Real estate is often considered one of the more resistant industries to embrace technological adoption and utilization. But as the next wave of solution providers emerge aiming to revolutionize traditional legacies, real estate companies are bracing themselves for disruption.
Property technology, or PropTech, is currently seeing a rapid surge in the market. In fact, its market is poised to undergo a remarkable surge in growth, showcasing a projected CAGR of 9.3% between 2023 and 2033. This follows a preceding phase of robust expansion, during which the CAGR stood at a commendable 7.2% spanning from 2018 to 2022.
This growing demand confirms PropTech’s mounting popularity and its increasingly pivotal role in modern real estate dynamics. This trend is set to propel the market’s valuation to unparalleled heights, surging from a substantial US$ 19,608.1 million in the year 2023 to a staggering estimated sum of US$ 47,842.5 million by the end of 2033. Several factors contribute to this unparalleled growth, including the prominence of AI (artificial intelligence), automation, sustainable and eco-friendly technology, and the widespread utilization of IoT (Internet of Things).
Leading 2023’s PropTech surge is MyTower, an all-in-one, innovative platform for next-level property intelligence management. Coined as the operating system for the neighborhood, MyTower establishes a harmonious fusion among properties, stages of workflow, virtual advancements, tangible components, market dynamics, inhabitants, local societies, and prominent interfaces.
Front and Center of the IoB (Internet of Buildings) Era
The concept of the IoB (Internet of Buildings) represents more than just a collection of tools and technologies; it signifies an entirely novel way of thinking. By interconnecting buildings through the utilization of automation and AI algorithms, transforming them from passive structures into active participants, the potential to enhance numerous facets of people’s daily lives and work processes is at an all-time high.
With IoB, smart properties exhibit engagement and self-awareness, establishing connections with utilities like water, gas, and electricity, as well as with tenants, suppliers, and neighboring structures. This interconnected nature of properties fosters synergy between online and offline solutions, seamlessly merging centralized and decentralized networks.
The concept of connected properties extends to their ability to anticipate and adapt to evolving conditions, encompassing factors such as climate, time, occupants, and more. As a result, intelligent buildings transform into multifunctional entities featuring modular systems that can be tailored to individual user behaviors and predefined requirements, thereby enhancing the overall well-being of individuals and communities.
By harnessing the power of IoB, MyTower presents a comprehensive suite of solutions that seamlessly adapt and integrate into current workflows and needs. These offerings encompass a business Intelligence platform for predictive insights, proactive and preventative maintenance strategies, a consolidated property dashboard, streamlined finance and lease management, oversight of employee attendance, efficient management of suppliers and contractors, as well as a synergistic integration of platforms.
Furthermore, MyTower’s IoB revolution drives cost reduction coupled with an enhancement in functionality. Through optimized resource allocation, tenants benefit while concurrently safeguarding the shared environment. Smart buildings are primed for both emergency scenarios and situations unrelated to resources, allowing for resource exchange and sharing with other properties. Notably, gauging and tracking their performance becomes a straightforward task.
Presently, MyTower oversees a global portfolio encompassing more than 40,000 residential units and 300 towers. It seamlessly integrates 15 management tools and 20 building and tenant solutions into a unified resident application, delivering a comprehensive and streamlined experience.