The global sales of property-related technologies (prop-tech) are estimated to grow from $38 billion in 2024 to $170 billion in 2034, according to a report by Future Market Insights.
"The strong growth dynamics for prop-tech can be attributed to the rapid development of technology and continuing digitalization in the real estate sector. AI (artificial intelligence), IoT (internet of things), big data, and blockchain being incorporated provide even more life into property management, enhancing the efficiency of the transactions and making way for data-driven decisions," according to the report. Technology is also attempting to overcome the fragmented nature of land ownership and regulation.
"One of the key restraints for the prop-tech market is associated with complex regulatory landscapes and compliance challenges for real estate technologies. Different regions have various regulations regarding property transactions, data privacy, and smart building standards, which create hurdles for the widespread adoption of proptech solutions," said the report.
This story is from the October 28, 2024 edition of Business Standard.
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This story is from the October 28, 2024 edition of Business Standard.
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