Proptech evangelists would have you believe that emerging digital technologies can and will be applied imminently to any real estate use, in the process resolving all of the industry’s current ineﬃciencies overnight. However, as the saying goes: if something sounds too good to be true, it usually is!
Gartner’s hype cycle (ﬁgure 1), explained below, conceptualises the maturity and adoption of emerging technologies, providing a sound source of insight to manage their deployment within the context of speciﬁc business goals.
Figure 1: Gartner’s hype cycle
• Innovation trigger: A potential technology breakthrough kicks things oﬀ. Early proof-of-concept stories and media interest trigger signiﬁcant publicity. Often no usable products exist, and commercial viability is unproven.
• Peak of inﬂated expectations: Early publicity produces a number of success stories, often accompanied by scores of failures. Some companies take action; many do not.
• Trough of disillusionment: Interest wanes as experiments and implementations fail to deliver. Producers of the technology shake out or fail. Investments continue only if the surviving providers improve their products to the satisfaction of
• Slope of enlightenment: More instances of how the technology can beneﬁt the enterprise start to crystallise and become more widely understood. Second- and third-generation products appear from technology providers. More enterprises fund pilots; conservative companies remain cautious.
• Plateau of productivity: Mainstream adoption starts to take oﬀ. Criteria for assessing provider viability are more clearly deﬁned. The technology’s broad market applicability and relevance are clearly paying oﬀ.
Table 1: Proptech applications’ position on the hype cycle