The PropTech market is predicted to account for US$ 86.5 billion in 2032, up from US$ 18.2 billion in 2022, advancing at a CAGR of 16.8% during the forecast period (2022-2032).
Demand for PropTech is high, as PropTech lowers operating costs and helps agencies save money. Customers are provided with digital/virtual services, and agents are able to work on the go. As a result, profits and productivity rise.
The number of PropTech start-ups has increased as a result of the work-from-home legislation. Furthermore, as real estate companies struggle to remain relevant in the new climate, it has driven significant expansion of the PropTech market.
Artificial Intelligence and Virtual Reality are simply the tip of the iceberg when it comes to expressing how far PropTech has come in terms of technical progress. The real estate industry is not immune to technological upheaval. While the global real estate sector has gone through a significant paradigm shift, it revealed higher opportunities in the PropTech market.
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During the projected period, factors such as the growing acceptance of several innovative technology-based solutions and services in the real estate industry are projected to drive the PropTech market.
Airbnb is a great example of PropTech being used in this way. PropTech market analysis states that it aids in the accurate collection and interpretation of data. Adoption of PropTech is encouraging, as it makes keeping track of investors much easier.
Key Takeaways:
- The PropTech market is predicted to develop at a CAGR of 16.8%, with a market share of US$ 86.5 billion through 2032.
- In the United States, the PropTech market is estimated to have a CAGR of 16% through 2032.
- The PropTech market in China is expected to have a prodigious CAGR of 23.7% through 2032.
- The PropTech market in Japan is expected to have a CAGR of 26.5% through 2032.
- The PropTech market in the UK is expected to have a CAGR of 17.1% through 2032.
- The retail segment of the PropTech market, by industry, is expected to grow at a CAGR of 19.4% through 2032.
- The PropTech services segment of the PropTech market, based on solutions, is expected to grow at an annual rate of 18.5% through 2032.
Competitive Landscape:
Locale, Airbnb, OYO, Lianjia, WeCompany, Compass, Houzz, Fangdd, Ucommune, Ziroom are some major PropTech market players in the PropTech market.
The leading companies in the growth of the PropTech market are likely to focus on production and generate revenue to increase the PropTech market share.
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Recent Developments:
Product launches, Mergers & Collaborations
- The real estate behemoth just updated Zillow 3D, adding machine learning capabilities to interactive floor plans.
- The emergence of SPACs, as well as the flurry of M&A activity seen so far in 2021, are all contributing to the real estate industry’s digital revolution. Smaller real estate enterprises will certainly find it more difficult to compete and be profitable in the years ahead, but some have found success by carving out a specialty and modifying how they operate.
- The HqO acquisition of Pi Labs portfolio business Office App. in 2021 created a genuinely international offering by combining the main US-based office experience platform with the dominant Europe-based platform.
Key segments
By Solution:
- PropTech Solutions
- PropTech Services
By Property Type:
- Residential Property
- Commercial Property
By Industries:
- Hospitality
- Retail
- Manufacturing
- Construction
- Other
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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