What new opportunities do you see in the proptech market as it continues to grow, and how do you think it will shape the future of the commercial real estate industry?
Grand View Research predicts in a recent report that the global proptech market size is anticipated to reach USD 94,200.07 million by 2030, advancing at a CAGR of 15.8% from 2022 to 2030.
The answer from our CEO + Co-Founder, Thru Shivakumar
1) Continue to boost efforts in workforce development and technology training to reverse the shrinking labor force number across CRE. With more pressure on the front line property operations workforce (think tenant attraction / requests, climate change, reporting requirements, aging infrastructure, etc.), we need to train these professionals on available technology that will increase their efficiency and enhance their work experience. We always talk about tenant experience… and we also need to focus on the worker experience.
2) Normalized and structured data from multiple sources. Without data, our industry can’t make informed decisions. Full stop.
3) “Responsive operations” that take scheduled operations to the next level. With IoT and connected building technology, this is a reality now. In order to create resiliency in buildings, we need to acknowledge how space is being used now (not yesterday, as that has changed).
Office buildings in the commercial and industrial sectors are being completely renovated using proptech. Workplaces are becoming smart offices thanks to these smart technology solutions that integrate with IoT and smart devices and as a result, it’s is now a crucial tool for business and industry.
Over the forecast period, it’s anticipated that the commercial and industrial segment will grow at the fastest rate. The segment’s expansion is explained by the rising demand for office space and the global trend toward urbanization. As the market continues to grow, we are already transforming the industry, bringing new levels of efficiency and innovation for everyone involved. We expect the proptech market size to grow even higher.
See how Cohesion is a premium proptech offering: https://cohesionib.com/smart-building-platform-endless-value-case-study/