Proptech Market to Reach $119879.99 Million, by 2032 at 16.5% CAGR: Allied Market Research

News provided by

Sep 06, 2023, 10:10 ET

The growth of the global proptech market is driven by accelerated adoption of artificial intelligence (AI) and big data and digital transformation in real estate.

PORTLAND, Ore., Sept. 6, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "ProptTech Market by Component (Solution and Service), Deployment Mode (On-premise and Cloud), Type (Residential and Commercial) and End User (Housing Associations, Property Managers, Property Investors and Others): Global Opportunity Analysis and Industry Forecast, 2023-2032". According to the report, the proptech industry generated $26814.53 million in 2022, and is anticipated to generate $119879.99 million by 2032, witnessing a CAGR of 16.5% from 2023 to 2032.

Proptech encompasses all building processes, eliminating onerous tasks, and boosts them with automated solutions. Proptech reduces costs in the long run by enabling firms to simplify operations, enhance productivity, and allocate resources more effectively.

Prime determinants of growth

Accelerated adoption of artificial intelligence (AI) and big data and digital transformation in real estate are the major factors that drive the growth of the global proptech market. However, slower adoption of technology in real estate industry and traditional mindset are expected to hamper the market growth. Furthermore, IoT (Internet of Things) and smart building is anticipated to provide lucrative growth opportunities for the global proptech market in the upcoming years.

Download Sample Pages: https://www.alliedmarketresearch.com/request-sample/186039

Report coverage & details:

Report Coverage	Details
Forecast Period	2023–2032
Base Year	2022
Market Size in 2022	$26,814.53 Million
Market Size in 2032	$119,879.99 Million
CAGR	16.5 %
No. of Pages in Report	267
Segments covered	Component, Deployment Mode, Type, End User and Region
Drivers	Accelerated adoption of artificial intelligence (AI) and big data Digital transformation in real estate
Opportunities	IoT (Internet of Things) and smart building
Restraints	Slower adoption of technology in real estate industry Traditional mindset

Covid-19 Scenario

The COVID-19 pandemic had a significant impact on the proptech industry as social distancing measures drove the demand for virtual property tours, online property management tools, and digital contract signing platforms.
In addition, the growing online presence of people after the COVID-19-induced lockdowns and social distancing policies fueled the need for proptech solutions. The pandemic caused a significant shift in consumer behavior, with growth in well-equipped proptech services. These factors have propelled the growth of proptech solutions among the industries.

Enquiry Before Buying: https://www.alliedmarketresearch.com/purchase-enquiry/186039

The solution segment to maintain its leadership status throughout the forecast period

Based on component, the solution segment held the highest market share in 2022, accounting for more than two-thirds of the proptech market revenue, and is estimated to maintain its leadership status throughout the forecast period. Increase in the adoption of advanced technologies and solution such as AI, IoT and others are expected to propel the growth of the market. However, the service segment is projected to manifest the highest CAGR of 19.4% from 2023 to 2032, as proptech service help to reduce the time and costs associated with optimizing systems in the initial phase of deployment.

The on-premise segment to maintain its lead position during the forecast period

Based on deployment mode, the on-premise segment accounted for the largest share in 2022, contributing to more than three-fifths of the proptech market revenue, as businesses can secure the confidentiality of information with on-premise solutions by storing the data within their own premises or dedicated infrastructure. However, the cloud segment is expected to portray the largest CAGR of 20.8% from 2023 to 2032 and is projected to maintain its lead position during the forecast period. Cloud-based solutions offer real-time assistance and insights, which further is expected to provide lucrative growth opportunities for the market during the forecast period.

The property managers/ agents segment to maintain its leadership status throughout the forecast period

Based on end user, the housing associations segment held the highest market share in 2022, accounting for more than two-fifths of the proptech market revenue. Proptech provides organizations with the insight necessary to comprehend customer preferences, behavior, and purchasing trends. However, the property managers/ agents segment is projected to manifest the highest CAGR of 19.7% from 2023 to 2032 and is estimated to maintain its leadership status throughout the forecast period. The increasing demand for effective property management solutions to expand business operations in the proptech market is further expected to propel global market growth.

North America region to maintain its dominance in 2022

Based on region, the North America segment held the highest market share in terms of revenue in 2022, accounting for nearly two-fifths of the proptech market revenue. The region has been at the forefront of adopting and leveraging the latest technologies, including proptech are anticipated to propel the growth of the market in this region. However, the Asia-Pacific is expected to witness the fastest CAGR of 20.5% from 2023 to 2032, and is likely to enhance the market growth during the forecast period. The region has witnessed a surge in e-commerce adoption, with countries such as China, India, and Southeast Asia experiencing significant growth in online retail, which is expected to provide lucrative growth opportunities for the market in this region.

Buy this Complete Report (267 Pages PDF with Insights, Charts, Tables, and Figures) at:

https://www.alliedmarketresearch.com/proptech-market/purchase-options

Leading Market Players: -

Altus Group
Ascendix Technologies
Coadjute Limited
Guesty Inc.
HoloBuilder, Inc.
ManageCasa, Inc.
Opendoor technologies, Inc.
Qualia
Zillow, Inc.
Zumper Inc.

The report provides a detailed analysis of these key players of the proptech market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different countries. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

AVENUE- A Subscription-Based Library (Premium on-demand, subscription-based pricing model):

AMR introduces its online premium subscription-based library Avenue, designed specifically to offer cost-effective, one-stop solution for enterprises, investors, and universities. With Avenue, subscribers can avail an entire repository of reports on more than 2,000 niche industries and more than 12,000 company profiles. Moreover, users can get an online access to quantitative and qualitative data in PDF and Excel formats along with analyst support, customization, and updated versions of reports.

Get an access to the library of reports at any time from any device and anywhere. For more details, follow the link: https://www.alliedmarketresearch.com/library-access

Trending Reports in ICT & Media Industry:

Semantic Web Market Expected to Reach $123.5 Billion by 2032

Deep Learning Market Expected to Reach $406 Billion by 2032

DNS Firewall Market Expected to Reach $785.1 Million by 2032

AI in Cybersecurity Market Expected to Reach $154.8 Billion by 2032

Marketing Technology (MarTech) Market Expected to Reach $1744 Billion by 2032

About Us

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

Contact:
United States
1209 Orange Street,
Corporation Trust Center,
Wilmington, New Castle,
Delaware 19801 USA.
Int'l: +1-503-894-6022
Toll Free: +1-800-792-5285
Fax: +1-800-792-5285
[email protected]

Logo: https://mma.prnewswire.com/media/636519/Allied_Market_Research_Logo.jpg

SOURCE Allied Market Research