Future of Proptech: The Next Billion-Dollar Opportunities for Everyone
Proptech is a term that did not even exist a few years ago and a lot of people didn’t know about it.
This is why in the year 2008, a mere USD 20 Million was invested into proptech start-ups. Ten years later, in the year 2018, this number reached a whopping USD 12 Billion.
Proptech itself has already produced some highly valued start-ups like We work, Airbnb, Compass & Opendoor – which has attracted both venture capitalists as well as talented entrepreneurs.
Despite being the world’s largest and most valuable asset class, the property sector has always been a late adopter of technology.
However, as we entered a super-cycle of innovation in the last decade, tech-enabled real estate companies experienced a rapid shift in climate, necessitated by the consumers’ increasing adoption of technology. Proptech has been changing the way consumers buy, sell, and transacts. In a way, it streamlines the process and makes the transactions more efficient.
As an effect, proptech emerged as one of the biggest trends that have modernized real estate. Before proptech finding real estate information on real estate was fairly difficult and nearly impossible to purchase online.
Now, a new wave of proptech opportunities is emerging to disrupt real estate and shake up the core underlying fundamentals on which the industry operates. The remarkable advancements in data processing, storage, and ingestion have given the much-needed prominence to proptech in a large number of organizations. With consumers’ rapidly increasing appetite for technology, proptech is gaining more momentum. A lot of companies are considering proptech as a sales process, which is supported by data, leads, whereas the agent works as a channel to deliver this package.
In an article published on Entrepreneur India, Vivek Agarwal, Co-founder & CTO, Square Yards gives us a peek into his views on the topic.
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