The growth is anticipated to be driven by increasing adoption of several cutting-edge technologies such as IoT, ML, AI and VR across the real estate industry.
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The global Proptech market was valued at USD 26.8 billion in 2022, and is projected to reach USD 119.9 billion by 2032, growing at a CAGR of 16.5% from 2023 to 2032.
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Accelerated adoption of artificial intelligence (AI) and big data and digital transformation in real estate are the major factors that drive the growth of the global Proptech market. However, slower adoption of technology in the real estate industry and traditional mindset are expected to hamper market growth. Furthermore, IoT (Internet of Things) and smart building is anticipated to provide lucrative growth opportunities for the global Proptech market in the upcoming years.
The Proptech market is segmented into component, deployment mode, type, end user, and region. By component, it is bifurcated into solution and service. By deployment mode, it is divided into on-premise and cloud learning. By type, it is categorized into residential and commercial. On the basis of end user, the market is classified into housing associations, property managers/ agents, property investors, and others. Region-wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
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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 solutions 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 helps to reduce the time and costs associated with optimizing systems in the initial phase of deployment.
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.
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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, which 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 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.
The market players operating in the Proptech market analysis are Altus Group, Ascendix Technologies, Coadjute Limited, Guesty Inc., HoloBuilder, Inc., ManageCasa, Inc., Opendoor technologies, Inc., Qualia, Zillow, Inc., and Zumper Inc. These major players have adopted various key development strategies such as business expansion, new product launches, and partnerships, which help to drive the growth of the proptech industry globally.
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● 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.
● 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 industries.
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