DUBLIN, April 21, 2022 (GLOBE NEWSWIRE) — The Global Real Estate Software Market Size, Share & Industry Trends Analysis Report By Deployment Type (Cloud and On-Premise), By Type, By Application, By End-Use, By Regional Outlook and Forecast, 2021-2027 report added ResearchAndMarkets.com Offer.
The size of the global real estate software market is expected to reach US$15.8 billion by 2027, representing a market growth of CAGR 8.9% over the forecast period.
Major real estate software providers use advanced technologies to provide more relevant products that meet consumer demands. Various vendors are using Virtual Reality (VR) to save resources and time, to extend the reach of remote shoppers and improve user engagement. In addition, machine learning (ML) and artificial intelligence (AI) enable companies to automate time-consuming tasks, resulting in a higher return on investment (ROI).
COVID-19 Impact Analysis
The widespread COVID-19 pandemic has hit the world brutally. Various restrictions on the movement of goods and people, as well as a full lockdown imposed by the governments of many countries to contain the impact of the novel coronavirus, impacted all industries in one way or another. The real estate industry has been negatively impacted during the pandemic. The global cessation of construction activities led to a decline in demand for real estate software in the market.
On the other hand, the post-pandemic market is expected to return to the growth path due to the increasing demand for digitization of the records and data of existing customers, which can help the business organizations in the purchasing behavior of customers. Also, the growing population and urbanization leading to the increased development of the infrastructure with the smart solution are expected to contribute to the growth of the real estate software market after the pandemic.
Market Growth Factors:
Build integrated marketing solutions
The real estate software comes with some marketing features to support automation and email interaction. Also, the real estate software like CRM combined with the compatible market solution can enhance the sales and marketing potential of business organizations. Various features of the CRM software help in building a much better customer profile. In addition, insights into web activity, email campaigns and social media interactions and other platforms the real estate industry operates on are reported back to the real estate software, allowing users to analyze which channel is delivering the best results. Additionally, the automated lead scoring feature of this type of software helps in prioritizing the sale. Having easy access to the data collected from different resources on a single platform helps the organization achieve better results.
Better data security
The real estate industry deals with a lot of personal data that needs to be kept secure to ensure the security of customer information, especially when the data is hosted in the cloud. This is because any unauthorized user can use the data resulting in huge losses for the organization. The real estate software offers the function of digital security. Customer relationship management (CRM) software provides role-based security that sets permissions for specific types of users and record-based security that restricts access to sensitive information by unauthorized users. The cloud-based software providers also add external security features.
Marketing Limiting Factor:
The main disadvantage of real estate software is the costs involved. The real estate software should increase the IT budget. Implementing a real estate solution requires hardware and improved network infrastructure. Also, the organization has to spend on purchasing software and its own IT team on managing and monitoring the software. It is expected that a lot of money will have to be spent on this.
In addition, the increasing adoption of web-based CRM software leads to high costs for license agreements for its use. At the same time, the organizations that use real estate software need to train their employees to take advantage of the benefits that come with using this type of software, which also entails the need to spend a lot of money.
Deployment type Outlook
Based on deployment type, the market is segmented into cloud and on-premise. The on-premises segment acquired a significant revenue share of the real estate software market. This software is hosted on a specific device and gives complete ownership to the user, making it immensely popular among the organizations that want to store their data locally.
Based on Type, the market is segmented into Customer Relationship Management Software, Enterprise Resource Planning Software, Property Management Software, Contract Software, and Others. Enterprise resource planning software secured a significant revenue share in real estate software market in 2020. The main factors driving the growth of enterprise resource planning software are the cost efficiencies that this type of software offers along with improved visibility and efficiency, resulting in high adoption of ERP software.
Based on application, the market is segmented into residential and commercial. In 2020, the residential segment generated the highest revenue share in the real estate software market. The increasing preference for home ownership & rising home prices are leading to high demand for condominium purchases. The building with modern infrastructure is also increasing, which leads to a growth of the real estate industry and a further increasing demand for real estate software.
Stop using Outlook
Based on end use, the market is segmented into Architects & Engineers, Real Estate Agents, Project Managers, and others. In 2020, the architects and engineers segment recorded the highest revenue share in the real estate software market in 2020. Increasing demand for housing and space is forcing the architects and engineers to invest more time in developing feasibility reports and new projects. This increases the use of real estate software by architects and engineers to quickly generate reports that enable them to do core tasks.
Based on regions, the market is segmented into North America, Europe, Asia Pacific and Latin America, Middle East and Africa. The Asia-Pacific region generated a significant share of sales in 2020. This is due to the presence of various developing countries in the region such as Japan, China, India and other Asian countries. Increased collaboration between technology companies and the real estate industry is increasing. The advent of such big data, cloud computing and Internet of Things solutions in China leads to high demand for real estate software in Asia-Pacific.
Cardinal Matrix – Real Estate Software Market Competitive Analysis
The main strategies of the market players are product launches. Based on the analysis presented in the cardinal matrix; Microsoft Corporation is the pioneer in the real estate software market. Companies like CoStar Group, Inc., SAP SE, Altus Group Ltd. are among the most important innovators on the market.
scope of the study
Market Segments Covered in the Report:
By deployment type
- Customer Relationship Management Software
- Enterprise resource planning software
- property management software
- contract software
According to end use
- Architects & Engineers
- real estate agent
- project manager
According to geography
- North America
- Rest of North America
- United Kingdom
- rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Saudi Arabia
- South Africa
- Rest of LAMEA
- Autodesk, Inc.
- Oracle Corporation
- Microsoft Corporation
- Altus Group Limited
- CoStar Group, Inc.
- MRI Software LLC
- RealPage, Inc.
- Yardi Systems, Inc.
For more information about this report, visit https://www.researchandmarkets.com/r/90cxjj