PropTech was barely a topic of discussion a few years back. However, due to digitization efforts in various industries, the real estate market also attracted its own share of technology incumbencies. PropTech can be defined as using technology to disrupt and improve the way we buy, rent, sell, design, construct and manage residential and commercial property. In this specific article, we will focus on trends which may attract future investments into PropTech 3.0’s ecosystem; specific to the commercial real estate sector (estimated market size of $32 Trillion).
PropTech 1.0 resulted in the growth of online listing sites back in 2007. The second wave, PropTech 2.0, emerged with the use of data analytics and virtual reality to offer better and more specialized services for customers. In 2019, PropTech 3.0 introduce the experimentation with emerging technology such as drones, virtual reality tools, IoTs blockchain and artificial intelligence into the real estate’s ecosystem
PropTech 3.0 will revolutionize the real-estate industry and lead to reduction in cost and resources associated with real estate lifecycle, resulted in enhanced efficiency, time saving and improvements in the way the industry funds, designs, constructs, buys, rents, sells and manages residential and commercial property. Patent analysis reveals that China, Japan, USA, and South Korea are amongst the top countries focusing in PropTech R&D.
Figure 1: The PropTech R&D geographical distribution
Source: SMES Patent Analytics. The data set has been retrieved from Orbit & Derwent Innovation databases.
Many concepts have emerged in PropTech 3.0 domain with breakthrough technologies that are benefitting the real estate sector. Based on our research we have come across various innovations in different PropTech technology sectors, some of which are provided below:
November in Pictures
30 October – 01 November 2019
TIP exhibited in the International Real Estate
Investment Show (IREIS) 2019 attended by high-level property professionals and investors that gathered for the progress of the real estate sector!
04 – 07 november 2019
TIP participated in the best technology summit on
the planet, the Web Summit 2019! Web Summit is an annual technology summit held in Lisbon, Portugal.
Considered the largest tech event in the world.
Hello Tomorrow Singapore
07 November 2019
Hello Tomorrow Singapore is South-East Asia’s foremost deep technology platform at which the leading scientific thought and business leaders dive into how the latest deep technological developments impact industry, society, and humanity.
TIP Egypt Roadshow
11 – 12 november 2019
TIP Roadshow in November 2019, TIP organized TIP Egypt Roadshow attracted technology experts who are interested in creating a positive impact on the world through innovation!