According to a report by “Future Market Insight. The PropTech market is anticipat to have an annual growth rate of 9.3% over the decade 2023 to 2033 and is expect to reach 47 billion USD by 2033 (up from 18 billion in 2022). Such growth is being fuell by several trends:

01 – Digitalisation and Covid19

Construction and real estate had already been. Experiencing significant advances in digitalisation in recent years. COVID19 further accelerat this trend. Forcing firms to bring about, almost overnight, decisive changes that would normally have taken years to be implement. Above all, the pandemic made it clear that traditional real estate operations are rife with inefficiencies and that these can be correct relatively fast if there is the will to do so.

02 – Economic and demographic changes

Demographic and economic changes are causing an increase in competition among real estate firms. Every year, new digital native consumers join the market in ever greater numbers, bringing with them the expectation of frictionless services. These pressures have made the adoption of PropTech not just something desirable but indispensable, pushing industry leaders to increase their spending on smart building technologies in order to differentiate their assets and improve occupancy rates.

03 – TalentIn line with these changes

it is increasingly difficult to find and retain talent for certain key positions in construction or real estate management. This is driving digitalisation forward in two ways. On one hand, the industry is trying to accomplish more with less staff, to make up for the shortage of labour. In parallel, companies are incorporating tech into their workplace as a way of making the job more appealing and attractive, giving them an ge over competitors when it comes to hiring and retaining talent.

04 – The surge in AI solutions

AI has taken the world by storm free trial offer and PropTech is no exception. According to the “2024 PropTech forecast from the JLL Spark team”. AI is expect to have a very significant impact across many areas:

Property management: Optimising and automating processes.
Asset management: Analysing datasets to provide real-time insights on asset performance.
Smart buildings: Enhancing operational efficiency and sustainability.
Investment analysis: Can process data to help investors make inform decisions.
Marketplaces: Personalise search experiences and enable automat valuation models.
Most notably, the pace of change is expect to be so fast that before the end of 2024 AI is expect to be commonplace, and no longer a point of differentiation in the industry.

05 – Cybersecurity

This push towards adb directory digitalisation and the use of AI will invariably increase vulnerabilities and the potential for data breaches. A key trend will be the increas ne for PropTech specific cybersecurity solutions to protect real estate data, reinforce smart building systems (including access controls and IoT devices) and align cybersecurity regulations.

06 – State back giga-projects

Various locations around učinkovito pronalaženje puta i navigacija the world are launching or considering to launch ambitious smart city projects that with drive strong growth in ConTech and PropTech. These include the “Northern Metropolis” on the Hong Kong – Shenzhen border or NEOM project in Saudi Arabia.