PropTech Market is Estimated to Witness High Growth Owing to Advancement in Artificial Intelligence and Machine Learning
The PropTech market refers to the integration of modern technologies into the real estate industry and related services. Technologies such as artificial intelligence (AI), blockchain, drones, virtual/augmented reality (VR/AR), Internet of Things (IoT), data analytics help improve real estate processes such as property search, marketing, transactions, property and facility management, and more. For example, AI and machine learning enable analysis of large property and location data to help identify trends, valuations, and suitable locations. This aids quicker and more informed decision making for properties across sales, leasing, and asset management.
The Global PropTech Market is estimated to be valued at US$ 39.02 Bn in 2024 and is expected to exhibit a CAGR of 14% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the PropTech market are Altus Group, Ascendix Technologies, Coadjute Limited, CoStar Group, Enertiv, Guesty Inc., HoloBuilder, Inc., Homelight, Houzz, Locale, ManageCasa, Opendoor, Reggora, Qualia, and Zillow, Inc.
The growing adoption of emerging technologies across the real estate lifecycle is one of PropTech Market Trends For instance, AI analyzes property data to provide personalized recommendations to potential buyers and sellers. Blockchain enables secure and transparent transaction processing. Advancement in AR/VR provides virtual tours of properties to remotely view listings. Drone imagery captures property details for marketing purposes.
Technological advancements are also fueling market growth. For example, predictive analytics based on big data helps assess real-time property valuation. AI voice assistants handle customer queries about listings, payments, and paperwork. IoT enables remote monitoring and management of properties through smart devices. Chatbots provide 24/7 support to customers for leasing, maintenance, and other services. Use of 5G, cloud, and edge computing improves connectivity and processes large property datasets efficiently.
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