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How the Rental Marketplace industry will disrupt the future?

When comparing the rental industry with past, present, it has been clear that this industry is inspiring many digital startups and also kindles young minds to commence their own business with sharing concept. It is a great time to share with you the opportunities and also technologies that are going to play a major role in the future of the rental marketplace. https://www.rentallscript.com/

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How the Rental Marketplace industry will disrupt the future?

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  1. How the Rental Marketplace Industry will Disrupt the Future? www.rentallscript.com

  2. INTRODUCTION The growth of the rental industry has been enormous and it’s building trust and also reducing transaction costs for the future of the rental marketplace. In the future, the rental industry will continue to expand and evolve with newer technologies as we can never imagine. Experts predict that this industry will stand out when compared with other industries. It is a great time to share with you the opportunities and also technologies that are going to play a major role in the future of the rental marketplace.

  3. Predicting the future of the rental marketplace According to the report, this industry currently serves over 44.8 million individuals in various strata and is expected to rise above 86.5million people by 2021. Approximately It will reach $40.2B in 2022 and also revenue will increase up to $18.6B. It is also expecting to grow from$14 billion in 2014 to $335 billion by 2025. This estimate is based on the growth of the rental industry. Most importantly, we should see how technologies are going to disrupt the future of the rental marketplace.

  4. 1. Blockchain The blockchain is one of the fast-growing technologies and also going to be the next step of the rental industry. This technology has taken quite a turn in the industry given its popularity in providing safe and also secure online transactions. Many industries are adopting blockchain because of its numerous benefits such as, ● ● ● ● ● Increased time effectiveness due to real-time transactions Direct transactions eliminate the intermediary costs. Reduces risks related to fraudulent. More transparent processes with a proper record creation and tracking Highly secure due to cryptographic protocols.

  5. 2. Internet of things With the enormous hype in the IoT, there are many opportunities available to create a myriad of sharing platforms. By utilizing IoT, we can also facilitate the sharing of our existing devices, vehicles, and buildings by embedding sensors and network connectivity that enable our things to collect and also exchange data. IoT is more familiar due to its some below important benefits, ● ● ● ● Less human involvement Continuous tracking Endless monitoring Handling secure direct payments

  6. 3. Big Data The role of big data in the rental business is receiving the data from their users(such as name, location, data, and preferences), a giant database is accessed to filter results that will be relevant to the user. Without big data these platforms would not exist, they rely on the manipulation of data and algorithms to match customers and service providers. It contributes in many ways to the growth of these industries. Let us see how big data is fueling the rental business, ○ ○ ○ ○ Meeting required needs Improving businesses Good for the consumer as well Ensuring the survival of the fittest

  7. 4. Data processing with Edge computing Edge computing plays a vital role in the rental business as it brings computing power, control, and storage and it makes easier to operate without any latency. It also helps in scaling up and generating revenue and providing faster response time. Here’s how businesses can scale up by bringing edge computing to their fold, ○ ○ ○ ○ ○ Cost efficiency Earning reputation Performing without any lag Reducing data latency Protecting sensitive data

  8. 5. Cloud computing It is most important in the rental business because it increases efficiency, helps improve cash flow and also offers many benefits as follows, ● ● ● ● ● Flexibility Capital expenditure fee Increasing Competitiveness Environment-friendly Provides security

  9. 6. Artificial Intelligence Artificial intelligence will be used in the rental business helping the host to set the best prices, enhance the user experience and also ensure security. The vast benefits of AI are as follows, ● ● ● ● Personalizing customer experience with AI Setting smart prices Preventing fraud Improving internal operations

  10. Winding Up By seeing the above predictions and also the reason behind the success of the rental sharing, we came to conclude that it should be the way of the future. Whether it is a ride, stay, or even sharing working space, people are finding it cheaper and also more convenient. Also, empowering the platform with the latest features and also functionalities will enrich your rental business. To get support for building your own rental sharing business, connect with RentALL — Airbnb clone.

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