Pune,India, Nov. 28, 2023 (GLOBE NEWSWIRE) -- According to Fortune Business Insights, global PropTech Market Size was valued at USD 31.16 billion in 2022 and is projected to grow from USD 33.57 billion in 2023 to USD 72.39 billion by 2030, exhibiting a CAGR of 11.6% during the forecast period.
PropTech means the amalgamation of platform economics, digital technologies, and real estate. The market growth can be credited to the growing investments by several organizations and enterprises in the PropTech market for better returns in the real estate industry.
Key Industry Development-
July 2023: MRI Software unveiled the expansion of its product line to the Canadian market by launching the cloud instance in the country. This launch would help MRI clients to seamlessly access the recent solutions and host their data in the country.
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Key Takeaways-
- PropTech Market is expected to flourish & reach USD 72.39 Billion in 2030
- The market is evolving rapidly with progressions in the high-tech landscape and varying customer requirements.
- Cloud-based-PropTech industry solutions are becoming increasingly popular in the real estate sector due to their easy access to data.
- PropTech Market Size in North America was USD 11.89 Billion 2022
Discover the Leading Players Featured in the Report-
“Altus Group (Canada), Guesty Inc. (Israel) , Qualia Labs, Inc. (U.S.), Ascendix Tech (U.S.), Zillow (U.S.), Zumper Inc. (U.S.), View The Space (U.S.), CoreLogic (U.S.), Reonomy (U.S.), MRI Software LLC (U.S.)”
Report Scope & Segmentation-
| Report Coverage | Details |
| Forecast Period | 2023 to 2030 |
| Forecast Period 2023 to 2030 CAGR | 11.6% |
| 2030 Value Projection | USD 72.39 Billion |
| Base Year | 2022 |
| PropTech Market Size in 2022 | USD 31.16 Billion |
| Historical Data for | 2017 to 2021 |
| No. of Pages | 149 |
| Segments covered | Solution, Deployment, Property, End -User |
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Drivers and Restraints-
Incorporation of Advanced Technologies Such as AR/VR, and 3D, Among Others to Escalate the Market Growth
One of the major factors propelling the PropTech market growth is the integration of advanced technologies, including 3D and AR/VR, among others. Moreover, the user experience can be enhanced by the applications of virtual reality to create a three-dimensional image or environment.
However, the regulatory and compliance challenges in new technologies may impede the market growth.
Leading Segments Covered in this Report-
By Solution
- Integrated Platform/Software
- Standalone Software
By Deployment
- Cloud
- On-premise
By Property Type
- Residential
- Commercial
By End-user
- Real Estate Agents
- Housing Associations
- Property Investors
- Others (Mortgage Lenders and others)
Regional Insights-
North America to Dominate Owing to a Large Number of PropTech Companies
North America market is anticipated to witness the largest share during the forecast period. The presence of many Proptech companies and startups is driving the regional growth.
The Asia Pacific market is poised to grow at the highest CAGR during the forecast period. The most valued real estate sector is being shaped by property technology due to growing investments in the region. This factor is fuelling the regional growth.
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Competitive Landscape-
Companies Focus on Product Line Expansion to Boost their Geographical Presence
One of the significant approaches companies deploy is securing funds to enhance solutions with advanced mechanisms. Moreover, several companies are focusing on other strategies, such as mergers and acquisitions and joint ventures. Product line expansion strategies are also being deployed by leading players to enhance their geographical presence.
FAQs
How big is the PropTech Market?
PropTech Market size was USD 31.16 Billion in 2022. It is expected to reach USD 72.39 Billion by 2030.
How fast is the PropTech Market growing?
The PropTech Market will exhibit a CAGR of 11.6% during the forecast period, 2023-2030
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