The future of real estate: the global PropTech market is expected to exceed $75 billion by 2029 due to the growing demand for analytics.

Dublin, May 28, 2024 (GLOBE NEWSWIRE) -- A new report titled "Global PropTech Market Outlook 2029" has been added to the ResearchAndMarkets.com website. This document highlights a significant trend in the real estate sector, indicating that the global PropTech industry is expected to surpass the mark of75 billion US dollarsby 2029. According to current data, the market volume in 2023 was34.59 billion dollarsthe projected growth rate for the period from 2024 to 2029 suggestsCAGR of 15.36%The main factors contributing to this expansion are the growing interest in data-driven analytics, which has become particularly relevant in the current market situation. The pandemic has also confirmed the value of remote work and virtual interactions, which are facilitated by PropTech solutions. In this context, smart home and building technologies, digital twins, and building information modeling (BIM) have become key market trends. These innovations promise not only to enhance operational efficiency but also to contribute to sustainable development and improve quality of life.

Nevertheless, the market is facing certain challenges. One of the significant obstacles to the implementation of PropTech isresistance to new technologiesand the existing gaps in technological infrastructure that may slow down the adaptation process.

Integration of technologies and innovations

As the PropTech sector develops, there is a rethinking of approaches to real estate transactions, research, and management. Innovations in this field are taking the lead in this transformation.artificial intelligence,Internet of Thingsandblockchainthat provides market participants with more efficient and secure ways to interact. The need for digital and virtual solutions became particularly pronounced after the COVID-19 pandemic, when virtual tours, online transactions, and remote management became especially relevant for maintaining the functionality of the sector during the crisis.

Regional analysis and industry leadership

As of today, North America holds a leading position in the PropTech industry due to its complex and dynamic real estate market, significant investments in technological innovations, and an active culture of early adoption of new technologies. Ongoing events continue to vividly demonstrate active progress, including numerous initiatives aimed at empowering the sector on a global scale.

According to changing conditions, there is a trend towards the implementation of software solutions that are characterized by scalability, integration, and improved customer service, indicating a future where efficiency and ease of use will play a primary role.

Recent events

• InFebruary 2024MoxiWorks announced that HomeStack, a mobile app developer, has become a partner of the open MoxiCloud network. Now MoxiWorks clients can integrate HomeStack into their product suite.
• In the same month, the Lithuanian Proptech Association held a "Decarbonization Bootcamp for the Built Environment" to help global Proptech startups and real estate companies in the Baltic countries bring their products to the European market.
• In February 2024, Fashinza co-founder Jamil Ahmad introduced Marrfa, a SaaS startup that offers solutions to combat the lack of trust in the real estate market, which will initially operate in India and the UAE.

Market segmentation

• By solutions: software, services.
• On deployment: cloud technologies and local infrastructure.
• By type of real estate: residential, commercial.
• In terms of end users: real estate agencies, housing associations, real estate investors, and others (for example, mortgage lenders).

Research period: historical year - 2018, base year - 2023, calculation year - 2024, forecast year - 2029.

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