AI is being hailed as the most influential technology on the proptech scene
Insight
11 September 2023
AI and the evolution of proptech
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From there it has only expanded further. In 2021, JLL found that the number of proptech start-ups had tripled over the previous decade. The first six months of 2021 had seen a record $9.7 billion in funding activity for the sector, propelled by the pandemic.
While the surge continued through to 2022, funds have tailed off in 2023, with PitchBook data recording US$2.2bn in proptech venture capital deals globally to May. Nonetheless, confidence in the sector remains high.
“There are now technological solutions for almost every aspect of real estate functions, including investment management, design and construction, building and facility operations and portfolio management,” Wang says.