Top Emerging Trends Of PropTech Market Progress Forecast 2030 |Grand View Research, Inc.Posted by Mrudula Anil Karmarkar on March 19th, 2024 San Francisco, 19 March 2024: The ReportPropTech Market Size, Share & Trends Analysis Report By Property Type (Commercial, Residential), By Solution (Software, Services), By Deployment (Cloud, On-premise), By End-user, By Region, And Segment Forecasts, 2022 - 2030 The global proptech market size is anticipated to reach USD 94,200.07 million by 2030, advancing at a CAGR of 15.8% from 2022 to 2030, according to a new report by Grand View Research, Inc. The market is expanding owing to rising investment, venture capital funding, and growing demand for cutting-edge technology such as 5G, and the Internet of Things (IoT), among others, in the real estate sector. Furthermore, increased infrastructure funding, owing to better urban planning, is expected to be a major growth driver. The growing adoption of virtual reality (VR) and augmented reality (AR) provides better engagement among brokers and developers and assists them in better decision-making. This is also anticipated to drive market growth over the projected period. The demand for property management software (PMS), asset management software (AMS), and customer relationship management (CRM) has increased in the past few years among hotels and residential accommodations. Currently, most hotels are inclined toward digitalizing and automating daily operations with the use of hotel property management software (PMS). Hotel property management software overall benefits in automating routine tasks, high level of data security, enhanced check-in/check-out capabilities, improved revenue management, better customer data management, and channel management & billing, among others, thereby contributing to the growth of the market. Furthermore, the increasing transition from traditional solutions to blockchain technology across the real estate industry is another major factor fueling the growth of the market. Blockchain is one of the major proptech advancements aimed at shortening real estate transaction times and procedures. The basic technology of blockchain enables investors to conduct transactions directly with one another, enhance property and title ownership transfers and records, and manage data and retrieval services in a transparent and low-risk manner. The use of conventional solutions, such as manually managing paperwork, causes inefficiencies and poor accuracy and results in sluggish procedures. To cater to such problems, businesses are employing new and innovative solutions such as CRM to gather user data from devices and transform it into cutting-edge business insights. The delay of several construction activities across the globe due to the COVID-19 epidemic resulted in a decline in the market. However, the market recovered post-pandemic owing to the growing digital transformation. The major factor in this shift is changing consumer needs and expectations, and digital platforms give businesses the tools to meet these requirements across channels. Additionally, adopting digital technologies increases businesses' overall efficiency and productivity. Further, 5G will help PropTech innovate in areas like predictive analytics, smart home technologies, real-time data analytics, home automation, and AR/VR content. Request sample report of PropTech Market@https://www.grandviewresearch.com/industry-analysis/proptech-market-report/request/rs1 The growth is anticipated to be driven by the increasing adoption of several cutting-edge technologies, such as the Internet of Things (IoT), machine learning (ML), artificial intelligence (AI), and virtual reality (VR), across the real estate industry. Additionally, adopting such technologies helps streamline data management and simplifies massive property management operations. Furthermore, AI helps in understanding and recommending client preferences. Artificial intelligence in the real estate sector can help fine-tune advertising efforts by spotting trends and delivering actionable insights to clients and customers. The growth is expected to be driven by the increasing demand for property management software (PMS) and asset management software. PropTech Market Report Highlights
Moreover, fast and real-time transfer of high-quality videos and photos will also be possible. In recent years, population expansion and increasing urbanization have significantly driven infrastructure development projects utilizing smart technologies. Furthermore, the industry is expected to be driven by new technologies such as cloud computing and artificial intelligence across various applications in the real estate sector. Using the software provides efficiency in transactional costs and the development of consumer convenience, with the customer always being the priority. Furthermore, such software offers easy maintenance monitoring, smoother payments among tenants and contractors, data tracking, and quick inspection. A PMS shortens the time it takes to reply to tenant or owner concerns and grievances. The property technology (PropTech) market is expected to be driven by the increasing adoption of big data analytics owing to the benefits offered, such as helping in increasing overall productivity, making better decisions, improving customer service, and increasing overall revenue. Property investors are profiting from the insights provided by big data solutions, ranging from understanding the best investments to marketing and selling. Additionally, most companies are inclined to use big data techniques to differentiate themselves and stay competitive in the business. PropTech Market Report Scope
For instance, Zillow Rental Manager is one of the "big data" programs that sets the real estate industry's trends. By employing big data, agents can provide customers with the property details in which they have shown interest. Additionally, financial risks are decreased when big data is used in commercial real estate. It examines all available information about a property and its previous owners to assess its worth and suggest the necessary next steps. Moreover, the adoption of cloud computing is one of the key developments in the real estate industry. Cloud computing has substantially altered how software programs are managed and delivered to end users. Such advancements have enabled software developers to focus on cloud-based software technology. Multifamily residential property management businesses may readily incorporate Software as a Service (SaaS) platforms to combine online payment solutions with their property management software for easier transactions. In the wake of the COVID-19 pandemic, there has been a significant disturbance in most sectors across the globe. The pandemic led to a small decline in the market initially during the lockdown. However, the market is expected to recover post-pandemic. The pandemic propelled the adoption of digital technologies across the real estate industry, such as virtual and augmented reality, cloud computing among consumers for online searches, and offering customers a more exciting and accessible buying experience. Due to the pandemic, technological advancements including digitalization, cloud usage, big data analytics, and artificial intelligence have all gained acceleration and set the way for future growth in the property technology industry. To meet current customer demand and expectations, proptech businesses are focusing on decreasing various complexities in the home-buying process such as challenges in budgeting and bank loans, hiring a verified real estate agent, and dealing with inspection and document issues, among others, by using the aforementioned tech developments. List of Key Players in the PropTech Market
Like it? Share it! More by this author |