Background

The findings in the "Tech & Innovation Survey 2024", presented by the recently merged UK PropTech Association and the British Property Federation, draws from 250 responses across the property and proptech sectors. The report captures insights from various industry stakeholders. Notably, senior managers and advisors constituted the largest cohorts of respondents, with diverse professional backgrounds spanning property businesses, technology providers, and advisory services within the environment.

Breakdown

The report covers the following areas:

  1. Innovative Forces in Property: Examining the prevalence of digital and technology innovation strategies among property respondents.
  2. Impact of Specific Technologies on the Industry: Assessing perceptions regarding the transformative potential of Artificial Intelligence, big data, and automation in the sector.
  3. Barriers to Technology Implementation: Identifying key obstacles hindering the widespread adoption of technological advancements and strategies for surmounting them.

Strategic Focus on Technology & Innovation

A significant revelation from the report is the widespread adoption of digital and technology innovation strategies among property respondents, encompassing various areas of their operations. Leadership for technology and innovation initiatives predominantly resides at senior levels within property firms, with roles such as Chief Information/Digital Officer, Head of Innovation, or CEO taking charge with such initiatives.

Anticipated Impacts of Emerging Technologies

The report underscores the anticipation within the industry regarding the transformative potential of emerging technologies. A substantial majority of respondents, approximately 60%, foresee significant impacts from Artificial Intelligence within the next 3-5 years. Additionally, over half of the participants express similar expectations for big data utilisation and the automation of buildings and systems (see our AI blog to keep up to date on AI law, regulation and governance). 

Navigating Challenges and Opportunities

Central to the report's conclusions is the pivotal role of technology in reshaping and addressing the property sector's challenges. It serves as a foundational resource for understanding the dynamics between technology, innovation, and the property industry. By pinpointing areas of potential growth and highlighting prevalent barriers to technology adoption, the report aims to provide insights crucial for overcoming obstacles and encouraging implementation.

Conclusion

The report goes some way to shedding light on the widespread adoption of digital strategies in the property sector and the projected impacts of emerging technologies. It emphasises the strategic importance of technology in addressing industry challenges and offers insights for overcoming barriers to implementation. 

By providing a roadmap for innovation, the survey should help to assist industry professionals in driving growth, innovation and efficiency in the property world. 

We have a wide range of experience in the technology sector, in particular, PropTech, and can provide assistance and practical advice to organisations navigating the adoption of digital strategies in the property sector. If you would like any further information or have queries on the content of this article, please contact David Varney or another member of our Technology team.

This article was written by Nathan Gevao.