In 2023, the Proptech market is valued at USD 34.99 billion. By 2032, the market will be worth USD 133.05 billion at a predicted CAGR of 16%. (Precedence Research).
The worldwide proptech industry is expanding due to technical advancements in the real estate sector and the increased acceptance of technology. Other reasons that will assist the expansion of the proptech business in the upcoming years are many. They include technology-based property management, high-quality property images, and a simple process of dealing with the real estate sector.
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Undoubtedly, the main driving factor is the rapid adoption of technology in the worldwide real estate sector. The sector has long been hesitant to adopt modern ways unlike contemporary sectors. Today, the industry seems to have realized what an ideal technological integration can do for the real estate industry. Of course, changes due to technology incorporation are many, and are evident across the sector.
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Furthermore, cloud computing adoption is one of the most significant advances in the real estate business. Cloud computing has significantly changed how software applications are maintained and supplied to end users.
The residential category held the largest market share of 57.2% in 2021 and is expected to maintain its dominance throughout the forecast period from 2022 to 2032. (Grand View Research).