The PropTech market deals with technology for the real estate industry and is predicted to grow at a fast rate of 9.3% each year from 2023 to 2033. By the time we reach 2033, this market is expected to be worth a whopping US$ 47,842.5 million more than it is today.
The gap in communication between PropTech startups and incumbent real estate firms is getting smaller. This is happening because more people want access to better information and improved experiences when buying or selling homes. The current trends in the PropTech market suggest that these innovative companies are exploring new ways to improve things for users.
In the world of real estate, there are some exciting new trends. These include using artificial intelligence and automation to make things easier, using big data and digital tools to manage property information, adopting eco-friendly technology for buildings and maintenance, and utilizing smart devices like drones for impressive property presentations. In India, even though there was some initial hesitation, the real estate industry has now fully embraced these changes, and they’re benefiting everyone involved – developers, brokers, investors, and customers.
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PropTech, which stands for Property Technology, is making buying and selling properties easier and cheaper while focusing on giving customers a better experience. It helps connect people who want to sell properties with those who want to buy them, which leads to more properties being sold or rented and ultimately results in more sales for PropTech companies.
What’s Pushing the Growth of the PropTech Market?
In the coming years, we expect to see a boost in the real estate industry because more and more people are embracing new tech solutions and services. This includes better ways to manage properties and businesses that operate in residential and commercial buildings. These improvements are largely thanks to things like cloud technology and digital advancements, making it easier for smaller companies to use these tech tools. All of this is driving the growth of PropTech (Property Technology).
Key Takeaways from the PropTech Market Report:
- In 2022, the United States PropTech industry claimed a significant 20.4% share of the global market, mainly fueled by heightened investments in smart home technologies and IoT solutions to elevate property management and energy efficiency.
- India’s PropTech industry is anticipated to grow rapidly, with a CAGR of 12.5% by 2033, propelled by significant technological advancements and the escalating digitalization within the real estate sector.
- The PropTech industry in the United Kingdom is anticipated to grow gradually, with analysts projecting a CAGR of 8.4% by 2033. This upswing is attributed to the rising popularity of cutting-edge PropTech solutions within the nation’s thriving real estate sector.
- The PropTech industry in China is set to witness remarkable growth, with experts forecasting an impressive CAGR of 10.4% by 2033. This surge is propelled by the country’s flourishing real estate market and rapid adoption of cutting-edge technologies within the industry.
- Australia’s PropTech industry is expected to grow gradually at a CAGR of 3.4% by 2033 as the country embraces digital transformation and PropTech solutions to improve its property environment.
- Japan’s PropTech industry accounted for a 5.6% share of the global market in 2022, owing to a combination of traditional real estate practices and novel tech-driven ways that enable long-term growth.
Leading Key Players in PropTech Market:
- locale
- Airbnb
- OYO
- Lianjia
- WeCompany
- Compass
- Houzz
- Fangdd
- Ucommune
- Ziroom
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PropTech Market Key Segmentation:
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
Author By:
Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management across verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.
He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client’s requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.
Have a Look at the Related Reports of the Technology Domain:
Real Estate InsurTech Market Trend– The real estate insurtech market sales in the region are projected to exhibit 22.6% CAGR and a total market size of US$ 21.6 Billion by 2033-end.
Construction Tech Market Growth– The construction tech market is projected to expand at a CAGR of 16.9% and reach a market size of US$ 24,178.4 million by the end of 2033.
Home Automation Market Size– The home automation market is expected to reach US$ 136.5 Billion by 2033, as it is estimated to grow at a CAGR of 10.6% from 2023 to 2033.
Note: This post was originally published at https://www.chronicles24.com/index.php/2023/09/11/proptech-market-poised-for-remarkable-growth-forecasts-suggest-a-9-3-cagr-from-2023-to-2033-adding-us-47842-5-million-by-2033-future-market-insights-inc/
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