Saudi Arabia PropTech Market is Expected To Grow with the high CAGR in the forecast period 2024-2028
The adoption of many cutting-edge technology-based real
estate solutions and services is likely to fuel the expansion of the Saudi
Arabia PropTech Market.
According to TechSci Research report, ”Saudi Arabia Proptech Market - By Region, Competition
Forecast & Opportunities, 2018-2028, the Saudi Arabia Proptech Market is expected
to register robust growth during the forecast period, 2024-2028.” The term "proptech," or "property
technology," refers Property technology is used to refer to the
application of information technology and platform economics to the real estate
industry.
The Kingdom of Saudi Arabia is the
largest producer and exporter of oil in the world and is a high-income economy
according to the World Bank. According to size, it is Asia's fifth-largest
state. Due to its heavy reliance on oil and lack of any other resources, its
economy is frequently accused for being the least varied. Therefore, as part of
its Vision 2030 initiative, this monarchical autocracy country is beginning
investment in a variety of various areas, including real estate. Proptech has a
good opportunity to grow in the kingdom. The future looks bright for proptech
in the Kingdom of Saudi Arabia. A thriving proptech sector that upends how
property is now handled should result from the expanding real estate market and
surge in entrepreneurship. Currently, there aren't many companies in this
industry, but that should soon change. The next few years should offer
appealing opportunities in this field as both the real estate market and
proptech are trending toward expansion.
Browse over XX market data Figures spread through 70 Pages and an in-depth TOC
on the "Saudi Arabia Proptech Market"
In Saudi Arabia, the two industries namely
commercial and residential are increasingly thriving together, which is
compatible with the recent growth of the country's real estate market. The
present boom in digital technology is being driven by the expansion of several
property types, including residential, commercial, hospitality, and building
management services. The Saudi Arabian PropTech industry is being driven by the
deployment of smart property management solutions. The country's real estate
industry is modernizing its business models and adjusting to the needs of a new
generation of clients with the help of proptech solutions. Smart technology is
transforming every facet of the real estate sector, including leasing, sales,
marketing, and property management. The user experience is being thoughtfully
and effectively improved by PropTech technology as the local real estate
industry changes.
Since data is the key component for real
estate developers, the infrastructure is expanding along with the demand for
data protection. The monthly transactions must be carefully maintained, along
with a variety of important data including rents, true selling prices, and
secondary market transaction prices. Customers may obtain information about the
property and the terms of the transaction procedures through the use of
PropTech technology. The database is only accessible to authorized technology
users who are using the provided credentials to verify the authenticity of the
papers. Under no circumstances may unauthorized users access the database since
doing so would go against integrity limitations. As a result, the secure
database is causing the Proptech business to expand nationwide.
Saudi
Arabia PropTech Market is segmented by Solutions into Business Intelligence,
Facility Management, Portfolio Management, Real Estate Search, Asset
Management, Enterprise Resource Planning, Others. On the basis of applications,
the market is segmented into Residential (Multi Family Housing, Single Family
Housing, Others), Commercial (Retail Spaces, Office Spaces, Others). On the
basis of deployment, it is segmented into On-Premises and Cloud. Based on End Users the market is divided into
Housing Associations, Real Estate Agents, Property Investors, Others.
Key market players in the Saudi Arabia Proptech Market include:
- Savills
Middle East
- Darent
- Spaceti
- StellaStays
Inc
- Mabaat
- Simaat
Platform
- Stealth proptech
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“It is increasingly evident that
understanding and successfully implementing PropTech solutions will be
essential for successfully managing real estate enterprises in the current era.
Startups may choose their focus more wisely, locate their preferred niche, and
implement the best solutions to achieve their objectives with the help of this
review of current developments in proptech. Real estate firms have grown
despite the COVID-19 pandemic, thanks to PropTech.. Future developments will
see a continued emphasis on property technology and is anticipated to expand
throughout the forecast period of 2023–2028.” said Mr. Karan Chechi, Research
Director with TechSci Research, a research based global management consulting
firm.
Saudi Arabia PropTech Market By Solutions (Business Intelligence,
Facility Management, Portfolio Management, Real Estate Search, Asset
Management, Enterprise Resource Planning, Others), By Applications (Residential
(Multi Family Housing, Single Family Housing, Others), Commercial (Retail
Spaces, Office Spaces, Others)), By Deployment (On-Premises, Cloud), By End
Users (Housing Associations, Real Estate Agents, Property Investors, Others),
By Region, Competition Forecast & Opportunities, 2028,” has assessed the Saudi Arabia Proptech Market's
future development potential and provides data and information on market size,
structure, and projected market growth. The report's goal is to give current
market knowledge and assist decision makers in making informed investment
decisions. Furthermore, the study identifies and analyses emerging trends, as
well as key drivers, constraints, and opportunities in the Saudi Arabia Proptech
market.
Contact
Mr. Ken Mathews
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New York – 10017
Tel: +1-646-360-1656
Email: [email protected]
Website: https://www.techsciresearch.com