The PropTech industry is experiencing high demand due to low operating costs that help agencies economize. According to Future Market Insights, in 2022, the market size was estimated to be USD 18.2 billion and is expected to grow with a compound annual growth rate of 16.8 percent over the forecast period and is expected to be valued at USD 86.5 billion by 2032. Recent trends in the market include big data and digitalization of property data assets, IoT and IIoT with drones for 360-view presentation, and sustainable technology in building and maintenance.
The rise of numerous technology-based solutions and services in the real estate industry drives the market during the forecast period. In addition, business operation solutions for asset and facility managers and effective real estate management positively impact the demand for PropTech. The advancement of cloud technology and digitalization also favorably influence the market from small- and medium-sized organizations.
Profits and productivity in the industry have increased as customers are provided with digital/virtual services and agents are able to work anywhere. Furthermore, by matching property sellers and purchases, higher unit sales and rental occupancies can be increased, resulting in higher sales in PropTech.
In this edition of PropTech Outlook, the magazine focuses on the Top 10 PropTech Solutions providers in Middle East - 2022, educating on the companies at the front lines of innovation. One of those enterprises is NOVA, a real estate technology solution provider that utilizes technology to optimize the business processes of the global real estate market.
PropTech Outlook also brings exclusive insights through our leadership articles, CIOs and CXOs, from Yang Chen, Technical Director, CIMC Modular Building Systems and Alex Teteris, Director of Global IT at IWG, discussing their ideas on current market trends practiced in the industry.
We hope this information on market trends and the viewpoint of thought leaders assist in making informed decisions for your company.
