IoT In The Proptech Market Would Be Worth USD 1,224 Million By 2033 With A 14.6% CAGR – Web And …>
Trendy Mag –
The IoT in Proptech market is poised for significant growth, with a projected value of USD 4,776 million by the end of 2033, exhibiting a Compound Annual Growth Rate (CAGR) of 14.6% throughout the forecast period.
This market is experiencing transformative changes driven by key trends, including the increasing adoption of smart building management systems.
IoT in Proptech, also known as property technology, applies innovative information technology to the management and purchase of real estate.
It simplifies and connects procedures for various real estate industry players, such as buyers, sellers, brokers, lenders, and landlords.
IoT in Proptech offers solutions like maintenance reporting software, rent payment sharing, and crowdsourcing for real estate projects.
It also enables website users to virtually walk through homes.
The market growth factors include the increasing use of IoT in the real estate industry.
IoT connectivity is making it easier and more efficient to buy, sell, rent, and manage properties.
Furthermore, global urbanization is driving the adoption of smart home automation technologies.
The growing urban population leads to increased demand for land and economic activity, encouraging the implementation of IoT solutions in real estate.
However, there are restraining factors to consider.
Privacy and security violations pose risks in the IoT in Proptech market.
Concerns about hacking and misuse of electronic information collected by smart homes limit the growth potential of the PropTech industry.
In terms of property types, the commercial and industrial segments dominate the IoT in Proptech market.
This is due to the increasing need for office spaces and the global trend of urbanization.
The use of advanced technology for property management has significantly increased in the commercial and industrial real estate sectors.
Predictive maintenance solutions are playing a key role in driving the growth of the IoT in Proptech market.
By utilizing IoT sensors, data analytics, and machine learning, property owners and managers can predict maintenance needs and prevent critical failures.
Predictive maintenance offers cost savings by optimizing maintenance budgets.
Some of the major players in the IoT in Proptech market include Honeywell, Siemens, Schneider Electric, Johnson Controls, IBM, Microsoft, Cisco, Google, Amazon, Bosch, ABB, Nortek Control, and Lutron.
These companies are actively contributing to the growth and development of the market.
Link: https://www.webanditnews.com/2023/10/17/iot-in-the-proptech-market-would-be-worth-usd-1224-million-by-2033-with-a-14-6-cagr/