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The global PropTech market size is projected to surpass $32.2 billion by 2030, growing at a CAGR of over 15% according to recent reports. This shows how technology is transforming the real estate sector.
Tools like AI and machine learning can analyze huge amounts of property data to provide personalized recommendations to users, predict property values more accurately, and optimize building operations. Technologies like VR, AR and 3D property tours allow users to virtually view properties without needing to be physically present, making the home search and buying process more convenient.
More properties are expected to integrate IoT sensors to remotely monitor and automate functions like security, energy and water usage, HVAC control etc. This improves efficiency and user experience. Recent trends include:
Increased use of virtual and augmented reality. VR and AR allow potential buyers to virtually tour properties from anywhere in the world. This makes the home shopping process more convenient.
Growth of proptech (real estate technology) companies. Startups are developing new platforms for brokerage, property management, financing, and more. Popular proptech areas include iBuying, blockchain integration and smart home technologies.
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