“PropTech is one part of the wider digital transformation of the property industry. It describes a movement driving a mentality change within the real estate industry and its consumers regarding technology-driven innovation in data assembly, transactions, and the design of buildings and cities” (Andrew Baum and James Dearsley, reported in Davenport, 2019).”

The movement to use PropTech to make cities smarter is transforming municipal governments worldwide. But that’s only one side of the story. For companies, smart cities represent major business opportunities – and not only for tech firms selling systems to government agencies.