The property market is now entering the third wave of proptech, sped up by the challenges to the industry that COVID-19 presented. In this third wave, the proptech market map has changed, driven by innovative digital systems and applications that enable investors and agents to conclude deals without meeting in person.
With the proptech market size growing each year and the list of proptech companies updating daily, third wave proptech goes beyond online services to also include VR, AR, drones, and the IoT. These trends are expected to lead the proptech market size to $86.5 Billion by 2032, at a CAGR of 16.8 percent.
To put the spotlight on key developments in the industry, PropTech Outlook illustrates how the real estate industry is leveraging the latest developments in proptech. The edition also features thought leadership articles from Michael Mendillo, President, Walter Christian, Regional Director of Technology, and Scott Bresnick, Senior Vice President, Operations, at FirstService Residential; Robbie Parker, Director of Facilities, BH Management Services; and Ali Sajwani, General Manager of Operations, DAMAC Properties. They shed light on the benefits of various proptech innovations and the challenges it solves in property management.
In this edition of PropTech Outlook, we also bring to you the story of some of the top proptech companies that deliver the best outcomes for their clients. The list comprises AlphaMap.com for leveraging GIS technology to provide accurate property details and HomeManager for their proprietary single-point platform that helps homeowners with hassle-free maintenance and management. The edition also features Rentberry for their real estate platform that digitizes rentals and automates related tasks and SkySlope, Inc. for their customer experience platform that coordinates real estate transactions.
Through the following pages, we aim to shine a light on the innovative trends and latest developments in the proptech industry. We would like to know your thoughts.