Global Real Estate Technology Market Status and Competition: Market Scale is $50.23 Billion

Global Real Estate Technology Market Overview

According to Global Market Monitor, the global real estate technology market size will be $50.23 billion in 2024 with a CAGR of 26.51% from 2024 to 2029.

In the first case, it's an umbrella term for software tools and platforms used by different participants in the real estate industry, including brokers, investors, real estate-focused lenders, property owners, and managers.

The Difficulties of Integrating New Technology with Traditional Real Estate Organizations 

Introducing an impactful corporate innovation and venturing strategy into traditional real estate organizations comes with several material challenges. Issues range from how to integrate cutting-edge technologies into projects with long approval and development cycles to managing the risks of a long-term investment in the wrong technologies, to the broader challenge of driving cultural change through organizations with highly entrenched methods of operating. If these issues are not handled properly, they may hinder market development.

Investment in Real Tech Companies Increasing      

As the allocation of venture capital funding by an increasing band of global investors is deployed to uncover and develop the Real Tech innovation of the future, traditional real estate corporates will come under increasing pressure to adapt or perish. And they may increase their allocation to Real Tech venture capital investment. With the long-term outlook for direct real estate capital investment remaining positive, allocations to Real Tech will continue to increase significantly. The investors include not only venture capital firms and super angels, but strategic real estate corporate investors, many of which are market leaders. As technology continues to become the new battleground for real estate projects and assets, it is expected to increase participation and investment volumes into real tech companies by traditional real estate corporations, which in turn creates lucrative opportunities for the real estate technology industry.

Smartphone penetration has greatly increased and the number of smartphone users will continue to grow. As consumers become more accustomed to transacting via mobile devices, traditional real estate industry players will need to reshape the way they interact with mobile consumers to meet market expectations and remain relevant. Future design concepts and user experience best practices are guided by owning mobile devices and will incorporate AI capabilities to preempt consumer behavior.

Players News

Redfin has launched a free rental listing tool across the United States that allows homeowners, property managers, agents, and others to connect with potential renters and manage the application and screening process in one place. Redfin's rental listing tool, which launched in 13 markets in May 2024, also gives property managers tools to invite renters to apply and screen applicants through background checks, credit reports, and more by partnering with TurboTenant.

Company Name	Redfin
Website	www.redfin.com
Business Distribution	Mainly in US
Business Introduction	Redfin is a technology-powered residential real estate company, redefining real estate in the consumer's favor in a commission-driven industry. The company offers brokerage, iBuying, mortgage, and title services, and we also run the country's #1 nationwide brokerage website, offering a host of online tools to consumers, including the Redfin Estimate.

For more industry information, please refer to our latest released "2023 Global Real Estate Market Analysis Report, Key Competitors, Market Effect Factors, Growth, And Forecast".