Vietnam 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, 2027
Vietnam PropTech Market was valued at USD 446.08 million in 2021 and is predicted to experience robust growth in the forecast period with a CAGR of 16.47% due to the high adoption rate of digitalization across the rising urban population.
PropTech is the terminology for property technology based on the rising information technologies to help individuals and companies research, buy, sell, and manage their real estate. PropTech practices digital innovation to address the needs of the property industry with IoT Security. PropTech technology is designed to modernize and connect processes for participants in all real estate market stages, including buyers, sellers, brokers, lenders, and landlords.
PropTech technologies generally comprise virtual reality software that allows website visitors to virtually walk-through properties, software for reporting repairs, splitting rent payments, and crowdfunding new real estate projects. Technology is comparatively a new field as the convergence of technologies, cloud, and digital transformation are majorly the driving forces for the PropTech market. The objectives of introducing PropTech technology include minimizing the cost & resources associated with real estate transactions, maximizing efficiency, saving time, and personalizing property management.
Enhancement of Smart Technologies Driving the Market Growth
The amalgamation of real estate and technology is increasingly flourishing in Vietnam, which is in line with the growth of the real estate market in the country in recent years. The penetration of various types of property segments, including housing, offices, hospitality, building management services, etc., is the driving force of the booming era of digital technology. The adoption of smart technologies related to property management is, in turn, propelling the Vietnam PropTech Market. The PropTech technology is aiding the real estate business across the country in changing their business models and adapting to the new generation of customers. Smart technologies are spreading in all aspects of the real estate market that involves property sales, leasing, marketing activities, and real estate management. The PropTech technology is changing the prospect of the local property landscape as well as improving users' experience in a smart and effective way.
Growing Need for Secure Database Supports Market Growth
The infrastructure is growing with digitalization, and the need for security of the data is increasing as the data is the core element for real estate developers. The monthly transactions, along with the various useful information comprising rentals, real selling prices, and secondary market transaction prices, are required to be stored safely. The PropTech technology provides information that the customers can access and get familiar with the property and the conditions of the transaction processes. Only authorized technology users can access the database to identify the authentication of the documents by using given credentials. Unauthorized users cannot access the database under any circumstances as it violates integrity constraints. Thus, the secure database is driving the Proptech market to grow across the country.
AI and Big Data to Energy up PropTech Market in the Upcoming Years
Industrial buildings, which are a major part of the infrastructure, and even private housing, all depend on the various parameters that include customers' behavior patterns, Energy consumption peaks, traffic and logistics, and housing equipment state. For converting these parameters into data and then turning it into useful information, AI-based real estate software processes are used. The data is converted into the form of dashboards, graphics, and all kinds of reports for real estate management. Additionally, AI-driven business predictions have also been known for their precision for quite a while. The predictions have become invaluable for market behavior analysis, serving as an irreplaceable decision-making management tool. Such factors related to AI (Artificial Intelligence) and Big Data technology along with the rise in the Web 3.0 Blockchain Technology are expected to boost the demand for the Vietnam PropTech Market in the upcoming years.
The Vietnam PropTech Market is segmented based on Solutions, Applications, Commercial Applications, Residential Applications, Deployment, End Users, Region and by top 10 provinces. Based on Solutions, the market is further fragmented into Business Intelligence, Facility Management, Portfolio Management, Real Estate Search, Asset Management, Enterprise Resource Planning, Others. Based on Applications, the market is segmented into Commercial, Residential. Based on Residential Applications, the market is segmented into Multi Family Housing, Single Family Housing, Others. Based on Commercial Applications, the market is fragmented into Retail Spaces, Office Spaces, Others. Based on Deployment, the market is segmented into On-Premises, Cloud. Based on End-Users, the market is fragmented into Housing Associations, Real Estate Agents, Property Investors, Others. The Southern Vietnam PropTech Market stood at USD 243.29 million in the year 2021 and is projected to grow at a CAGR of 17.01% during the forecast period. Southern Vietnam comprises some of the most infrastructurally sound cities, such as Ho Chi Minh City, Binh Thuan, Con Dao, Phu Quoc, Can Tho and Chau Doc. The Northern Vietnam PropTech Market stood at USD 184.86 million in the year 2021 and is projected to grow at a CAGR of 16.13% during the forecast period.
Oracle Vietnam, IBM Vietnam Co., Ltd., In4Velocity Systems Vietnam, VIBIM Vietnam, Qsoft Vietnam, HiNet Viet Nam, Twin Joint Stock Company, Autodesk Inc., DIP Vietnam Technology Corporation, Holomia Technology Company Limited, Epicor Software Corporation, House3D, Savills Vietnam, REESOFT, AMI Group Co., Ltd, among others are among the major market players in the Vietnam PropTech Market.
In this report, Vietnam PropTech Market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
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