NEWARK, Del, June 03, 2022 (GLOBE NEWSWIRE) — The PropTech market is expected to be worth US$86.5 billion in 2032, from US$18.2 billion in 2022, growing at a CAGR of 16.8% over the forecast period (2022-2032).
The demand for PropTech is high as PropTech reduces operating costs and helps agencies save money. Customers benefit from digital/virtual services and agents can work on the go. As a result, profits and productivity increase.
The number of PropTech start-ups has increased due to work-from-home legislation. Additionally, as real estate companies struggle to stay relevant in the new climate, this has resulted in a significant expansion of the PropTech market.
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Artificial Intelligence and Virtual Reality are just 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 disruption. As the global real estate industry has gone through a significant paradigm shift, it has revealed greater opportunities in the PropTech market.
During the projected period, factors such as growing acceptance of several innovative technology-based solutions and services in the real estate industry are expected to drive the PropTech market.
Airbnb is a great example of using PropTech in this way. PropTech’s market analysis indicates that it helps in the accurate collection and interpretation of data. PropTech adoption is encouraging, as it makes it much easier to track investors.
Key points to remember:
- The PropTech market is expected to grow 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 stupendous CAGR of 23.7% through 2032.
- The PropTech market in Japan is expected to have a CAGR of 26.5% through 2032.
- The UK PropTech market 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 solution-based PropTech services segment of the PropTech market is expected to grow at an annual rate of 18.5% through 2032.
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Locale, Airbnb, OYO, Lianjia, WeCompany, Compass, Houzz, Fangdd, Ucommune, Ziroom are some of the major PropTech market players in the PropTech market.
Leading companies in PropTech market growth are likely to focus on production and generate revenue to increase PropTech market share.
Product launches, mergers and collaborations
- The real estate giant has just updated Zillow 3D, adding machine learning capabilities to interactive floor plans.
- The emergence of SPACs, along with the flurry of M&A activity seen so far in 2021, are all contributing to the digital revolution in the real estate industry. Small real estate businesses will certainly find it harder to be competitive and profitable in the years to come, but some have succeeded by carving out a specialty and changing the way they operate.
- HqO’s acquisition of the Office application from the Pi Labs business portfolio. in 2021 created a truly international offering by combining the leading US-based desktop experience platform with the dominant Europe-based platform.
- PropTech solutions
- PropTech Services
By property type:
- Residential property
- Commercial property
- North America
- Latin America
- Asia Pacific
- Middle East and Africa
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1.1. Global Market Outlook
1.2. Demand Side Trends
1.3. Supply-side trends
1.4. Analysis and recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limits
3. Key Market Trends
3.1. Key trends impacting the market
3.2. Product Innovation / Development Trends
4. Price analysis
4.1. Price analysis, by solutions
4.2. Regional price analysis
4.3. Comparative analysis of world average prices
PropTech Market TOC In Details
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