Dublin, April 06, 2023 (GLOBE NEWSWIRE) -- The "Global PropTech Market Size, Share & Industry Trends Analysis Report By End-user, By Property Type, By Deployment Type, By Solution, By Regional Outlook and Forecast, 2022-2028" report has been added to ResearchAndMarkets.com's offering.
The Global PropTech Market size is expected to reach $64.3 billion by 2028, rising at a market growth of 15.4% CAGR during the forecast period.
Key Market Players
List of Companies Profiled in the Report:
- Altus Group Limited
- Ascendix Technologies
- Zumper, Inc
- Opendoor technologies, Inc
- Reggora, Inc
- Guesty Inc
- Holo Builder (FARO Technologies, Inc.)
- Zillow Group, Inc
- ManageCasa, Inc
- Coadjute Limited
PropTech, also known as property technology, refers to the application of information technology (IT) to the management and purchase of the real estate by both people and businesses.
PropTech leverages digital innovation to meet the demands of the real estate business, just as FinTech focuses on the use of technology in banking.
For players in all phases of the real estate industry, including buyers, sellers, brokers, lenders, and landlords, PropTech is meant to simplify and link procedures. Popular PropTech innovations include software for reporting maintenance, sharing rent payments, and crowdsourcing new real estate projects. Virtual reality software enables website users to visually walk around their homes.
Although it is still a young industry, PropTech is being advanced by the cloud, digital transformation, and technology convergence. PropTech seeks to streamline property administration, increase efficiency, and save costs and time spent on real estate transactions, among other objectives.
The distributed ledger technology termed the Blockchain is predicted to contribute to the development of a secure infrastructure for smart contracts, tenant credit checks, and real estate payments.
Market Growth Factors
Increasing use of IOT in real estate
As more and more gadgets and pieces of technology become linked, the Internet of Things (IoT) is now permeating a number of different businesses. There is no exception to this tendency in the real estate sector. Real estate IoT will make it simpler and more effective for all parties involved to acquire, sell, rent, and manage properties.
The Internet of Things is a network of actual objects connected to the internet (IoT). Thermostats, TVs, lightbulbs, and refrigerators are all included. When it comes to real estate, there are opportunities to enhance the selling, purchasing, and management processes by automating different functions. The market for PropTech is predicted to expand as a consequence of the real estate sector's increasing embrace of IoT.
Global urbanization is increasing
Urbanization has accelerated globally in recent years. The process of more people relocating to urban areas is known as urbanisation. The main cause of urbanisation is migration from rural to urban areas, which increases the size and populace of urban areas. These population changes have an impact on other aspects of land use, economic activity, and culture. Urbanization has historically been linked to important social and economic changes.
For example, living in an urban region is linked to higher levels of education and literacy, better health, lower fertility, a longer life expectancy, easier access to social services, and expanded opportunities for political and cultural involvement. Therefore, the adoption of smart home automation technology would expand dramatically as a result of this component.
Market Restraining Factors
Issues with privacy and security violations
To allow its systems to be specifically designed to best suit the lifestyle of its residents, a smart home market assists in collecting information on energy use and bills, movements, purchases, and music preferences, among other things. Smart home devices could be susceptible to simple hacking techniques.
Since information about people's identities, physical safety, health care, and houses is electronically kept in the cloud, there is a considerable risk that hackers may utilise this information improperly. The expansion of the PropTech industry may be constrained throughout the projected period as a result of concerns about privacy and security breaches.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 286 |
| Forecast Period | 2021 - 2028 |
| Estimated Market Value (USD) in 2021 | $24048.6 Million |
| Forecasted Market Value (USD) by 2028 | $64341 Million |
| Compound Annual Growth Rate | 15.4% |
| Regions Covered | Global |
Scope of the Study
Market Segments Covered in the Report:
By End-user
- Housing Associations
- Property Managers/ Agents
- Property Investors/ Residents
- Others
By Property Type
- Residential
- Commercial & Industrial
By Deployment Type
- Cloud
- On-premise
By Solution
- Software
- Property Management
- Asset Management
- Sales & Advertisements
- Work order Management
- Customer Relationship Management & Others
- Service
By Geography
North America
- US
- Canada
- Mexico
- Rest of North America
Europe
- Germany
- UK
- France
- Russia
- Spain
- Italy
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- South Korea
- Singapore
- Malaysia
- Rest of Asia Pacific
LAMEA
- Brazil
- Argentina
- UAE
- Saudi Arabia
- South Africa
- Nigeria
- Rest of LAMEA
For more information about this report visit https://www.researchandmarkets.com/r/qy8fp7
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