The construction industry has undergone massive changes. Traditional methods have been replaced by technology. PropTech solutions have revolutionised property design, construction, research, and buying and selling. With the adoption of the latest technologies such as Artificial Intelligence, Virtual Reality, Blockchain, Machine Learning, Internet of Things, and Building Information Modeling, the real estate sector, along with other industries, has significantly transformed the way construction works are carried out.
According to an estimate by Ernst & Young, the share of PropTech-based solutions in the total real estate market was $10.5 billion in 2023. While this stake is less than 5% compared to the size of the real estate market, experts say it is bound to grow in the future. This is because the future belongs to technology. The construction industry is also in a position where it must inevitably continue its operations based on technology. Therefore, market experts guarantee that the share of PropTech in the construction sector will significantly increase.
PropTech Solutions in real estate sector
