Across a variety of industries, there is a growing integration of technology to automate manual transactions and make commercial processes more efficient. This digital business innovation has extended to many long-established areas of the economy such as logistics, insurance and regulation. However, thus far, the traditional commercial and residential real estate sectors have experienced minimal digital transformation. That's likely to change, according to the latest market study by Juniper Research which has found that revenues generated by property technology (Proptech) rental platforms will reach $6.5 billion by 2023 -- that's up from an estimated $290 million in 2018. Proptech Market Development Proptech refers to technology applications used to transform the legacy practices. Contrary to progress in other sectors, the property and real estate industries were held back by the incumbent's slow rate of change and adoption. But now that there is increasing investme...
TMT Market Research and Analysis