It is anticipated that the PropTech market will reach US$ 86.5 billion in 2032, up from US$ 18.2 billion in 2022, growing at a CAGR of 16.8% over the forecast period (2022-2032). PropTech is in high demand since it helps agencies save operational expenses and save money. Digital and virtual services are offered to customers, and mobile working is possible for agents. Profits and productivity increase as a result.
The work-from-home regulation has led to an upsurge in the number of start-ups in the PropTech sector. Additionally, it has fueled a considerable increase of the PropTech business as real estate firms battle to remain relevant in the new environment.
When it comes to illustrating how far PropTech has advanced technologically, artificial intelligence and virtual reality are merely the top of the iceberg. The real estate sector is not exempt from changes in technology. The worldwide real estate industry underwent a dramatic paradigm shift, but it also made the PropTech business more attractive.
The PropTech market is anticipated to be driven by elements including the real estate sector’s increasing embrace of a number of cutting-edge technology-based solutions and services. A fantastic example of how PropTech is applied in this way is Airbnb. According to a PropTech market analysis, it facilitates precise data collection and interpretation. PropTech use is good since it makes tracking investors much simpler.
- Through 2032, the PropTech market is expected to grow at a CAGR of 16.8% and account for a market share of US$86.5 billion.
- Through 2032, the PropTech market in the US is anticipated to grow at a CAGR of 16%.
- Through 2032, the Chinese PropTech market is anticipated to grow at an astounding CAGR of 23.7 percent.
- Through 2032, the CAGR for the Japanese PropTech market is predicted to be 26.5 percent.
- Through 2032, the UK PropTech market is anticipated to grow at a CAGR of 17.1%.
- Through 2032, the retail sector of the PropTech market is anticipated to expand at a CAGR of 19.4%.
- Through 2032, the PropTech market’s services category is projected to expand at a compound annual growth rate of 18.5%.
Major PropTech market participants include Locale, Airbnb, OYO, Lianjia, WeCompany, Compass, Houzz, Fangdd, Ucommune, and Ziroom.
The leading businesses in the expansion of the PropTech industry are probably going to concentrate on production and revenue generation in order to gain market share.