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The Surge In Demand For Property Management Services Fuels PropTech Market Expansion: Powering Innovation and Expansion in the Property Technology (Proptech) Market by 2025
Property Technology (Proptech)
What Is the Expected CAGR for the Property Technology (Proptech) Market Through 2025?
The proptech market has seen a rapid increase in size in the last few years. By 2025, it's expected to reach $41.26 billion, up from $36.08 billion in 2024, with a compound annual growth rate (CAGR) of 14.4%. Factors that have contributed to this growth in the past include the rise in urbanization, the adoption of smart home automation, the use of e-signature solutions for contract signing, AI-powered property assessment, and more people investing in real estate through crowdfunding.
What's the Projected Size of the Global Property Technology (Proptech) Market by 2029?
The proptech market is set to witness significant expansion in the coming years, with its value predicted to reach $72.03 billion by 2029, reflecting a compound annual growth rate (CAGR) of 14.9%. This anticipated progress during the forecast period can be associated with the adoption of AI for property evaluation, extensive use of blockchain for safeguarded transactions, mobile apps for property matters, property management systems based on the cloud, and the implementation of drone technology for property inspection. The forecast period is marked by notable trends such as the rise of AI and machine learning, utilization of blockchain for security and transparency, smart building innovations, measures for data security and privacy, and the emergence of flexible and remote work solutions.
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Top Growth Drivers in the Property Technology (Proptech) Industry: What's Accelerating the Market?
The escalating demand for property management services is predicted to fuel the expansion of the property technology (PropTech) market in the future. Property management services encompass the control, running, and supervision of real estate assets on behalf of property owners, and can include responsibilities like tenant management, upkeep, and rent gathering. The uplift in these services can be linked to the heightened demand for rental properties, augmentation in real estate investments, and the move towards delegating property management duties to specialists for added efficiency and compliance with regulations. Property technology (PropTech) enhances the request for property management services by optimizing operations, refining tenant experiences, and facilitating data-led property management, leading to making outsourcing more attractive to property owners. In May 2024, Scanlans Property Management LLP, a property management company based in the UK, reported that by 2023, the UK housed 22,751 businesses offering property management services, indicating a 3.3% hike since 2022. Consequently, the rising demand for property management services is catalysing the growth of the property technology (PropTech) market.
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What Are the Key Trends Driving Property Technology (Proptech) Market Growth?
Leading corporations in the Proptech market are investing in technological advances such as the Proptech platform to maintain their market dominance. The Proptech platform symbolizes the merger of the real estate sector with technology and software. For instance, HDFC Capital and Invest India, a company based in India, unveiled the Proptech platform known as HDFC Real Estate Tech Program in September 2022. The program's goal is to cultivate partnerships between tech companies and the real estate sector. Essentially, the platform is striving to recognize and reward innovative developments in construction tech, sales tech, fintech, and sustainability tech within the real estate industry.
What Are the Main Segments in the Property Technology (Proptech) Market?
The property technology (proptech) market covered in this report is segmented -
1) By Component: Solution, Service
2) By Deployment: On-Premise, Cloud Learning
3) By Property Type: Residential Property, Commercial Property
4) By End User: Housing Associations, Property Managers Or Agents, Property Investors, Other End Users
Subsegments:
1) By Solution: Software Solutions, Hardware Solutions
2) By Service: Consulting Services, Implementation Services, Maintenance And Support Services
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Which Top Companies are Driving Growth in the Property Technology (Proptech) Market?
Major companies operating in the property technology (Proptech) market are Opendoor Technologies Inc., Airbnb Inc., WeWork Companies Inc., Stitch AI Inc., Compass Inc., EquipmentShare.com Inc., HomeLight Inc., Pacaso Inc., Kin Insurance Inc., VTS Inc., Hometap Equity Partners LLC, Roofr Inc., Homeday GmbH, Engrain LLC, Landbay Partners Limited, Bilt Rewards Inc., Orchard Platform Corporation, flatfair Limited, Plentific Limited, Lavanda Technologies Limited, HomeViews Limited, Ideal Flatmate Ltd, Ohmyhome Pte. Ltd., Acaboom Limited
Which Regions Will Dominate the Property Technology (Proptech) Market Through 2029?
North America was the largest region in the property technology (PropTech) market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the property technology (proptech) market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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