Washington, DC, Sept. 03, 2023 (GLOBE NEWSWIRE) — Zion Market Research has published a new research report titled “PropTech Market By Property Type (Residential, Commercial, And Industrial), By Solution (Software And Services), By Deployment (On-Premises And Cloud-Based), By End User (Housing Associations, Property Managers/Agents, Property Investors, And Others), And By Region – Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2023 – 2030” in its research database.
“According to the latest research study, the demand of global PropTech Market size & share in terms of revenue was valued at USD 19.5 billion in 2022 and it is expected to surpass around USD 32.2 billion mark by 2030, growing at a compound annual growth rate (CAGR) of approximately 6.5% during the forecast period 2023 to 2030.”
What is PropTech? How big is the PropTech Industry?
The phrase “Property Technology,” or “PropTech” for short, refers to the use of technology in the real estate business to facilitate and improve processes such as property management, sales, and leasing. The term “PropTech” refers to a broad category of technology and solutions that aim to streamline and simplify various aspects of the real estate industry.
How big the PropTech market is will depend on how broadly you define the technologies it encompasses. In my most recent information update from September of 2021, it was projected that the worldwide PropTech market was valued billions of dollars and growing rapidly. Due to the ever-evolving nature of the tech industry, the actual valuation may have shifted since then.
Recent market research papers, industry magazines, or financial news sources are frequently good places to look for the most recent data and insights on the size and growth of the PropTech industry.
The global PropTech market size was worth around USD 19.5 billion in 2022 and is predicted to grow to around USD 32.2 billion by 2030 with a compound annual growth rate (CAGR) of roughly 6.5% between 2023 and 2030.
The term “proptech,” which stands for “property technology,” refers to all of the technical tools that are used by real estate professionals to improve the process of buying, selling, conducting research on, and promoting a property. These cutting-edge technologies go under a variety of names, including Real Estate Tech, Retech, Realtech, and Commercial Real Estate (CRE) Tech. The names come from the various lenses through which people view them. At its core, the term “proptech” is short for “property technology,” and it always alludes to a strong alignment between real estate and technology.
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Global PropTech Market: Growth Factors
The expansion of the market is driven by both advances in technology and shifting patterns of consumer behaviour.
The rapid development of technology such as artificial intelligence (AI), machine learning, big data analytics, and blockchain has made it possible to construct cutting-edge proptech solutions. Automating processes, conducting predictive analytics, delivering individualised customer service, and successfully managing properties are all made feasible by the technologies available today. In addition, the digital revolution has had a huge impact on consumer behaviour, which has also had an effect on the real estate business, which is not an exception. The internet needs to be user-friendly for today’s buyers and renters; they want easy access to property details; they want virtual tours; and they want the transaction process to be streamlined. Proptech is able to fulfil these needs because it provides digital tools and platforms that are intuitive to use and increase the overall quality of the customer experience. As a result of this, it is anticipated that this will propel the expansion of the worldwide PropTech market throughout the period in question.
PropTech Industry: Limiting Factors
The growth of the sector is hampered by worries about its data privacy and security.
Proptech platforms collect and process a wide variety of sensitive data and information, including monetary records, details about properties, and personal information. This gives rise to concerns over the confidentiality and safety of personal data because any breaches or unauthorised access can have severe effects. A reduction in these anxieties and an increase in user confidence can be accomplished by regulatory compliance and the implementation of effective cybersecurity measures. As a result, the worries over the data privacy and security restrict the expansion of the PropTech industry over the forecasted timeframe.
Opportunities on the Property Technology Market
An ever-increasing number of new businesses represents a lucrative growth potential for existing markets.
A lucrative opportunity for market expansion is anticipated to present itself during the forecast period as a direct result of the growing number of new businesses operating in the proptech sector. For example, in August of 2023, InovaReal, a proptech company based in Vienna, was successful in raising $270,000 in a pre-seed round of funding for its planned expansion. Investors were drawn to the company because of its innovative digital real estate broker solution, which has the company’s sights set on being the dominant player in the global real estate market. Investors from the European Union, notably well-known Slovak business owners, contributed the remaining sixty percent of the capital. Forty percent of the funding came from business angels in the United States. Because of the development of the app, clients are now able to directly manage their properties using their mobile phones, regardless of where they are located in the world. The newly established company intends to put the funds it has obtained to use in order to advance the development of the product and expand internationally. It will begin this process by penetrating the market in Slovakia in the second half of 2023 and will then establish a franchise network in the countries that make up the Gulf Cooperation Council (also known as the GCC) at the year’s end. As a result, having an impact on the continued growth of the market in the years to come.
The Challenges Facing the PropTech Market
The high starting cost and complicated nature of the technology both present significant obstacles to the expansion of the business.
It is possible that a large initial investment in infrastructure, facilities, and training will be required in order to adopt and integrate PropTech solutions. It could be challenging for smaller players to save enough money to cover all of these charges. In addition, a sizeable proportion of PropTech solutions are reliant on cutting-edge technologies such as blockchain, internet of things, and artificial intelligence. It is necessary to have a specific grasp of these technologies in order to successfully install and manage them. As a result, the high starting cost and the technological complexity present a significant obstacle for the growth of the PropTech industry throughout the period that is forecast.
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|Market Size in 2022||USD 19.5 billion|
|Projected Market Size in 2030||USD 32.2 billion|
|CAGR Growth Rate||6.5% CAGR|
|Key Market Players||Altus Group, HoloBuilder Inc., Zumper Inc., Reggora, Ascendix Technologies, Guesty Inc., Zillow Inc., ManageCasa, Coadjute, VergeSense, Opendoor, Homelight, Enertiv, Qualia and Proptech group, and others.|
|Key Segment||By Property Type, By Solution, By Deployment, By End User, and By Region|
|Major Regions Covered||North America, Europe, Asia Pacific, Latin America, and the Middle East &, Africa|
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PropTech Market: Segmentation Analysis
The global market for PropTech may be broken down into several distinct categories, including end user, property type, solution, and deployment.
The global market can be broken down into residential, commercial, and industrial segments, depending on the type of property being sold. Over the course of the projected period, it is anticipated that the residential sector would have the majority share of the market. This dominance is largely attributed to the growth of many technological aspects within the residential real estate industry. Tech companies are shifting their attention to the residential market in order to capitalise on the opportunities presented by the provision of services such as online open houses and digital settlements. Because of advances in technology, the first steps that prospective homebuyers need to take can now be completed with less difficulty. They might use a number of different platforms to browse for homes, compare amenities and costs, and even take virtual tours of potential properties. As a consequence of this, the vast majority of digital start-ups are gravitating towards the provision of individualised housing solutions to meet the requirements of individual customers, which is contributing to the expansion of the residential market segment.
The property technology sector can be broken down into two categories: software and services, depending on the problem being solved. Over the course of the forecast period, it is anticipated that the software sector would hold the highest market share. The growth of this market segment may be attributed to the numerous advantages offered by proptech software. These include the fact that it enables real estate managers and brokers to promote properties in a manner that is more efficient, timely, and fruitful.
On-premises and cloud-based deployments are the two primary categories that make up this market’s division. During the period under consideration, it is anticipated that the on-premises segment will have the majority share of the market. On-premise installations offer a number of benefits over cloud-hosted proptech software, including better ownership and control over hardware, as well as a higher level of data protection. These advantages have contributed to the surge in popularity of on-premise installations. Customization depending on the requirements of individual companies or organisations is another benefit offered by the on-premise solution. As a result, driving the expansion of the segment over the projected period of time.
The global real estate technology (PropTech) market is segmented into housing associations, property managers and agents, property investors, and other types of buyers and sellers of real estate. Over the course of the projected period, it is anticipated that the housing associations sector will have the greatest market share. This growth is mostly attributed to the challenges that townships and apartment buildings face, including difficulty in collecting payments, carrying out maintenance, and keeping track of renters. Because of all of these challenges, the key market participants have felt obligated to provide solutions for tracking payments, conducting inspections, and providing reports that are both transparent and comprehensive. Through the use of property management software, affordable housing helps to ensure that rent payments are distributed fairly, taking into account the amount of money contributed by rentpayers in addition to that provided by the government. As a result, driving the growth in revenue for the segment.
The global PropTech market is segmented as follows:
By Property Type
By End User
- Housing Associations
- Property Managers/Agents
- Property Investors
Browse the full “PropTech Market By Property Type (Residential, Commercial, And Industrial), By Solution (Software And Services), By Deployment (On-Premises And Cloud-Based), By End User (Housing Associations, Property Managers/Agents, Property Investors, And Others), And By Region – Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2023 – 2030″ Report At https://www.zionmarketresearch.com/report/proptech-market
Some of the main competitors dominating the global PropTech market include –
- Altus Group
- HoloBuilder Inc.
- Zumper Inc.
- Ascendix Technologies
- Guesty Inc.
- Zillow Inc.
- Qualia and Proptech group
Key Insights from Primary Research:
- According to the analysis shared by our research forecaster, the PropTech market is likely to expand at a CAGR of around 6.5% during the forecast period (2023-2030).
- In terms of revenue, the PropTech market size was valued at around US$ 19.5 billion in 2022 and is projected to reach US$ 32.2 billion by 2030.
- The global PropTech market is being driven by the rising technological innovation and the customer convenience offered by proptech solutions.
- Based on the property type, the residential segment is expected to dominate the market over the forecast period.
- Based on the solution, the software segment is expected to hold the largest market share over the projected period.
- Based on the deployment, the on-premises segment is expected to dominate the market over the projected period.
- Based on the end user, the housing associations segment is expected to hold the largest market share over the forecast period.
- Based on region, North America is expected to dominate the market over the forecast period.
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Key questions answered in this report:
- What is the market size and growth rate forecast for PropTech industry?
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- What are the leading companies in the PropTech Industry?
- What segments does the PropTech Market cover?
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- Market Size & Forecast by Revenue | 2023−2030
- Market Dynamics – Leading Trends, Growth Drivers, Restraints, and Investment Opportunities
- Market Segmentation – A detailed analysis By Property Type, By Solution, By Deployment, By End User, and By Region
- Competitive Landscape – Top Key Vendors and Other Prominent Vendors
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North America is expected to dominate the market during the forecast period
North America is expected to dominate the global PropTech market during the forecast period. The market growth in the region is attributed to the presence of major market players such as Altus Group, Ascendix Technologies, Zumper Inc., and Opendoor. These players offered an innovative solution to the regional market to remain competitive. For instance, in August 2022, the “Overall Real Estate Data Solution Provider of the Year” award was given by PropTech Breakthrough’s 2022 Awards program, which recognized Altus Group Limited, a market-leading supplier of Intelligence as a Service to the international commercial real estate industry. Moreover, being among the most reliable and promising businesses, the real estate market in North America is expanding. It is regarded as a technologically advanced area. The region’s housing industry is mostly dominated by the millennial generation, which is well-versed in technology. As a result, demand for smart houses with IoT-enabled devices is increasing. North American market growth is thus being boosted by this.
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- The Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Rest of Latin America
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