The Latin America, Middle East and Africa PropTech Market would witness market growth of 18.5% CAGR during the forecast period (2022-2028).
Microsoft Excel was the preferred application at the start of this time. Excel could be used by agencies to gather, store, and analyze customer and property data, but the market swiftly shifted to proptech software development, which produced solutions tailored to the real estate industry. The development of new products in this field led to the birth of a new real estate business model.
At the time, the emphasis was on offering technology to assist agents in doing analytics and underwriting more effectively. After then, the usage of PropTech soared in the early 2000s as online searching for everything and everything became the standard. Proptech businesses, such as Redfin and Trulia, started to develop as technology companies with a real estate-specific emphasis. Real estate technology, sometimes known as PropTech, has suddenly become a separate industry.
Over the next five years, it is anticipated that the value of the construction industry in the United Arab Emirates will increase by between 3.7 and 4.7%. Growth will mostly be fueled by the nation's development plan, which is focused on enhancing the country's industrial, transportation, and energy infrastructure. As part of the Projects of the 50 program, the UAE government announced intentions to carry out a number of projects in order to draw $149.8 billion in foreign direct investment (FDI) over the next nine years. These initiatives are designed to hasten the economic growth of the UAE and turn the country into a complete center for all industries. With the growth of diverse businesses, so will the need for lodging and mobile medical facilities for migrant workers. The market for PropTech is anticipated to rise in the LAMEA area as a result of the rising demand for real estate.
The Brazil market dominated the LAMEA PropTech Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $1,171.9 million by 2028.The Argentina market is exhibiting a CAGR of 19.2% during (2022 - 2028). Additionally, The UAE market would display a CAGR of 18.2% during (2022 - 2028).
Based on End-user, the market is segmented into Housing Associations, Property Managers/ Agents, Property Investors/ Residents and Others. Based on Property Type, the market is segmented into Residential and Commercial & Industrial. Based on Deployment Type, the market is segmented into Cloud and On-premise. Based on Solution, the market is segmented into Software and Service. Based on Software Type, the market is segmented into Property Management, Asset Management, Sales & Advertisements, Work order Management and Customer Relationship Management & Others. Based on countries, the market is segmented into Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
Free Valuable Insights: The Global PropTech Market is Predict to reach $64.3 Billion by 2028, at a CAGR of 15.4%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Altus Group Limited, Ascendix Technologies, Zumper, Inc., Opendoor technologies, Inc., Reggora, Inc., Guesty Inc., Holo Builder (FARO Technologies, Inc.), Zillow Group, Inc., ManageCasa, Inc., and Coadjute Limited.
By End-user
By Property Type
By Deployment Type
By Solution
By Country
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