Solution Segment to Dominate Germany PropTech Market during 2021–2028
According to our new market research study on “Germany PropTech Market Forecast to 2028 – COVID-19 Impact and Analysis”, the market is expected to reach US$ 444.39 million by 2028 from US$ 206.30 million in 2020. It is estimated to grow at a CAGR of 10.4% from 2021 to 2028. The report provides trends prevailing in the market along with the drivers and restraints pertaining to the market growth. Growing competition in the real estate sector is compelling marketers to use advanced technologies such as augmented reality (AR) and virtual reality (VR) for marketing and advertisement applications. Using tools enabled with these technologies enables realtors to market their projects efficiently to local as well as international customers, through remote operations. Using these tools, marketers provide immersive experience to customers and display multiple properties located at different locations, simultaneously, to assist them in making decision regarding the purchase. Thus, the growing adoption of these advanced technologies in construction and real estate sector is propelling the PropTech market growth by encouraging property sales. Ogulo, Begehungen.de, and Viality AG, based in Germany, are offering AR and VR solutions for marketing applications.
The growing adoption of digitalization in the real estate industry is driving tech companies to develop creative solutions. PropTech companies are offering innovative and tech-enabled solutions in a variety of categories such as property rental and sale, agent matching services, marketplaces for real estate classified advertising, meta-listing and meta-search services, and crowdfunding networks that help fintech and PropTech companies work together. These companies have revolutionized 21st-century housing by adapting units to changing global trends in real-time. Through creating a cloud solution for Building Information Modeling (BIM), software companies such as Microsoft and RIB are speeding up the digital transformation of the real estate industry.
From 2014, the PropTech sector is seen experiencing a stable growth. The real estate technology helps in reducing paperwork and making transactions faster and efficient. Digital real estate technologies are also capable of managing the property with the use of digital dashboards, research, analytics, smart home technology, technology enabled broker solutions, property listing, and mobile applications. Real estate property management using technology further includes commercial and residential lending, automation, 3D modelling for various online portals, and crowd funding for real estate projects. It also organizes, analyzes, and extracts important data from long rental documents. Diversified product portfolio, supporting services, financial solutions, legal guidance, and brokerage solutions are among the major factors driving the growth of the Germany PropTech market. Under diversified product portfolio, customers can easily get properties of their choice with respect to price, area, and location. Under supporting services, client gets property evaluation by several methods and inheritance solutions, which helps in decision making. The wide range of financial solutions is provided to the customers along with an advice that is better for them.
Amid COVID-19 outbreak, PropTech companies are hit hardly owing to lockdown and travel restrictions. The companies had to reduce their workforce and cut salaries as their operations were reduced significantly. Recruitment and hiring continued with low pace, as well as the migration of people is reduced drastically as companies are adopting work from home strategies for employees whose work is possible from home also. At the beginning of pandemic, short-term rental platforms were hampered as instructions were given for halting of leisure bookings. Most of these platforms, which were previously offering short-term rentals, began to focus on pushing mid-term and long-term rentals.
A few of the key players profiled in the report study on the Germany PropTech market are ALPHAPENTA, BETTERHOMES AG, BOTTIMMO AG, HAUSGOLD, Homeday GmbH, immoverkauf24 GmbH, Maklaro.de, McMakler GmbH, PriceHubble, and realbest Germany GmbH. The market players are majorly focusing on both organic and inorganic growth strategies to sustain in the competitive environment. For instance, Maklaro.de announced that commission sharing for property sales would be coming into force in June 2020. Company has summarized what the new law contains and what consequences it is going to have on the individual players in real estate sector.
The report segments the Germany PropTech Market as follows:
Germany PropTech Market – by Offerings
- Solution
- Services
Germany PropTech Market – by Component
- Security and Surveillance
- Asset Management
- Sales and Advertisement
- Others
Germany PropTech Market – by Building Type
- Residential
- Non-residential
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