Proptech Market in Japan: Key Research Findings 2024

Proptech Market Size for FY2022 Estimated at 940,200 Million Yen, Up by Remarkable 21.1% on YoY

Yano Research Institute (the President, Takashi Mizukoshi) has surveyed the domestic proptech market, categorized the market into B2C and B2B sectors, and found out the market trends, trends of market players, and future perspectives.

Proptech Market Size Transition and Forecast
Proptech Market Size Transition and Forecast

Market Overview

The proptech market size (total size of both B2C and B2B sectors) for FY2022 was estimated at 940,200 million yen, up remarkably by 21.1% from the previous fiscal year, as each of the areas that make up the proptech market have been steadfast.
Of the total market size, B2C sector was estimated at 713,800 million yen up by 20.1% on YoY, and the size of B2B was estimated at 226,400 million yen, up 24.7% on YoY.

Noteworthy Topics

While Proptech Market Expands, Shakeout Begins among Companies

The proptech market is brisk as the number of businesses newly entering the market is ever increasing in the expanding market. Many businesses tend to concentrate their operation resources in the realm that they specialize in, thereby to strengthen their positions. In the situation where proptech is spreading, shakeouts have begun, as some businesses have successfully established their superiorities through what they specialize in, while other businesses have failed to take full advantage and have been difficult to differentiate from others.

Future Outlook

The proptech market size is expected to expand to 2,378,000 million yen by FY2030, 2.5 times larger than FY2022. Of the total market, B2C sector is projected to achieve 1,860,000 million yen by FY2030, 2.6 times larger than that in FY2022. Against a backdrop of an increase in the number of housing stocks and expansion of the used residence market, the favorable property matching service is likely to contribute to expand the market size for B2C sector.

B2B sector also shows prosperity, being projected to achieve 518,000 million yen by FY2030, 2.3 times larger than that in FY2022. Driven by the electronification policy by the government in the real estate industry where digital transformation has said to have been lagged from other industries, enhancement of real estate brokerage, management work support, and price assessment support services is likely to contribute to expansion of the B2B sector. 

Research Outline

1.Research Period: December 2023 to April 2024
2.Research Object: Proptech businesses, etc.
3.Research Methogology: Face-to-face interviews by expert researchers and literature research

The Proptech Market

Proptech is the coined word from “real estate” and “technology”, meaning ICT application in real estate business and is a generic term for highly convenient services that contribute to solving various challenges in real estate work and industry. It provides new services to consumers in property searching, real estate brokerage, utilizing (sharing) a property, etc. while it solves problems and inconvenience for enterprises in the real estate business.
Proptech in this research refers to the following services in B2C sector: 1) Property searching media, 2) Property matching service, 3) Designing/construction (renovation) service, 4) Home loan, 5) Real estate crowdfunding, and 6) Real estate agency (including sharing of a property). Note that the market size for B2C sector does not include 4) home loan.
The following services in B2B sector are also included: 7) Real estate matching service, 8) Real estate information service, 9) Real estate brokerage/management work support/price assessment support, 10) Support service with virtual reality (VR) or augmented reality (AR) technologies used, and 11) IoT (cloud-based security camera/image analysis/smart lock). Note that the market size for B2B sector does not include 7) real estate matching service as well as smart lock in 11) IoT.

<Products and Services in the Market>

B2C sector: media, matching, designing, home loan, crowdfunding, sharing, B2B sector: matching, real estate information, real estate brokerage/real estate management work support/price assessment support, VR/AR, IoT (cloud-based security camera, image analysis, smart lock)

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