Dublin, May 28, 2024 (GLOBE NEWSWIRE) -- The "Global PropTech Market Outlook, 2029" report has been added to ResearchAndMarkets.com's offering.
In a remarkable trend that's shaping the future of the real estate industry, the Global PropTech market is expected to cross a significant milestone of USD 75 Billion by 2029. Current evaluations place the market at USD 34.59 Billion in 2023, with a projection to grow at a CAGR of 15.36% over the period of 2024-2029.
A major driver for the market is the escalating demand for data-driven insights in the real estate industry. Additionally, the global pandemic has underscored the utility and staying power of remote work and virtual interactions facilitated by PropTech. Smart home and building technologies, digital twins, and Building Information Modeling (BIM) stand out among the prevalent market trends. These advances promise not just enhanced operational function but also strides toward sustainability and improved living standards.
The market, however, navigates through its own set of challenges. Resistance to adopting new technologies and the existing technological infrastructure gaps are notable barriers that may decelerate the adoption of PropTech. Nevertheless, continuous developments and investments in the sector indicate a determined progression toward overcoming these obstacles.
Technological Integration and Innovation
The ongoing evolution of the PropTech sector is reshaping how real estate transactions, research, and management are approached. Innovations in AI, IoT, and blockchain are at the forefront of this transformation, providing stakeholders with more efficient, streamlined, and secure means to navigate the market. Especially after the COVID-19 pandemic, there has been a significant shift towards virtual tours, online transactions, and remote management, which in turn has emphasized the importance of digital and virtual solutions in maintaining industry operations during challenging times.
Regional Insight and Industry Leadership
North America is currently taking the helm in the PropTech industry, credited to its sophisticated and dynamic real estate market, substantial investment in technological innovation, and a strong culture of early adoption of emerging technologies. Recent developments continue to demonstrate active progress, with significant initiatives to boost the sector's reach and capabilities on a global scale.
In alignment with the evolving landscape, the industry's inclination towards software solutions that offer scalability, integration, and enhanced customer service points toward a future where efficiency and user-experience are paramount.
Recent Developments
- February 2024: MoxiWorks declared that HomeStack, a mobile app builder, joined MoxiCloud open network partner program. MoxiWorks' clients can incorporate HomeStack into their MoxiWorks product group with this addition.
- February 2024: Lithuanian Proptech Association organized a Built Environment Decarbonisation Bootcamp to aid global Proptech startups and real estate companies in the Baltics to launch their products in the European market.
- February 2024: Fashinza Cofounder, Jamil Ahmad, launched Marrfa, a SaaS startup offering solutions to confront the trust deficit in the real estate market. It will originally operate across India and the UAE.
Market Segmentation
By Solution
- Software
- Service
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)
Study Period
- Historic year: 2018
- Base year: 2023
- Estimated year: 2024
- Forecast year: 2029
For more information about this report visit https://www.researchandmarkets.com/r/f2l69g
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