Real Estate Software Market Research Report- Forecast till 2025
The real estate software market is growing rapidly, mainly due to the increasing uptake of real estate software and technological advances. One of the most unique and valuable aspects of real estate solution is that it can help property owners, real estate firms, operators, and real estate private equity funds to manage and utilize their financial data, enhancing the information they provide to investors and the capital markets.
Besides, the growth in the real estate industry in developing regions such as Asia Pacific, South America, and the Middle East & Africa escalate the market growth. According to a leading research firm, Market Research Future (MRFR), the global real estate software market valuation is projected to reach USD 12.89 BN by 2025, growing at 10.1% CAGR throughout the forecast period (2019 –2025).
With increasing numbers of real estate firms looking for comprehensive solutions that can increase business efficiency by improving various business operations. Also, real estate software as a service and platform, alongside increasing service and solution providers, positively impacts market growth. Increasing numbers of enterprises and the spurring rise in various sectors bolster the market growth.
An increase in the efficiency and productivity that occurred due to the implementation of the real estate software boosts the market’s growth. Conversely, the lack of awareness of the advantages of real estate software is a major factor impeding the market growth. Nevertheless, the implementation of real estate software would support the growth of the market.
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The report is segmented into four dynamics;
By Component: Software (enterprise resource planning, customer relationship management, billing and revenue management (BRM), enterprise content management, others) and Services (integration & deployment, consulting, and maintenance & support services).
By Deployment: On-Premise and On-Cloud.
By Application : Commercial and Residential.
By Regions : North America, Asia Pacific, Europe, and the Rest-of-the-World.
Real Estate Software Market – Geographical Analysis
North America dominates the global real estate software market. The largest market share attributes to continuous investments and focuses on real estate software among enterprises of all sizes. Besides, the presence of several software providers in the region is another factor acting as a key tailwind for the market growth. The US is expected to gain the highest market share, followed by Canada and Mexico.
Moreover, the increasing demand for cloud-based software solutions substantiates the market growth. The large technological advances and the early adoption of advanced real estate solutions in real estate firms to incorporate both business advisory and technology capabilities drive the growth of the market. The North American real estate software market is projected to retain its dominance throughout the estimated period.
Europe stands second in the global real estate software market. The market growth is driven by well-spread awareness about the benefits of real estate solutions. Additionally, the availability of advanced technologies and increasing spending on real estate management positively impact market growth.
Furthermore, considerable adoption of real estate software & services by the increasing number of real estate firms fosters the regional market’s growth. The UK accounts for the largest share in the overall market. However, the rest of Europe is estimated to register the highest CAGR during the forecast period.
The real estate software market in the Asia Pacific region is rapidly emerging as a profitable market globally. Factors such as the increasing uptake of real estate services and solutions propel the regional market growth. India and China are prominent markets for real estate software in this region. Moreover, huge technological advancements and new product launch in rapidly emerging countries such as Japan, China, and India contribute to the regional market’s growth.
Real Estate Software Market – Competitive Analysis
The real estate software market appears highly competitive and fragmented with the presence of several well-established players. These players form a competitive landscape incorporating strategic initiatives such as partnership, acquisition, expansion, product & technology launch, and collaboration.
Players leading the global real estate software market include Accruent (US), IBM Corporation (US), Trimble, Inc. (US), RealPage (US), Yardi Systems (US), MRI Software (US), Oracle Corporation (US), Fiserv, Inc. (US), SAP SE (Germany), CoStar Group, Inc. (US), Autodesk, Inc. (US), and Nemetschek, Inc. (Germany), among others.
October 28, 2020 —— EisnerAmper LLP (the US), one of the largest accounting and business advisory firms, announced a strategic alliance with a US-based real estate technology consulting company – Redirect Consulting, to provide a holistic solution for real estate firms that incorporates both business advisory and technology capabilities. REdirect is a leading real estate technology company providing MRI and Yardi solutions across the Americas.
The two firms have also collaborated in the past and have several mutual clients. EisnerAmper would provide internal controls and financial systems expertise under the partnership, while Redirect would contribute real estate management software implementation, optimization, and support.
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Global Real Estate Software Market Research Report: By Component (Software, Service), By Deployment (On-Premise, Cloud), Application (Commercial, Residential) and Region (North America, Europe, Asia-Pacific, the Middle East, & Africa and South America) – Forecast till 2025
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