What Is The Current and Historic Market Size Analysis Of The Property Technology Proptech Market?
The property technology proptech market has seen considerable growth due to a variety of factors.
• In the past few years, the size of the property technology (proptech) market has experienced significant growth. It's anticipated to increase from $36.08 billion in 2024 to $41.52 billion in 2025, reflecting a compound annual growth rate (CAGR) of 15.1%.
The surge during the historical period can be traced back to factors such as increasing urbanization, the rise of smart home automation, the use of e-signature solutions for contracts, AI-enabled property valuation, and crowd-funded real estate investments.
What Are The Predictions for The Property Technology Proptech Market in the Coming Years?
The property technology proptech market is expected to maintain its strong growth trajectory in upcoming years.
• In the coming years, a swift enlargement is anticipated in the property technology (proptech) market. Its size is likely to surge to $72.96 billion in 2029, with a Compound Annual Growth Rate (CAGR) of 15.1%.
This surge during the projected period can be credited to the increased use of artificial intelligence in property appraisals, the extensive use of blockchain for secure transactions, mobile apps for property transactions, cloud-based property management systems, and the use of drones in property surveys. The forecast period is expected to see significant trends like the rise in artificial intelligence and machine-learning, use of blockchain for ensuring security and transparency, smart building technologies, data protection methods, as well as flexible and remote work solutions.
Which Drivers Are Accelerating Growth In The Property Technology Proptech Market?
The upsurge in the need for property management services is anticipated to boost the expansion of the property technology (PropTech) market. Such services are synonymous with management, operations, and supervision of real estate assets for owners, tasks such as tenant management, upkeep, and rent collection are included. The surge in these services is due to greater demand for rented properties, an expansion in real estate investments, and a move towards hiring professionals for property management for effectiveness and adherence to regulations. PropTech augments the demand for property management services by streamlining the procedures, improving tenant interactions, and facilitating data-oriented property management, making the choice of outsourcing more attractive to property owners. For example, as noted by Scanlans Property Management LLP, a property management firm located in the UK, the UK housed 22,751 businesses in the property management service sector in 2023, signifying a 3.3% upswing from 2022. Hence, the rising necessity for property management services is fuelling the expansion of the property technology (PropTech) market.
What Are The Core Segments Of The Global 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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What New Trends Are Influencing The Property Technology Proptech Market?
Major firms in the property technology (Proptech) market are capitalizing on technological advancements like the PropTech platform to maintain their market dominance. The PropTech platform is a convergence of technology, software, and the real estate industry. For example, in September 2022, HDFC Capital, and Invest India, a company based in India, unveiled the HDFC Real Estate Tech Program - a PropTech platform that aims to promote partnerships between tech firms and the property sector. The primary goal of this platform is to recognize, celebrate, and give credit to game-changing innovations in construction technology, sales technology, fintech, and sustainability technology within the property industry.
Who Are the Key Players 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 Ventures Ltd.
• HomeViews Limited
• Ideal Flatmate Ltd
• Ohmyhome Pte. Ltd.
• Acaboom Limited
What Are The Regional Insights Into The Property Technology Proptech Market?
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.
