PropTech Market Trend, Share, Growth, Size Analysis and Forecast 2030

PropTech Market

PropTech Market By Property Type (Residential, Commercial, and Industrial), By Solution (Software and Services), By Deployment (On-premises and Cloud-based), By End User (Housing Associations, Property Managers/Agents, Property Investors, and Others), and By Region - Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, and Forecasts 2023 – 2030

Category: Heavy Industry Report Format : PDF Pages: 231 Report Code: ZMR-7498 Published Date: Aug-2023 Status : Published
Market Size in 2022 Market Forecast in 2030 CAGR (in %) Base Year
USD 19.5 Billion USD 32.2 Billion 6.5% 2022

PropTech Industry Prospective:

The global PropTech market size was worth around USD 19.5 billion in 2022 and is predicted to grow to around USD 32.2 billion by 2030 with a compound annual growth rate (CAGR) of roughly 6.5% between 2023 and 2030. 

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PropTech Market: Overview

Proptech, or property technology, refers to all the technological tools used by real estate professionals to improve the process of buying, selling, researching, marketing, and managing a property. Depending on whatever lens people are viewing through, these cutting-edge technologies are also known as Real Estate Tech, Retech, Realtech, and Commercial Real Estate (CRE) Tech. Proptech always refers to a strong alignment between real estate and technology, but, at its foundation.

Key Insights

  • As per the analysis shared by our research analyst, the global PropTech market is estimated to grow annually at a CAGR of around 6.5% over the forecast period (2023-2030).
  • In terms of revenue, the global PropTech market size was valued at around USD 19.5 billion in 2022 and is projected to reach USD 32.2 billion, by 2030.
  • The global PropTech market is being driven by the rising technological innovation and the customer convenience offered by proptech solutions.
  • Based on the property type, the residential segment is expected to dominate the market over the forecast period.
  • Based on the solution, the software segment is expected to hold the largest market share over the projected period.
  • Based on the deployment, the on-premises segment is expected to dominate the market over the projected period.
  • Based on the end user, the housing associations segment is expected to hold the largest market share over the forecast period.
  • Based on region, North America is expected to dominate the market over the forecast period.

Global PropTec h Market SizeRequest Free Sample

PropTech Market: Growth Drivers

Technological advancements and changing consumer behavior drive market growth

Innovative proptech solutions are now possible due to the rapid development of technologies like artificial intelligence (AI), machine learning, big data analytics, and blockchain. These technologies make it possible to automate procedures, do predictive analytics, provide tailored customer service, and manage properties effectively. In addition, consumer behavior has been significantly affected by the digital revolution, and the real estate industry is no exception. Modern buyers and renters want smooth internet interactions, simple access to property details, virtual tours, and simplified transaction procedures. Proptech satisfies these requirements by offering user-friendly digital tools and platforms that improve the entire consumer experience. Therefore, this is expected to drive the growth of the global PropTech market during the projected period.

PropTech Market: Restraints

Concerns associated with data privacy and security hamper market growth

Numerous sensitive pieces of information, including financial records, property information, and personal data are gathered and processed by proptech platforms. As breaches or illegal access can have serious repercussions, this raises worries about data privacy and security. To reduce these worries and encourage user confidence, regulatory compliance and strong cybersecurity measures are essential. Thus, the concerns related to data privacy and security limit the PropTech industry growth over the anticipated timeframe.

PropTech Market: Opportunities

An increasing number of startups provide a lucrative opportunity for market expansion

The increasing number of startups in the proptech industry is expected to offer a lucrative opportunity for market growth during the forecast period. For instance, in August 2023, InovaReal, a Vienna-based proptech business, secured $270,000 in a pre-seed round for its intended growth. With its cutting-edge digital real estate broker solution, the business, which aspires to dominate the worldwide real estate market, attracted investors. 40% of the cash is provided by business angels in the United States, with the other 60% coming from investors in the EU, including well-known Slovakian business owners. Customers may manage their properties directly from their mobile phones anywhere in the globe due to the development of the app. The new business intends to utilize the funds it has obtained to further the product's development and grow internationally, first by entering the Slovak market in the second half of 2023 and then by creating a franchise network in the countries of the Gulf Cooperation Council, or GCC, at the end of 2023. Thus, influencing the market expansion in the coming years.

PropTech Market: Challenges

High initial cost and technological complexity pose a major challenge to market growth

PropTech solutions implementation and integration might need a significant initial investment in infrastructure, facilities, and training. It could be difficult for smaller players to set aside money for these costs. Additionally, a significant number of PropTech solutions depend on cutting-edge technologies like blockchain, IoT, and AI. These technologies can be complicated to implement and manage, and they require specific understanding. Therefore, the high initial cost and technological complexity pose a major challenge to the PropTech market growth during the projected period.

PropTech Market: Segmentation

The global PropTech industry is segmented based on property type, solution, deployment, end user, and region.

Based on the property type, the global market is bifurcated into residential, commercial, and industrial. The residential segment is expected to dominate the market over the forecast period. Technological developments in the residential real estate business have been credited for this domination. Tech businesses are paying more focus to the residential market as they provide services like virtual open houses and digital closings. Prospective home buyers may now more easily take the first steps due to technological advancements. They may utilize a variety of platforms to look for homes, compare features and prices, and even take virtual tours. Because of this, the majority of digital start-ups are leaning toward providing personalized housing solutions to suit customer needs, which is helping the residential segment flourish.

Based on the solution, the PropTech industry is bifurcated into software and services. The software segment is expected to hold the largest market share over the projected period. Proptech software's benefits, such as how it helps real estate managers and brokers promote properties more rapidly, effectively, and with higher-quality outcomes, are credited with the segment's rise.

Based on the deployment, the market is bifurcated into on-premises and cloud-based. The on-premises segment is expected to dominate the market over the projected period. The rise is a result of the advantages of on-premise installations, including ownership and control over hardware and a greater level of data protection than proptech software that is hosted in the cloud. The on-premise implementation also provides businesses or organizations with customization based on their needs. Thereby, driving the segment expansion over the forecast period.

Based on the end user, the global PropTech industry is bifurcated into housing associations, property managers/agents, property investors, and others. The housing associations segment is expected to hold the largest market share over the forecast period. The difficulties townships and flats confront, such as collecting payments, carrying out upkeep, and keeping track of renters, are held accountable for this expansion. The market's major participants have been compelled by all of these obstacles to offer solutions for payment tracking, inspections, and transparent and thorough reporting. Using proptech software, affordable housing helps allocate the right rent payments based on how much the rentpayer contributes over government funding. Thus, driving the segment revenue growth.

PropTech Market: Report Scope

Report Attributes Report Details
Report Name PropTech Market
Market Size in 2022 USD 19.5 Billion
Market Forecast in 2030 USD 32.2 Billion
Growth Rate CAGR of 6.5%
Number of Pages 231
Key Companies Covered Altus Group, HoloBuilder Inc., Zumper Inc., Reggora, Ascendix Technologies, Guesty Inc., Zillow Inc., ManageCasa, Coadjute, VergeSense, Opendoor, Homelight, Enertiv, Qualia and Proptech group, and others.
Segments Covered By Property Type, By Solution, By Deployment, By End User, and By Region
Regions Covered North America, Europe, Asia Pacific (APAC), Latin America, Middle East, and Africa (MEA)
Base Year 2022
Historical Year 2017 to 2021
Forecast Year 2023 - 2030
Customization Scope Avail customized purchase options to meet your exact research needs. Request For Customization

PropTech market: Regional Analysis

North America is expected to dominate the market during the forecast period

North America is expected to dominate the global PropTech market during the forecast period. The market growth in the region is attributed to the presence of major market players such as Altus Group, Ascendix Technologies, Zumper Inc., and Opendoor. These players offered an innovative solution to the regional market to remain competitive. For instance, in August 2022, the "Overall Real Estate Data Solution Provider of the Year" award was given by PropTech Breakthrough's 2022 Awards program, which recognized Altus Group Limited, a market-leading supplier of Intelligence as a Service to the international commercial real estate industry. Moreover, being among the most reliable and promising businesses, the real estate market in North America is expanding. It is regarded as a technologically advanced area. The region's housing industry is mostly dominated by the millennial generation, which is well-versed in technology. As a result, demand for smart houses with IoT-enabled devices is increasing. North American market growth is thus being boosted by this.

PropTech Market: Competitive Analysis

The global PropTech market is dominated by players like:

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

The global PropTech market is segmented as follows:

By Property Type

  • Residential
  • Commercial
  • Industrial

By Solution

  • Software
  • Services

By Deployment

  • On-premises
  • Cloud-based

By End User

  • Housing Associations
  • Property Managers/Agents
  • Property Investors
  • Others

By Region

  • North America
    • The U.S.
    • Canada
  • Europe
    • France 
    • The UK
    • Spain
    • Germany
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Southeast Asia
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC
    • South Africa
    • Rest of Middle East & Africa

Table Of Content

Methodology

FrequentlyAsked Questions

Proptech, or property technology, refers to all the technological tools used by real estate professionals to improve the process of buying, selling, researching, marketing, and managing a property. Depending on whatever lens people are viewing through, these cutting-edge technologies are also known as Real Estate Tech, Retech, Realtech, and Commercial Real Estate (CRE) Tech. Proptech always refers to a strong alignment between real estate and technology, but, at its foundation.

The fast use of technology and technical innovation in the real estate industry is credited with driving the growth of the global proptech market. When purchasing real estate, consumers are likely to move their preferences toward helpful solutions. A few more variables to assist the expansion of the proptech business in the next years include technology-based property management, high-quality property visualizations, and an overall convenient real estate investing procedure.

According to the report, the global PropTech market size was worth around USD 19.5 billion in 2022 and is predicted to grow to around USD 32.2 billion by 2030.

The global PropTech market is expected to grow at a CAGR of 6.5% during the forecast period.

The global PropTech market growth is expected to be driven by North America. It is currently the world’s highest revenue-generating market due to the presence of well-known players in the region, including Altus Group, Ascendix Technologies, Zumper Inc., and Opendoor.

The global PropTech market is dominated by players like Altus Group, HoloBuilder, Inc., Zumper Inc., Reggora, Ascendix Technologies, Guesty Inc., Zillow, Inc., ManageCasa, Coadjute, VergeSense, Opendoor, Homelight, Enertiv, Qualia and Proptech group among others.

The PropTech market report covers the geographical market along with a comprehensive competitive landscape analysis. It also includes cash flow analysis, profit ratio analysis, market basket analysis, market attractiveness analysis, sentiment analysis, PESTLE analysis, trend analysis, SWOT analysis, trade area analysis, demand & supply analysis, Porter’s five forces analysis, and value chain analysis.

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