PropTech, also known as property technology, refers to the application of information technology (IT) to the management and purchase of the real estate by both people and businesses. PropTech leverages digital innovation to meet the demands of the real estate business, just as FinTech focuses on the use of technology in banking.
New York, Feb. 22, 2023 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Global PropTech Market Size, Share & Industry Trends Analysis Report By End-user, By Property Type, By Deployment Type, By Solution, By Regional Outlook and Forecast, 2022 – 2028” – https://www.reportlinker.com/p06422614/?utm_source=GNW
For players in all phases of the real estate industry, including buyers, sellers, brokers, lenders, and landlords, PropTech is meant to simplify and link procedures. Popular PropTech innovations include software for reporting maintenance, sharing rent payments, and crowdsourcing new real estate projects. Virtual reality software enables website users to visually walk around their homes.
Although it is still a young industry, PropTech is being advanced by the cloud, digital transformation, and technology convergence. PropTech seeks to streamline property administration, increase efficiency, and save costs and time spent on real estate transactions, among other objectives. The distributed ledger technology termed the Blockchain is predicted to contribute to the development of a secure infrastructure for smart contracts, tenant credit checks, and real estate payments.
COVID-19 Impact Analysis
The Proptech Market has suffered because of the COVID-19 pandemic involving industries. Due to the lockdown and societal conventions of distance, major corporations have temporarily ceased operations in many regions. Health issues, orders to remain at home, and economic uncertainty all contributed to a notable decline in house sales in several urban areas. The notion of working from home has hurt residential sales as well as companies who lease office space, in addition to having a negative effect on residential sales. Thus,