The global Proptech industry is forecast to reach $86.5 billion by 2032, advancing at a compounded annual growth rate (CAGR) of 16.8 per cent, according to a report by Future Market Insights. The figure stood at $18.2 billion in 2022.
The total number of startups and more established proptech companies currently equals over 10,000 vendors. Globally, the United States holds the largest share of proptech companies, with 59.7 per cent of the world’s total, followed by Europe (27.2 per cent) and Asia (3.5 per cent).
The real estate sector in the Middle East and North Africa (Mena) is also rapidly evolving to reach out to their customers digitally. This is due to more broad technological transformation across the region’s industries. Another factor behind transformation is the high demand for local property from foreign investors.
There are plenty of property technologies that have the potential to transform the local real estate market. Among them are virtual reality (VR) and 360-degree cameras, which allows buyers to take virtual tours of properties from the comfort of their own homes. There is also an ongoing discussion about the metaverse where customers will be able to trade virtual properties.
