Real Estate Software Industry Overview
The global real estate software market size was valued at USD 9.34 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 9.7% from 2021 to 2028.
The discontinuation of numerous construction activities across the globe amid the COVID-19 pandemic led to a small decline in the market. However, the market is expected to recover post-pandemic due to the increased digitization of existing customer data and records, which help clients predict purchasing behavior and customer trends. Population growth and rapid urbanization have led to a rise in major infrastructure development projects using smart solutions in recent years. Furthermore, the adoption of new software technologies such as cloud and artificial intelligence across several applications in the real estate market is also driving the market.
Gather more insights about the market drivers, restrains and growth of the Global Real Estate Software Market
Real estate software helps increase the productivity of businesses as they work for various areas such as social media, online advertising, and websites, leading to higher demand for efficient software tools. Moreover, factors such as the increased digitization of real estate businesses and improvements in automation technologies have positively impacted the real estate software market in recent years. Furthermore, the need for improved security of sensitive data and improved data management techniques are encouraging businesses to adopt various software solutions and improve customer retention.
Key vendors in the real estate software market are adopting various technologies to offer products more relevant to the various needs of customers. Virtualization and adoption of Virtual Reality (VR) are expected to favor market growth as they help save time and resources, expand reach to include long-distance buyers, and increase user engagement. Furthermore, Artificial Intelligence (AI) and Machine Learning (ML) are allowing businesses to automate time-consuming tasks, resulting in a better ROI. For instance, IBM TRIRIGA included new AI capabilities in its real estate software. The new features are expected to help facility and real estate managers optimize office spaces and improve their workplace experience.
Additionally, blockchain technology and smart contracts are helping simplify transactions and reduce the number of stakeholders, leading to a greater level of transparency. Real estate software is employed to automate various processes or tasks and speed up the workflow. Internal teams such as sales and marketing, finance, and top management can better analyze the customer journey by monitoring the different segments of the real estate software, gathering information about leads, managing dashboards for employees, and tracking financial data for orders. These factors could facilitate the growth of the real estate software market in the near future. However, the high investments required and the high training cost of the workforce could hamper the market growth to a certain extent. Property management businesses are transitioning to online platforms, which could further increase the cost of the real estate software and hamper the growth of the market.
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Real Estate Software Market Segmentation
Grand View Research has segmented the global real estate software market based on type, deployment, end-use, application, and region:
Real Estate Software Type Outlook (Revenue, USD Million, 2018 - 2028)
- Customer Relationship Management Software
- Enterprise Resource Planning Software
- Property Management Software
- Contract Software
- Others
Real Estate Software Deployment Outlook (Revenue, USD Million, 2018 - 2028)
- Cloud
- On-premise
Real Estate Software End-use Outlook (Revenue, USD Million, 2018 - 2028)
- Architects Engineers
- Project Managers
- Real Estate Agents
- Others
Real Estate Software Application Outlook (Revenue, USD Million, 2018 - 2028)
- Commercial
- Residential
Real Estate Software Regional Outlook (Revenue, USD Million, 2018 - 2028)
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East Africa
Market Share Insights
- April 2021: MRI Software acquired Manhattan, Trimble’s real estate and workplace solutions business, to enhance its workplace management offerings.
- April 2020: MRI Software made enhancements in its MRI Work, MRI Living, and financial suites for helping clients navigate the COVID-19 challenges.
Key Companies profiled:
Some of the prominent players operating in the real estate software market are:
- Altus Group Ltd.
- Autodesk Inc.
- CoStar Realty Information Inc.
- Microsoft Corporation
- MRI Software LLC
- Oracle Corporation
- RealPage Inc.
- SAP SE
- Trimble Inc.
- Yardi Systems Inc.
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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