The property technology (Proptech) market size is expected to see rapid growth in the next few years. It will grow to $63.28 billion in 2028 at a compound annual growth rate (CAGR) of 15.1%. The growth in the forecast period can be attributed to AI-driven property valuation, highly use of blockchain for secure transactions, mobile applications for property transactions, cloud-based property management systems, drone technology in property surveying. Major trends in the forecast period include rise of artificial intelligence (AI) and machine learning, blockchain for security and transparency, smart building technologies, data security and privacy measures, flexible and remote work solutions.
The anticipated uptick in the demand for oil and gas is poised to drive the growth of the production chemicals market in the forthcoming period. The heightened demand for oil and gas stems from various factors including economic expansion, population growth, industrialization, transportation requisites, petrochemical needs, and weather fluctuations. Production chemicals play a pivotal role within the oil and gas sector by facilitating production optimization, bolstering operational efficiency, and ensuring the integrity of production equipment. Notably, according to the Energy Information Administration (EIA), global oil consumption witnessed a significant increase of 5.5 million barrels per day in 2021 compared to consumption levels observed in 2020. Consequently, the escalating demand for oil and gas acts as a key driver propelling the expansion of the production chemicals market.
Leading entities operating within the production chemicals sphere are directing their focus towards innovative technologies, particularly chemical processing technology, to secure a competitive advantage in the market. Chemical processing technology entails the application of scientific principles and technical expertise to operate chemical processing equipment, predominantly within industries such as chemical manufacturing. For instance, in December 2023, Sulzer Ltd., a Switzerland-based industrial engineering and manufacturing firm, unveiled SULAC, a licensed breakthrough technology facilitating polylactic acid (PLA) producers to seamlessly integrate new lactic acid to lactide capabilities. Lactide conversion is a pivotal step in PLA production, an environmentally friendly bioplastic. SULAC aids in overcoming supply restrictions by enabling the conversion of lactic acid to lactide, thus supporting the production of PLA.
In December 2021, Ascensus Specialties LLC, a US-based provider of specialty materials for life sciences and advanced technology, completed the acquisition of Wychem Ltd. for an undisclosed sum. This strategic acquisition expands Ascensus' production capacities within the life sciences domain, enhancing its European manufacturing footprint and commercial outreach. The acquisition enables Ascensus to offer a more comprehensive array of products and services to its global clientele. Wychem Ltd., headquartered in the UK, specializes in the manufacturing of fine chemicals and aromatic compounds, aligning with Ascensus' strategic objectives for market expansion and diversification.
Major companies operating in the property technology (proptech) market report are Opendoor Technologies Inc., Airbnb Inc., WeWork Companies Inc., Stitch AI Inc., Compass Inc., EquipmentShare.com Inc., HomeLight Inc., Pacaso Inc., Kin Insurance Inc., VTS Inc., Hometap Equity Partners LLC, Roofr Inc., Homeday GmbH, Engrain LLC, Landbay Partners Limited, Bilt Rewards Inc., Orchard Platform Corporation, flatfair Limited, Plentific Limited, Lavanda Technologies Limited, HomeViews Limited, Ideal Flatmate Ltd, Ohmyhome Pte. Ltd., Acaboom Limited.
North America was the largest region in the property technology (PropTech) market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the property technology (proptech) market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the property technology (proptech) market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Property technology (prop-tech) refers to using technology to innovate, streamline, and enhance various aspects of the real estate industry. This includes software, hardware, and platforms that digitize and optimize property management, development, sales, leasing, and investment processes. PropTech solutions leverage technologies such as artificial intelligence, big data analytics, the Internet of Things (IoT), and blockchain to improve efficiency, transparency, and user experience in real estate transactions and operations.
The primary components of Proptech are solutions and services. Proptech solutions encompass the utilization of technology to enhance and optimize various facets of the real estate sector, spanning activities such as buying, selling, renting, investing, designing, constructing, and managing properties. These solutions can be deployed through on-premise and cloud-based models, catering to different types of properties including residential and commercial. They are utilized by a diverse range of end users including housing associations, property managers, agents, property investors, and other stakeholders within the industry.
The proptech market research report is one of a series of new reports that provides proptech market statistics, including proptech industry global market size, regional shares, competitors with a proptech market share, detailed proptech market segments, market trends and opportunities, and any further data you may need to thrive in the proptech industry. This proptech market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The property technology (PropTech) market includes revenues earned by entities by providing services such as property listing and search platforms, property management software, smart home technologies, crowdfunding and real estate investment platforms, blockchain and smart contracts, facilities management solutions. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included. The property technology (PropTech) market also included sales of smart thermostats, smart locks, smart lightbulbs, smart speakers and voice assistants, security cameras, and sensors. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
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Table of Contents
Executive Summary
Property Technology (Proptech) Global Market Report 2024 provides strategists, marketers and senior management with the critical information they need to assess the market.This report focuses on property technology (proptech) market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
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Description
Where is the largest and fastest growing market for property technology (proptech) ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The property technology (proptech) market global report answers all these questions and many more.The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.
- The market characteristics section of the report defines and explains the market.
- The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
- The forecasts are made after considering the major factors currently impacting the market. These include:
- The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
- The impact of higher inflation in many countries and the resulting spike in interest rates.
- The continued but declining impact of COVID-19 on supply chains and consumption patterns.
- Market segmentations break down the market into sub markets.
- The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
- The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
- The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.
Scope
Markets Covered:
1) By Component: Solution; Service2) By Deployment: On-Premise; Cloud Learning
3) By Property Type: Residential Property; Commercial Property
4) By End User: Housing Associations; Property Managers Or Agents; Property Investors; Other End Users.
Key Companies Mentioned: Opendoor Technologies Inc.; Airbnb Inc.; WeWork Companies Inc.; Stitch AI Inc.; Compass Inc.
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time Series: Five years historic and ten years forecast.
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita.
Data Segmentation: Country and regional historic and forecast data, market share of competitors, market segments.
Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
Delivery Format: PDF, Word and Excel Data Dashboard.
Companies Mentioned (Partial List)
A selection of companies mentioned in this report includes, but is not limited to:
- Opendoor Technologies Inc.
- Airbnb Inc.
- WeWork Companies Inc.
- Stitch AI Inc.
- Compass Inc.
- EquipmentShare.com Inc.
- HomeLight Inc.
- Pacaso Inc.
- Kin Insurance Inc.
- VTS Inc.
- Hometap Equity Partners LLC
- Roofr Inc.
- Homeday GmbH
- Engrain LLC
- Landbay Partners Limited
- Bilt Rewards Inc.
- Orchard Platform Corporation
- flatfair Limited
- Plentific Limited
- Lavanda Technologies Limited
- HomeViews Limited
- Ideal Flatmate Ltd
- Ohmyhome Pte. Ltd.
- Acaboom Limited
Methodology
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Table Information
Report Attribute | Details |
---|---|
No. of Pages | 175 |
Published | April 2024 |
Forecast Period | 2024 - 2028 |
Estimated Market Value ( USD | $ 36.08 Billion |
Forecasted Market Value ( USD | $ 63.28 Billion |
Compound Annual Growth Rate | 15.1% |
Regions Covered | Global |