Property Technology (Proptech) Global Market Report 2024

The property technology (Proptech) market size has grown rapidly in recent years. It will grow from $31.18 billion in 2023 to $36.08 billion in 2024 at a compound annual growth rate (CAGR) of 15.7%. The growth in the historic period can be attributed to growing urbanization, smart home automation, e-signature solutions for contracts, AI-driven property valuation, and crowd-funded real estate investments.

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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