NEWARK, Del, Nov. 08, 2023 (GLOBE NEWSWIRE) -- In 2023, the proptech agent tool market is expected to be worth US$ 6,055.47 million. The market is expected to reach US$ 14,501.72 million by 2033, expanding at a 9.1% CAGR throughout the forecast period.
Proptech encompasses a range of digital platforms, applications, and software that streamline real estate operations, enhance client services, and facilitate data-driven decision-making. The popularity of proptech agent tools has been on the rise over the years, driven by several factors, constrained by certain challenges, and presenting opportunities within the real estate industry.
The overarching driver of the proptech agent tool's popularity is the broader digital transformation of the real estate industry. As agents and agencies adapt to changing client expectations and industry trends, digital tools become essential for remaining competitive.
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Proptech agent tools often include features such as virtual property tours, interactive listings, and personalized client communication. These tools empower agents to deliver a superior customer experience, attracting and retaining clients.
The adoption of proptech agent tools can be impeded by the resistance to change within traditional real estate practices. A handful of professionals can be reluctant to transition to digital tools.
The handling of sensitive client data within this tool can raise privacy and security concerns, leading to hesitance in their adoption. The real estate industry consists of professionals with varying levels of technological proficiency. Tools must be accessible and user-friendly to cater to a diverse user base.
The ongoing growth of the real estate market, both residential and commercial, presents a vast opportunity for proptech agent tools to gain traction as professionals seek ways to effectively manage increased demand. Governments and regulatory bodies that support technological innovation in the real estate sector offer opportunities for the expansion of this tool.
Key Takeaways from the Proptech Agent Tool Market-
- The proptech agent tool market in the United States is predicted to reach US$ 2,998.40 million by 2033, increasing at a 6.5% CAGR.
- The proptech agent tool market in China is estimated to reach a market value of US$ 347.20 million, expanding at a CAGR of 9.5% by 2033.
- During the forecast period, the proptech agent tool market in France is expected to reach a market value of US$ 656.39 million, securing an 11.5% CAGR.
- The proptech agent tool market in Brazil is predicted to reach US$ 241.27 million by 2033, increasing at a 9.3% CAGR.
- India's proptech agent tool market is predicted to achieve a value of US$ 1,050.20 million, rising at a 15.3% CAGR during the forecast period.
- With a share of 49.1% in 2022, the residential segment was estimated to dominate the proptech agent tool market.
- With a CAGR of 13.0% from 2023 to 2033, the virtual tour software segment is estimated to rise rapidly over the evaluation period.
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Competitive Landscape
The proptech agent tool market is highly competitive, with a significant number of players competing for market share. Leading players in this market include Zoho, Wise Agent, Hubspot, MailParser, Zillow, Trulia, Docusign, and PandaDoc.
The user experience was improved by integrating GPS for property location and augmented reality for virtual property tours. Implement AI-powered chatbots to help agents answer typical client questions, schedule appointments, and even provide property recommendations based on user preferences. Chatbots can greatly enhance customer satisfaction by reducing response times. Provide strong CRM solutions that are targeted to the real estate business.
Agents should be able to manage leads, track interactions, and automate follow-ups using these technologies. Integration with email marketing and social media platforms can assist agents in maintaining client engagement.
Partnerships and collaborations between vendors and other technology providers are also becoming increasingly popular to provide comprehensive solutions. As the industry expands, competition is projected to increase, resulting in rising innovation and a broader range of options for organizations looking for proptech agent tools.
For instance,
- In July 2019, ManagedCasa launched automated and interactive proptech for property managers and owners by joining hands with Stripe.
- In August 2022, in order to develop a short-term rental offering, the United States-based site Zumper raised US$ 30 million, becoming the first real estate marketplace to provide cash alternatives.
Restraints
Despite the promising growth, the Proptech Agent Tool Market faces certain challenges. Data security and privacy concerns, as well as the need for significant investments in technology adoption, pose hurdles to market expansion. Additionally, the slow pace of regulatory frameworks and the reluctance of some traditional real estate agents to embrace proptech tools can impede market growth in some regions.
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Get More Valuable Insights into the Proptech Agent Tool Market Report
Future Market Insights (FMI), in its new offering, provides an unbiased analysis of the global proptech agent tool market, presenting historical demand data (2018 to 2022) and forecast statistics for the period from 2023 to 2033.
The study incorporates compelling insights on the proptech agent tool market based on property type (residential [single-family housing, multi-family housing] commercial [retail properties, hotel properties, business office properties, showrooms spaces, flex spaces, others commercial properties] industrial property [distribution warehouse spaces, manufacturing plants, fabrication properties, other industrial properties]) solution (real estate CRM software, marketing automation software, real estate listing management software, contract management tool, e-signature software, virtual tour software) region (North America, Latin America, East Asia, South Asia and Pacific, Western Europe, Eastern Europe, Central Asia, Russia and Belarus, Balkan and Baltics, Middle East and Africa).
Author:
Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management a consumer electronics will likely remain the leading end-use sector cross verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.
He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client's requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.
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