Revolutionizing Real Estate Technology: Exploring the Projected 9.3% CAGR in PropTech Market from 2023 to 2033 | Future Market Insights, Inc.

Future Market Insights Global and Consulting Pvt. Ltd.

Future Market Insights Global and Consulting Pvt. Ltd.

According to the latest report by Future Market Insights, the Property Technology (PropTech) market, highlights an impressive CAGR of 9.3% expected between 2023 and 2033. It discusses key drivers, such as technological advancements, changing consumer preferences, and industry collaboration that are likely to fuel this growth. The study also touches upon the potential challenges and opportunities that stakeholders in the real estate and technology sectors should be prepared for during this transformative decade.

NEWARK, Del, Aug. 08, 2023 (GLOBE NEWSWIRE) — The PropTech market is expected to experience remarkable growth, with a projected CAGR of 9.3% from 2023 to 2033. This comes after a slightly lower CAGR of 7.2% recorded between 2018 and 2022. This substantial surge in demand highlights the increasing popularity and importance of PropTech, leading to a significant rise in its market value from US$ 19,608.1 million in 2023 to an estimated US$ 47,842.5 million by 2033.

Bridging the Communication Gap: Technology-Based Solutions in the PropTech Market

New technology-based solutions are effectively bridging the communication gap between startups and real estate firms, resulting in significant growth within the PropTech market. Key trends such as AI, data automation, sustainable technology, and IoT adoption are driving this expansion, offering cost savings, improved customer experiences, and increased revenues for businesses operating in the sector.

Key Trends Driving Growth: AI, Data Automation, Sustainable Technology, and IoT Adoption

The growing acceptance of cutting-edge technology in real estate solutions is driving the rapid growth of the PropTech market. This is particularly prevalent for asset and facility management in residential and commercial buildings. PropTech helps the real estate industry by facilitating communication and doing away with the need for in-person meetings. It also provides agents and investors with data-driven property research, increasing efficiency and accuracy.

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Overcoming Supply Chain Disruptions: Industry Participants Fueling Market Expansion

Global supply chain disruptions resulting from firm and plant closures have hindered production and sales in the real estate industry. However, there is a positive effect from industry participants fueling the market expansion. Despite this growth, there are still obstacles to overcome, such as high implementation costs as well as low research and development spending.

Nevertheless, developers are adopting effective project management and communication technologies. Furthermore, technological advancements like AI and VR are revolutionizing the real estate sector and creating new potential for the expansion of the PropTech market.

Key Takeaways from the PropTech Market:

  • 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 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 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.

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Competitive Landscape and Recent Developments in PropTech Market

Both seasoned businesses with a history in real estate and recent entrants with a focus on cutting-edge technologies are important players in the PropTech market. These businesses provide various services, including virtual property tours, Internet marketplaces, smart home technology, property management systems, and data analytics tools.

The race to create the most user-friendly, effective, and economical solutions that address the unique needs of real estate developers, agents, landlords, and buyers characterizes the competitive environment. While larger corporations use their resources to increase their market presence and acquire potential startups, smaller businesses frequently concentrate on specific areas and deliver disruptive advances to the sector.

Top Key Players in PropTech Market and Their Marketing Strategy

  1. locale

  2. Airbnb

  3. OYO

  4. Lianjia

  5. WeCompany

  6. Compass

  7. Houzz

  8. Fangdd

  9. Ucommune

  10. Ziroom

Recent Developments

  • In April 2023, Renew, a fresh PropTech firm that aims to streamline and automate resident tenant renewals, revealed its debut and more than US$8 million in preliminary investment. Its software is linked with top property management systems. It offers owners with a consolidated renewal solution and retention approach.

  • In August 2022, Square Yards debuted a 3D Metaverse platform to demonstrate the upcoming age of real estate discovery and exploration using Dubai’s high-end 3D virtual replicate.

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PropTech Market 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

Have a Look at the Related Reports of the Technology Domain:

Property Management Software Market Size – The property management software market is projected to grow at a CAGR of 13.1% during the forecast period. The global market is forecast to generate revenues of US$ 4.38 Billion in 2023 and is expected to surpass US$ 15 Billion in 2033.

South Korea Intellectual Property Market Share – The South Korean intellectual property market is capturing a valuation of US$ 1 billion in 2023 and is predicted to reach US$ 5.2 billion by 2033. The market is registering a CAGR of 17.4% during the forecast period.

Intellectual Property Software Market Trends – The intellectual property software market is projected to be valued at US$ 4.5 Billion in 2022 and is expected to reach US$ 14.9 Billion by 2032.

Semiconductor Intellectual Property Market Growth – The semiconductor intellectual property market was valued at around US$ 6.50 billion in 2022. The market is expected to witness substantial growth over the next decade, with a projected CAGR of 6.6%.

Enterprise Intellectual Property (IP) Management Software Market Demand – Global enterprise intellectual property (IP) management software market demand is anticipated to be valued at US$ 7624.9 million in 2023, forecast a CAGR of 17.6% to be valued at US$ 38684.6 million from 2023 to 2033.

Construction Tech Market Size – 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.

Edtech Market Type – The global ed-tech market size was estimated to be worth US$ 74.2 Billion in 2021 and is forecast to grow at a prolific CAGR of 14.5% during the forecast period between 2021 and 2031, totaling over US$ 288.4 Billion by the end of 2031.

MedTech Market Outlook – The MedTech market size is projected to be worth US$ 503,206.0 million in 2023. The market is likely to surpass US$ 776,467.7 million by 2033 at a CAGR of 4.4% during the forecast period.

ServiceNow Tech Services Market Analysis – According to Future Market Insights’ study, the market for ServiceNow tech services is expected to witness an impressive CAGR of 17.4% over the forecast period. The market value is expected to grow from US$ 24.8 Billion in 2023 to US$ 123.2 Billion by 2033.

Fintech-as-a-Service Platform Market Forecast – The Fintech-as-a-Service Platform market is estimated to grow by more than 10% CAGR from 2021 to 2031. Fintech-as-a-Service Platform is software that helps to improve and automate the customer experience with the help of financial services.

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