Vietnam PropTech Market to Grow with a CAGR of 18.7% During the Forecast Period

Rapid urbanization and population growth and digital transformation and technological advancements are the drivers of Vietnam PropTech Market during the forecast period 2025-2029F.

According to TechSci Research report, “Vietnam PropTech Market –By Region, Competition Forecast and Opportunities, 2019-2029F”, Vietnam PropTech Market stood at USD 512.4 million in 2023 and is predicted to experience robust growth in the forecast period with a CAGR of 18.7% through 2029. This growth is driven by the high adoption rate of digitalization among the rising urban population. Increasing Internet penetration and the high demand for IoT security and data privacy in next-generation property management are key factors propelling the market. The shift towards digitalization across the country, coupled with urban population growth, is significantly boosting demand for PropTech technology in Vietnam. Improved economic conditions and the expansion of the middle class are increasing consumer spending capacity on real estate management. Leading companies are leveraging technological advancements to provide precise market pricing by aggregating extensive data from both offline and online property management sources. The lack of licensing for real estate agents poses risks of illegal activities in property management. To address this, PropTech companies incentivize top-performing real estate agents based on customer ratings and feedback. PropTech firms offer lower initial capital expenditure options to enhance customer affordability and boost property sales. Financial assistance through credits is also being provided, accelerating market growth. Numerous initiatives and increased IT spending aim to develop new infrastructure for next-generation property management, creating a secure network in the real estate sector. This support is expected to play a crucial role in the PropTech market's growth in the coming years..

Browse over xx market data Figures spread through xx Pages and an in-depth TOC on "Vietnam PropTech Market"

Based on deployment, On premises is dominating in the Vietnam PropTech Market in 2023. One of the key reasons for the dominance of on-premises deployment in the Vietnam PropTech market is the heightened emphasis on data security and compliance. With concerns surrounding data privacy and regulations governing the storage and processing of sensitive information, many real estate companies and property developers prefer to maintain control over their data by hosting their PropTech solutions on-premises. This approach allows them to enforce stringent security measures, comply with regulatory requirements, and mitigate the risk of data breaches or unauthorized access. Vietnam's infrastructure constraints, particularly in terms of internet connectivity and bandwidth availability, pose challenges to widespread cloud adoption in the PropTech market. While urban centers have relatively robust internet infrastructure, rural areas and smaller cities often face limitations in connectivity and network reliability. This disparity in infrastructure development hampers the seamless delivery of cloud-based PropTech solutions, prompting companies to opt for on-premises deployment to ensure consistent access and performance. Real estate companies in Vietnam often prioritize customization and integration capabilities when selecting PropTech solutions to meet their specific business needs and workflows. On-premises deployment offers greater flexibility in customization and integration compared to cloud-based solutions, as it allows companies to tailor the software to their unique requirements, integrate with existing systems, and maintain compatibility with legacy infrastructure. This customization and integration flexibility make on-premises deployment a preferred choice for real estate companies seeking tailored PropTech solutions that seamlessly align with their operational processes and business objectives.

Northern Vietnam has quickly become the fastest-growing region in the Vietnam PropTech market, fueled by several key factors. PropTech, or Property Technology, is transforming the real estate industry with innovative technologies that streamline operations, enhance customer experiences, and improve efficiency. One major driver of this growth is the rapid urbanization and economic development in Northern Vietnam, especially in Hanoi, the capital. Hanoi is now a prime location for real estate investment, attracting both local and international investors. The rising demand for residential, commercial, and industrial properties has created an ideal environment for PropTech solutions, which improve property management, sales, and rentals through digital platforms.

Vietnamese government's support for smart city initiatives in Northern Vietnam has significantly accelerated PropTech adoption. These smart city projects aim to incorporate advanced technologies into urban infrastructure, enhancing residents' quality of life and creating more sustainable and efficient cities. PropTech is essential to these initiatives, offering smart solutions for building management, energy efficiency, and urban planning. The growth of a tech-savvy middle class in Northern Vietnam also drives the PropTech market. This group prefers using digital tools and platforms for their real estate needs, from online property searches to virtual tours and digital transactions. PropTech companies are leveraging this trend by providing user-friendly mobile apps and online services that cater to modern consumers' demands for convenience and speed.

The integration of artificial intelligence (AI) and big data analytics in PropTech solutions has improved decision-making for both buyers and sellers. These technologies deliver valuable insights into market trends, property values, and customer preferences, enabling more informed and strategic decisions. Northern Vietnam's rapid urbanization, government-backed smart city projects, a growing tech-savvy middle class, and the adoption of advanced technologies like AI and big data are key factors driving the region's leading position in Vietnam's PropTech market. These elements collectively create a dynamic and thriving environment for the continued expansion and innovation of PropTech solutions.

Key market players in the Vietnam PropTech Market include:

• Proptech Zone
• Ascendix Technologies
• Zumper, Inc.
• Guesty, Inc.
• FARO Technologies, Inc.
• Zillow Inc.
• ManageCasa Inc.
• Coadjute Limited
• VergeSense, Inc
• View the Space, Inc.

Download Free Sample Report

Customers can also request for 10% free customization on this report.

“The increasing need for secure databases for property management, driven by growing digitalization, is expected to propel the Vietnam PropTech market forward. Smart technologies are becoming integral to all aspects of the real estate market, including property sales, leasing, marketing activities, and management. Consequently, the rise of AI (Artificial Intelligence) and Big Data technologies, which enable AI-driven business predictions, is anticipated to significantly boost demand in the Vietnam PropTech market in the coming years.” said Mr. Karan Chechi, Research Director of TechSci Research, a research-based global management consulting firm.

“Vietnam PropTech Market, By Solutions (Business Intelligence, Facility Management, Portfolio Management, Real Estate Search, Asset Management, Enterprise Resource Planning, Others), By Applications (Residential, Commercial, Others), By Deployment (On-Premises, Cloud), By End Users (Housing Associations, Real Estate Agents, Property Investors, Others),By Region, Competition, Forecast and Opportunities, 2019-2029F”, has evaluated the future growth potential of Vietnam PropTech Market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Vietnam PropTech Market.

Contact

Techsci Research LLC

420 Lexington Avenue,

Suite 300, New York,

United States- 10170                   

Tel: +13322586602

Email: [email protected]

Website: www.techsciresearch.com