Press release
Global Property Technology (Proptech) Market to Reach $72.96 Billion by 2029, Growing at 15.1% CAGR
Property Technology Proptech Market
The growth of the property technology (PropTech) market is anticipated to surge due to the rising need for property management services. These services essentially involve the management, operation, and supervision of real estate on behalf of property owners. This covers aspects such as the handling of tenants, maintenance duties, and rent collection. The expansion in property management services can be traced back to a growing demand for rental properties, increased invvestment in real estate, and a trend towards delegating property management duties to experts for effectiveness and regulatory compliance. Property technology (PropTech) amplifies the demand for property management services by simplifying processes, improving tenant interactions, and facilitating data-driven property management, thereby enticing property owners to outsource. For example, Scanlans Property Management LLP, a UK-based property management firm, reported in May 2024 that as of 2023, there were 22,751 property management service businesses in the UK, exhibiting a 3.3% rise from 2022. Consequently, the surge in demand for property management services is fueling the expansion of the property technology (PropTech) market.
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What growth opportunities are expected to drive the property technology (proptech) market's CAGR through 2034?
Recent years have seen a swift expansion in the size of the property technology (proptech) market. The projection is that it will increase from $36.08 billion in 2024, reaching $41.52 billion in 2025 at a compound annual growth rate (CAGR) of 15.1%. The notable growth during the historical phase is due to factors like increasing urbanization, the emergence of smart home automation, adoption of e-signature solutions for contracts, application of AI for property valuations, and the rise in crowd-funded real estate investments.
The market size of property technology (proptech) is anticipated to witness swift expansion in the coming years, with predictions indicating a growth to $72.96 billion in 2029 at a compound annual growth rate of 15.1%. Factors contributing to this projected growth in the forecast period include the increasing use of AI in property valuation, popularity of blockchain for reliable transactions, mobile apps for property dealings, cloud-based property management systems, and the application of drone technology in property surveying. Future trends in the forecast period comprise the growing adoption of artificial intelligence and machine learning, usage of blockchain for enhanced security and transparency, development of smart building technologies, implementation of data security and privacy measures, and wider acceptance of flexible and remote work solutions.
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What are the emerging trends shaping the future of the property technology (proptech) market?
Key enterprises in the property technology (Proptech) sector are prioritizing technological advancements, such as the PropTech platform, to maintain their dominance in the industry. This platform is the juncture of technology, software, and the real estate industry. For example, in September 2022, HDFC Capital in partnership with Invest India, an Indian firm, unveiled the PropTech platform known as HDFC Real Estate Tech Program. This program was designed to encourage partnerships between technology firms and those in the real estate sector. The platform aims to recognize, commend, and celebrate revolutionary breakthroughs in construction tech, sales tech, fintech, and sustainability tech within the world of real estate.
Which growth-oriented segments of the property technology (proptech) market are leading the industry's development?
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
Subsegments:
1) By Solution: Software Solutions, Hardware Solutions
2) By Service: Consulting Services, Implementation Services, Maintenance And Support Services
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Which geographical regions are pioneering growth in the property technology (proptech) market?
North America was the largest region in the property technology (PropTech) market in 2024. 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.
What companies are at the forefront of innovation in the property technology (proptech) market?
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 Ventures Ltd., HomeViews Limited, Ideal Flatmate Ltd, Ohmyhome Pte. Ltd., Acaboom Limited
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What Is Covered In The Property Technology (Proptech) Global Market Report?
•Market Size Forecast: Examine the property technology (proptech) market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the property technology (proptech) market for a structured understanding.
•Key Players Overview: Analyze major players in the property technology (proptech) market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the property technology (proptech) market.
•Segment Contributions: Evaluate how different segments drive overall growth in the property technology (proptech) market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the property technology (proptech) market.
•Industry Challenges: Identify potential risks and obstacles affecting the property technology (proptech) market.
•Competitive Landscape: Review strategic developments in the property technology (proptech) market, including expansions, agreements, and new product launches.
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