The global real estate software market is predicted to touch USD 12.89 billion at a 10.1% CAGR between 2019- 2025, states the recent Market Research Future (MRFR) analysis. Real estate software, simply put, are tools that allow customers with specific facilities such as open house management software, video editing, expense tracking, and other tools, simplify transaction management and streamline listing. Owing to its alluring features and multiple benefits, the real estate software has multiple applications in various residential and commercial projects.
Various factors are propelling the global real estate software market share. According to the recent MRFR report, such factors include increasing adoption of new software for successful storage of records, growth in commercial and residential real estate activities & vendors, migration of people to urban from rural, and development of smart cities. Additional factors adding market growth include increasing adoption of the latest software tools for decreased risk of errors, accurate data software, and other facilities.
On the contrary, the on-going COVID-19 impact may limit the global real estate software market growth over the forecast period.
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The MRFR report highlights an inclusive segmental analysis of the global real estate software market based on application, deployment, and component.
By component, the global real estate software market is segmented into service and solution. The service segment is segmented into maintenance and support services, consulting, and integration and deployment. The solution segment is again segmented into enterprise content management, billing and revenue management (BRM), customer relationship management, enterprise resource planning, and others. Of these, the solution segment will lead the market over the forecast period. The majority of the real estate enterprises are using these solutions to manage complex businesses effectively.
By deployment, the global real estate software market is segmented into cloud-based and on-premise. Of these, the cloud-based segment will dominate the market over the forecast period at a high CAGR.
By application, the global real estate software market is segmented into residential and commercial. Of these, the commercial segment will command the largest share in the market over the forecast period.
Based on the region, the global real estate software market report covers the growth opportunities and recent trends across the Asia Pacific (APAC), North America, Europe, & the Middle East and Africa (MEA). Of these, North America will lead the market over the forecast period. The growing need for cloud-based software solutions, constant focus and investments on real estate software among all size enterprises, and the presence of leading software providers are adding to the global real estate software market growth in the region. The United States holds the utmost share in the market, followed by Canada & Mexico.
The global real estate software market in Europe is predicted to hold the second-largest share over the forecast period. The UK holds the utmost share in the market.
The global real estate software market in the APAC region is predicted to grow at a fast pace over the forecast period. Growing demand for effectively streamlining daily business operations amid enterprises, coupled with the increasing adoption of cloud computing technology, is adding to the global real estate software market growth in the region.
The global real estate software market in the MEA is predicted to have steady growth over the forecast period.
Key players profiled in the global real estate software market report include NEMETSCHEK, INC (Germany), CoStar Group, Inc. (US), Autodesk, Inc. (US), SAP SE (Germany), Fiserv, Inc. (US), ), MRI Software (US), RealPage (US), Yardi Systems (US), Trimble, Inc. (US), Accruent (US), IBM Corporation (US), and Accruent (US). Industry players have adopted strategies such as mergers, partnerships, and new product launches to stay at the forefront.
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