华利安（Houlihan Lokey）：2025年房地产科技市场年度回顾报告（英文版）（52页）.pdf

1、March 20262025 PropTech Year in Review010203Executive SummaryPublic MarketsPropTech Market Update04Houlihan Lokey Overview and PropTech Market LandscapesTable of ContentsExecutive Summary2025 PropTech Market Update Market volatility(e.g.,Liberation Day)weighed on PropTech activity in 1H 2025,but the

2、 market began to stabilize in 2H 2025 as transaction pipelines reopened and buyer confidence improved,driving a strong uptick in investment and M&A activity.The U.S.PropTech market saw$5.8 billion in growth equity and debt financing and 109 M&A transactions in the category in 2025,reflecting a 33%in

3、crease in financings from 2024s five-year low.PropTech market momentum is building into 2026 as both economic and business sentiment improve,and the ability to apply embedded AI into vertical software in the built environment has the potential to drive significant growth.Key tech trends include the

4、rapid adoption of AI tools,increased demand for integrated payments solutions,and greater utilization of predictive analytics(applying proprietary data)across residential,commercial,and construction-related PropTech verticals.494 91 109 98 202320242025Average Annual M&A TransactionsGrowth equity inv

5、estment and M&A in PropTech rebounded in 2025.U.S.PropTech M&A Activity and Growth Capital Investment Rebounded in 2025Sources:PitchBook,CB Insights,company filings,company websites,press releases.U.S.PropTech M&A TransactionsTrailing Three YearsU.S.PropTech Private Growth Capital InvestmentTrailing

6、 Three Years($in Millions)33%Growth2H251H25$2,380$3,384$4,721$4,339$5,764$4,941202320242025Total Capital Raised($M)1H25 Capital Raised($M)2H25 Capital Raised($M)Average Annual Total ValueSignificant 2025 Capital Raises2025 PropTech Market Update(cont.)2025 saw several significant capital raises and