportunities for the property technology market during the forecast period.

By region, North America dominated the market share in 2022 for the proptech market, owing to its expanding investments in new technologies such as cloud computing and digital technologies, which is expected to drive market revenue growth in the region. Thus, anticipated to propel the growth of the proptech market forecast. However, Asia-Pacific is expected to exhibit the highest growth during the forecast period. Increasing demands for proptech services and solutions in several sectors to improve productivity and business continuation with various business operations are expected to drive the property technology market in this region.

𝐏𝐫𝐨𝐜𝐮𝐫𝐞 𝐂𝐨𝐦𝐩𝐥𝐞𝐭𝐞 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭 𝐍𝐨𝐰 : https://www.alliedmarketresearch.com/proptech-market/purchase-options

The COVID-19 pandemic pushed every industry to adopt digital and automation technology. Rise in demand for the proptech solutions was further fueled by virtual property tours and online transactions. In addition, use of blockchain technology in the proptech market is increased. This is attributed to blockchain technology that can improve transparency, security, and efficiency in real estate transactions, making it an area of interest for proptech companies. Smart contracts, fractional ownership, and property title management are some of the blockchain-based applications in the real estate sector. Moreover, sustainability services are also offered by proptech companies that offer energy-efficient solutions, green building certifications, and sustainability-focused property management tools. For instance, October 2021, HqO, the end-to-end tenant experience platform for commercial real estate properties, launched a new flex space sustainable solution for hybrid teams and a suite of engagement and user feedback capabilities to help office landlords and property teams create a seamless, flexible, and more personalized workplace. Such factors helped the proptech industry to grow during the pandemic period.

𝐊𝐞𝐲 𝐅𝐢𝐧𝐝𝐢𝐧𝐠𝐬 𝐎𝐟 𝐓𝐡𝐞 𝐒𝐭𝐮𝐝𝐲 :

By component, the solution segment accounted for the largest proptech market share in 2022.

By deployment mode, the on-premise segment accounted for the largest proptech market share in 2022.

By type, the residential segment accounted for the largest proptech market share in 2022.

By end user, the housing associations segment accounted for the largest proptech market share in 2022.

Region wise, North America generated the highest revenue in 2022.

𝐈𝐧𝐪𝐮𝐢𝐫𝐞 𝐁𝐞𝐟𝐨𝐫𝐞 𝐁𝐮𝐲𝐢𝐧𝐠 : https://www.alliedmarketresearch.com/purchase-enquiry/A185555

The market players operating in the proptech market analysis are Altus Group, Ascendix Technologies, Coadjute Limited, Guesty Inc., HoloBuilder, Inc., ManageCasa, Inc., Opendoor technologies, Inc., Qualia, Zillow, Inc., and Zumper Inc. These major players have adopted various key development strategies such as business expansion, new product launches, and partnerships, which help to drive the growth of the proptech industry globally.

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𝐂𝐨𝐧𝐭𝐚𝐜𝐭 :

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𝐀𝐛𝐨𝐮𝐭 𝐮𝐬 :

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

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