The proptech industry is stepping into a new decade with its eyes on expansion and diversification.
FREMONT, CA: Proptech has graduated from being a mere buzzword to a full-fledged industry. Every passing year, investments in the industry are growing. New technologies are being adopted, and new trends are emerging. In the process, many startups have come up and thrived, while some have perished. However, the ecosystem has generally been positive and encouraging. As AI, analytics, imaging technologies, and other advanced technologies flourish, the opportunities for proptech companies to develop sophisticated and transformative products will grow. According to market reports and expert opinions, 2020 is expected to be another fruitful year for proptech companies. Some of such predictions are discussed below.
• Acceleration of Collaborative Projects
The ecosystem in 2020 is poised to be favorable for collaborations between proptech companies and incumbent real estate firms. The collaborations will help proptech startups survive the competition while enabling established real estate firms to access technology-backed innovations. Long-term partnerships and mergers are expected to be a defining characteristic for proptech firms.
• Higher Focus on Contech and CREtech
Digital solutions for the construction and the Commercial Real Estate (CRE) realms are expected to take precedence in 2020. Interesting innovations that will modernize different aspects and practices in the domain of construction to drive efficiency and sustainability will be one of the areas of focus. Tools and technologies for the management and maintenance of CRE will see a lot of development as well. With real estate and construction companies adopting software-based operations, new revenue streams are guaranteed to emerge for proptech vendors.
• Improvement in Data Quality and Accessibility
The proptech industry is becoming more data-centric. Geospatial data is poised to become indispensable from the perspective of competitiveness. More data will result in better insights and a higher level of intelligence. Therefore, decision-making will improve. Accuracy of location and well-defined areas on visualizations will empower proptech companies, as well as their clients.
For the proptech industry, 2020 holds a lot of potential and remarkable number of opportunities that can result in enhanced business outcomes.
See also: Top Proptech Solution Companies