PropTech Market Set for Significant Expansion Amid Rising Demand Through 2032

According to a new report published by Allied Market Research, titled, "PropTech Market," The proptech market was valued at $26.8 billion in 2022, and is estimated to reach $119.9 billion by 2032, growing at a 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.

Download Sample Report (Get Full Insights in PDF - 267 Pages) at: https://www.alliedmarketresearch.com/request-sample/A185555

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 technologies 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 industries, which is expected to enhance the property technology market growth in the future.

Covid-19 Scenario

1. The COVID-19 pandemic had a significant impact on the proptech industry as social distancing measures drove the demand for virtual property tours, online property management tools, and digital contract signing platforms.

2. In addition, the growing online presence of people after the COVID-19-induced lockdowns and social distancing policies fueled the need for proptech solutions. The pandemic caused a significant shift in consumer behavior, with growth in well-equipped proptech services. These factors have propelled the growth of proptech solutions among the industries.

Buy Now & Get Exclusive Report at: https://www.alliedmarketresearch.com/proptech-market/purchase-options

Based on component, the solution segment held the highest market share in 2022, accounting for more than two-thirds of the proptech market revenue, and is estimated to maintain its leadership status throughout the forecast period. Increase in the adoption of advanced technologies and solution such as AI, IoT and others are expected to propel the growth of the market. However, the service segment is projected to manifest the highest CAGR of 19.4% from 2023 to 2032, as proptech service help to reduce the time and costs associated with optimizing systems in the initial phase of deployment.

Based on deployment mode, the on-premise segment accounted for the largest share in 2022, contributing to more than three-fifths of the proptech market revenue, as businesses can secure the confidentiality of information with on-premise solutions by storing the data within their own premises or dedicated infrastructure. However, the cloud segment is expected to portray the largest CAGR of 20.8% from 2023 to 2032 and is projected to maintain its lead position during the forecast period. Cloud-based solutions offer real-time assistance and insights, which is further expected to provide lucrative growth opportunities for the market during the forecast period.

Based on end user, the housing associations segment held the highest market share in 2022, accounting for more than two-fifths of the proptech market revenue. Proptech provides organizations with the insight necessary to comprehend customer preferences, behavior, and purchasing trends. However, the property managers/ agents segment is projected to manifest the highest CAGR of 19.7% from 2023 to 2032 and is estimated to maintain its leadership status throughout the forecast period. The increasing demand for effective property management solutions to expand business operations in the proptech market is further expected to propel global market growth.

For Purchase Enquiry: https://www.alliedmarketresearch.com/purchase-enquiry/A185555

Based on region, the North America segment held the highest market share in terms of revenue in 2022, accounting for nearly two-fifths of the proptech market revenue. The region has been at the forefront of adopting and leveraging the latest technologies, including proptech are anticipated to propel the growth of the market in this region. However, the Asia-Pacific is expected to witness the fastest CAGR of 20.5% from 2023 to 2032, and is likely to enhance the market growth during the forecast period. The region has witnessed a surge in e-commerce adoption, with countries such as China, India, and Southeast Asia experiencing significant growth in online retail, which is expected to provide lucrative growth opportunities for the market in this region.

Leading Market Players: -

Altus Group
Ascendix Technologies
Coadjute Limited
Guesty Inc.
HoloBuilder, Inc.
ManageCasa, Inc.
Opendoor technologies, Inc.
Qualia
Zillow, Inc.
Zumper Inc.

The report provides a detailed analysis of these key players in the proptech market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different countries. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

Access the full Report Summary at: https://www.alliedmarketresearch.com/proptech-market-A185555

Contact:
David Correa
1209 Orange Street,
Corporation Trust Center,
Wilmington, New Castle,
Delaware 19801 USA.
Int'l: +1-503-894-6022
Toll Free: + 1-800-792-5285
UK: +44-845-528-1300
India (Pune): +91-20-66346060
Fax: +1-800-792-5285
help@alliedmarketresearch.com

About Us:

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP, based in Portland, Oregon. AMR 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 in making strategic business decisions and achieving sustainable growth in their respective market domains.

AMR launched its user-based online library of reports and company profiles, Avenue. An e-access library is accessible from any device, anywhere, and at any time for entrepreneurs, stakeholders, researchers, and students at universities. With reports on more than 60,000 niche markets with data comprising 600,000 pages along with company profiles on more than 12,000 firms, Avenue offers access to the entire repository of information through subscriptions. A hassle-free solution to clients' requirements is complemented with analyst support and customization requests.

This release was published on openPR.