New York, USA, August 3, 2021 (GLOBE NEWSWIRE) – Market Review:
According to a detailed Market Research Future (MRFR) analyst report, “Global Real estate software market Deployment Information, Component, Application and Region – Forecast to 2027“The market should achieve a promising yield of 10.1% CAGR over the forecast period. It could reach an estimate of $ 12.89 billion by 2025.
Real estate software market size:
Real estate software includes various solutions and services that will be used by real estate companies to manage their leads, automate operations, and manage projects. Assessments of competitors, regional outlook, market factors and challenges are included in the report to roughly define revenue and growth trajectories over the forecast period (2020-2025).
The main key players in the real estate software market are:
- MRI software
- Oracle Corporation
- NEMETSCHEK INC
- Trimble Inc.
- Autodesk Inc.
- Fiserv Inc.
- CoStar Group Inc.
- IBM Corporation
- Yardi systems
- SAP SE
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Asset management to stimulate market demand
Real estate software is sure to witness an increase in demand due to the vast tracts of land owned by real estate companies and under development. The funding these companies have received to accelerate the use of technology in real estate and prevent the effects of the pandemic may bode well for the market.
Rapid urbanization to accelerate global market growth
The global real estate software market is set to achieve maximum growth due to rapid urbanization and population growth in cities and towns. Infrastructure development with smart solutions can benefit the market. Increasing the pace of construction and the use of BIM and resource planning to reduce incremental costs against the backdrop of taxes levied by local governments could benefit the market.
Optimizing rising costs due to rising raw material prices, surging land prices and growing competition can drive software adoption. The introduction of property management software to track inventory costs and hire the right staff to complete tasks on time can drive market growth. Customers buying homes through an online channel can convince big companies in the industry.
Low level of digitalization complicates the real estate software market
The low level of digitalization in the construction industry and indecision among developers create problems for the market. Large-scale projects requiring long periods to complete can quickly meet this challenge through building information modeling. Lack of R&D funding can also hinder market growth.
Review the in-depth market research report (141 pages) on the real estate software market:
Market segmentation covered by the study:
Solutions indicating high demand for components
The solutions segment accounted for the largest market share in 2018. Many real estate firms are implementing solutions to effectively manage their complex businesses, which is the driving force behind the market. Using Building Information Modeling (BIM) to properly plan, design and manage buildings in accordance with the latest laws is likely to result in increased segment revenues. Visualization with 3D models, reduced overhead costs and synergy between planning and design are advantages that are likely to drive high demand.
Cloud-based governance solution
The cloud segment is expected to demonstrate a higher CAGR over the forecast period. This is due to the flexibility and security of the software. Identifying opportunities and mitigating risks through transparency can drive demand for real estate cloud software.
Commercial application to increase revenue
The commercial segment, which accounts for the largest share, is expected to maintain its dominant position in the forecast period. The increase in the number of tenants in cities and the digitization of leases and contracts for easy viewing on smartphones and laptops may bode well for this segment.
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North America will lead the real estate software market
North America is expected to lead the real estate software market with companies with an international presence. Collaboration with local developers, coupled with lax building regulations, paves the way for infrastructure development. The presence of multiple solution providers and the digitalization of firms to capitalize on the latest trends can dramatically increase market demand.
Square Yards, a real estate platform, has raised $ 25 million from ADM Capital, a Hong Kong-based investment management firm. The new funding will be used by the company to increase its value vertically.
Impact of COVID-19 on the global real estate software market
The real estate software market got a boost from the COVID-19 pandemic. Real estate software focuses on social distancing norms introduced by the opening of construction sites and the digitization of firms during this period. The software has been reviewed or downloaded to respond to maintenance and security inquiries from tenants and existing residents. Digitizing records and existing customer data can help customers predict new trends and buying behavior.
It is estimated that the number of mergers and acquisitions will grow as developers automate their approaches and attract leads through websites and related content. Establishing lead synchronization through omnichannel and ethical compliance can drive market demand during a pandemic.
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