PropTech Market Size is Expected To Surpass $32.2 Billion By 2030 By CIOTechOutlook Team

PropTech Market Size is Expected To Surpass $32.2 Billion By 2030

CIOTechOutlook Team | Monday, 04 September 2023, 03:10 IST

The worldwide PropTech market was valued at around USD 19.5 billion in 2022 and is expected to increase to approximately USD 32.2 billion by 2030, with a compound annual growth rate (CAGR) of approximately 6.5% between 2023 and 2030.

“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”

“According to the latest research study, the demand of global PropTech Market size & share in terms of revenue was valued at USD 19.5 billion in 2022 and it is expected to surpass around USD 32.2 billion mark by 2030, growing at a compound annual growth rate (CAGR) of approximately 6.5% during the forecast period 2023 to 2030.”

Artificial intelligence (AI), machine learning, big data analytics, and blockchain technology are all rapidly evolving, making it feasible to build cutting-edge proptech solutions. The technology available today make it possible to automate procedures, do predictive analytics, provide personalized customer care, and successfully manage properties. Furthermore, the digital revolution has had a significant impact on consumer behavior, which has had an impact on the real estate industry, which is no exception.

Purchasers and renters, the internet must be user-friendly; they expect instant access to property data, virtual tours, and a simplified transaction process. Proptech can meet these demands because it offers user-friendly digital tools and platforms that improve the entire quality of the client experience.