Real Estate Software Market Outlook 2031:
The real estate software market size was valued at USD 10.08 Billion in 2022 and is projected to reach USD 23 Billion by 2031, expanding at a CAGR of 9.6% during the forecast period 2023 - 2031. The growth of the market is attributed to increase in residential and commercial real estate investment, increased urbanization, and adoption of new software tools to reduce manual errors.
Real estate software aids real estate agents in marketing efforts, customer relationships, client queries, managing leads, and after-sales services. It gives them a clear overview of their inventory, opportunity pipeline, and sales activity, all of which are handled in one place.
These software solutions assist businesses in strengthening relationships with all major players involved in the value chain, such as customers and suppliers. Real estate software is created in such a way that it streamlines procedures and reduces the amount of effort required by organizations. The software may locate relevant matches for the user's property requirements, allowing the system to be customized.
Real Estate Software Market Trends, Drivers, Restraints, and Opportunities
- Use of new software technologies in the real estate business, such as artificial intelligence and cloud, across a variety of applications is projected to drive the market.
- Factors such as growing digitization of real estate companies and advancements in automation technology are anticipated to fuel the market.
- Increased requirement for improved protection of sensitive data and better data management strategies are projected to boost the market during the forecast period.
- The demand for real estate software increasing as the number of smart city development initiatives increases, which is expected to propel the market during the projected period.
- Virtualization and use of VR are expected to boost the market by saving time & resources, increasing accessibility to include long-distance buyers, and improving user engagement.
- High costs of initial investment and workforce training is projected to hinder the market growth.
Scope of the Real Estate Software Market Report
The report on the global real estate software market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Real Estate Software Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023 – 2031
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Segmentation
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Types (Contract Software, Property Management Software, Enterprise Resource Planning Software, Customer Relationship Management Software, and Others), Applications (Residential and Commercial), Deployments (On-premise and Cloud), and End-users (Real Estate Agents, Project Managers, Architects & Engineers, and Others)
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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Yardi Systems Inc.; Trimble Inc.; SAP SE; RealPage Inc.; Oracle Corporation; MRI Software LLC; Microsoft Corporation; CoStar Realty Information Inc.; Autodesk Inc.; Altus Group Ltd.; IBM Corporation; CoStar Group, Inc.; Fiserv, Inc.; and Accruent
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Real Estate Software Market Segment Insights
The customer relationship management software segment accounted for a major market share in 2021
On the basis of types, the market is segregated into contract software, property management software, enterprise resource planning software, customer relationship management software, and others. The customer relationship management software segment accounted for a major market share in 2021. Realtors can use CRM software to keep organized, move tenants, follow up with possible purchasers, and close sales on properties.
CRM software also boosts efficiency and productivity by automating routine activities and keeping clients and customers informed about recent changes. Deployment of smart technology and business apps for project management is projected to fuel the market. Furthermore, the growing demand for CRM solutions to ensure the security of sensitive data is estimated to drive the segment.
The contract software segment is projected to expand at a high CAGR during the forecast period. Contract management software can help with customer trust development, minimizing investors worry, regulatory compliance, and strict inspection. Compliance with data privacy regulations makes it easier to guard against internal and external security threats, which increases customer trust. The introduction of digital technologies like e-signature and AI-assisted contract administration is propelling the market.
The residential segment held around 55% of the total market share
On the basis of applications, the market is fragmented into residential and commercial. The residential segment held major market share in 2021. The demand for real estate software has increased dramatically in both the commercial and residential sectors recently. increased aspirations for house ownership and steadily rising residential property prices are driving the segment.
In recent years, modern infrastructure has been added to buildings, and commercial space has increased dramatically. Residential and commercial property developers can use real estate software to keep track of responsibilities including account management, property administration, document storage, and transaction updates.
Cloud segment is projected to expand at a high CAGR during the forecast period
In terms of deployments, the market is bifurcated into on-premise and cloud. The cloud segment held major market share in 2021 and is projected to expand at a high CAGR during the forecast period. Real estate organizations benefit from cloud-based software as it allows them to access data quickly and efficiently, enhancing the efficiency of their workflow.
Furthermore, the cloud deployment model, which has greater security standards, allows for efficient administration of massive volumes of data. The significant rise in construction activity globally is expected to accelerate the use of cloud technology to helps businesses manage their operations and improve productivity and efficiency by streamlining procedures with data.
The cloud-based deployment does not require extra hardware as compare to on-premise model, making it cost-effective for small organizations. Additionally, the cloud storage capacity can be easily extended or decreased based on needs, and the pay-as-you-go aspect makes it more appealing.
The architects & engineers segment is projected to dominate the market during the forecast period
Based on end-users, the market is segregated into real estate agents, project managers, architects & engineers, and others. The architects & engineers segment accounted for a major market share of around 40% in 2021 and is projected to maintain its dominance during the forecast period.
Engineers and architects can focus on their main jobs since real estate software makes it simple and quick to generate reports. Furthermore, real estate software aids in the creation of interactive virtual tours of properties, which architects can utilize to assist consumers better comprehend their designs.
North America dominated the global market
In terms of regions, the market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America dominated the market in 2021. Continuous investments and a focus on real estate software by businesses of all sizes are driving the market. One of the major factors fueling the market is existence of various software vendors in the region.
The market in Asia Pacific is estimated to expand at a rapid pace during the projected period due to substantial economic growth and infrastructure and industrial projects. Infrastructure development spending in countries like Singapore, Japan, China, and India, has increased steadily over the years.
Segments
The global real estate software market has been segmented on the basis of
Types
- Contract Software
- Property Management Software
- Enterprise Resource Planning Software
- Customer Relationship Management Software
- Others
Applications
- Residential Commercial
- Deployments
- On-premise
- Cloud
End-users
- Real Estate Agents
- Project Managers
- Architects & Engineers
- Others
Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
- Yardi Systems Inc.
- Trimble Inc.
- SAP SE
- RealPage Inc.
- Oracle Corporation
- MRI Software LLC
- Microsoft Corporation
- CoStar Realty Information Inc.
- Autodesk Inc.
- Altus Group Ltd.
- IBM Corporation
- CoStar Group, Inc.
- Fiserv, Inc.
- Accruent
Competitive Landscape
Key players competing in the real estate software market include Yardi Systems Inc.; Trimble Inc.; SAP SE; RealPage Inc.; Oracle Corporation; MRI Software LLC; Microsoft Corporation; CoStar Realty Information Inc.; Autodesk Inc.; Altus Group Ltd.; IBM Corporation; CoStar Group, Inc.; Fiserv, Inc.; and Accruent.
Some of these players are using several market strategies such as acquisitions, mergers, collaborations, partnerships, capacity expansion, and product launches to enhance their market shares, generate revenue, and raise their production line of the business in the coming years. For instance,
- From January 2020, TRIRIGA, IBM's real estate and facility management software, has AI capabilities.
- In April 2020, MRI Software improved its finance suites, MRI Work, and MRI Living, to assist clients in navigating the COVID-19 issues.
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