Proptech Market Eyeing Remarkable Growth due to Rising Adoption of Big Data Analytics

Proptech Market Overview:

The global proptech market will touch USD 102.4 billion at a 16.30% CAGR by 2032, as per the recent Market Research Future report.

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Key Players:

Eminent market players profiled in the proptech market report include,

• Ascendix Technologies
• Zumper Inc.
• Opendoor
• Altus Group
• Guesty Inc.
• HoloBuilder, Inc.
• Zillow, Inc.
• ManageCasa
• Coadjute
• Vergesense
• Reggora
• Enertiv
• Homelight
• Proptech group
• Qualia

Drivers:

Growing Adoption of Cutting-Edge Technologies to Boost Market Growth 

It is projected that the rise would be fueled by the real estate sector’s growing use of a several cutting-edge technologies, comprising artificial intelligence, the IoT, machine learning, & virtual reality. Adopting such technology also simplifies complex property management procedures and streamlines data administration. AI also aids in comprehending and proposing customer preferences.

Opportunities: 

Rising Adoption of Big Data Analytics to offer Robust Opportunities 

Due to the advantages provided, such as assisting in boosting overall productivity, making enhanced decisions, enhancing customer service, and boosting overall income, big data analytics are becoming more and more popular. With regards to identifying the finest investments, marketing, and selling, the real estate investors in fact are benefiting from insights provided by big data solutions. To stay ahead in the competition and uphold their competitiveness, maximum businesses are tempted in embracing big data strategies.

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Restraints and Challenges:

Resistance to Change to act as Market Restraint 

Resistance to change, lack of standardization, security concerns, data privacy, and high implementation cost may act as market restraints over the forecast period.

Market Segmentation:

The global proptech market is bifurcated based on end user, deployment, solution, and property type.

By property type, residential will lead the market over the forecast period.

By solution, software will domineer the market over the forecast period.

By deployment, on-premises will spearhead the market over the forecast period.

By end user, housing associations will spur the market over the forecast period.

COVID-19 Analysis 

Lockdowns & social isolation restrictions boosted the necessity for remote solutions in the real estate industry. The use of proptech companies that offered online property listings, the virtual property tours, & digital transactions increased during this time. The outbreak accelerated the shift to digital technologies in the real estate sector. Traditional activities including paperwork, manual transactions, & in-person meetings were amid those affected. Businesses consequently embraced proptech solutions that offered e-signatures, contactless transactions, & online property management systems.

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Regional Analysis:

North America to Head Proptech Market 

North America’s 45.80% revenue share in 2022 was the highest. The prosperity of the neighborhood is attributed to the presence of well-known companies like Ascendix Technologies, Opendoor, Zumper Inc., and Altus Group, among others. Real estate is one of the most dependable and promising industries in North America, and it is growing. The tech-savvy millennial demographic, which makes up around 43% of the local real estate market, is driving increasing demand for smart houses with IoT-enabled gadgets. This is driving the market expansion. Additionally, the U.S. market had the biggest market share, while the Proptech industry in Canada was expanding at the quickest rate on the North American continent.

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