A new study from market research firm Future Market Insights suggests that the proptech market is going to continue growing at a faster rate than it has already.
"The PropTech market is expected to experience remarkable growth, with a projected CAGR of 9.3% from 2023 to 2033," the firm wrote. "This comes after a slightly lower CAGR of 7.2% recorded between 2018 and 2022."
FMI said that tech solutions are "are effectively bridging the communication gap between startups and real estate firms, resulting in significant growth within the PropTech market." Some of the technologies in play include artificial intelligence, data automation, sustainable technology, and Internet of Things (IoT). Expectations of cost savings, better customer experiences, and higher resulting revenues are driving the expansion according to the analysts.
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