Real Estate Software Market Overview:
Government agencies, following the 2008 global recession, have impacted the growing demand for real estate management software. There is a huge flow of capital in this sector that will move to companies that could set themselves apart from competitors through technology. The competitive world of real estate software is very fragmented due to emerging companies using new technologies such as Blockchain, Artificial Intelligence (AI) and Virtual Reality (VR) / Reality Augmented (AR). For example, Ubitquity LLC, founded in 2015, offers a beta version of the block-lock platform for records management. Real Estate Software Market is expected to grow from $ 8,975.4 million in 2017 to $ 12,865 million by 2021, at a CAGR of 4.4%.
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Real Estate Software Market Drivers and Restraints:
The growth of the real estate sector in developing countries such as India, China and other countries is complemented by the growth of the industrial sector and the development of infrastructures. In the developed regions of North America and Europe, real estate investors are focusing their attention on secondary cities, away from expensive markets. As a result of this transition, incumbents are always ready to adopt new technologies, such as cloud-based real estate management, to overcome the competition of several emerging companies.
The rapid urbanization around the world offers growth opportunities for the market for residential and commercial real estate in companies and public authorities. Investors in the real estate sector are increasingly investing in the property market for the management software. The market is expected to increase with increasing digitization initiatives and adoption of industry best practice standards. Industrialized countries such as the United States, the United Kingdom, Germany, Australia and Japan use BIM modelling software to improve the efficiency of their workplaces. Most real estate stakeholder’s work independently and not integrated, resulting in complex workflow processes. In addition, most real estate processes are based on paper, which in turn increases the risk of error and inefficiency. All of these challenges present opportunities for software developers and service providers to the real estate industry and to promote the real estate software market.
Real Estate Software Market Geographical Segmentation:
The US of North America has been the largest real estate software provider in the world in recent years and will continue to grow over the next few years. The US market accounted for 29% of the world market in 2016, while Europe accounted for 28% and China continues to hold 14%.
There are some suppliers of poor-quality products, but the Chinese market is still controlled by national suppliers. And high-quality products are mainly supplied by foreign manufacturers.
Key Players in Real Estate Software Market:
Argus Financial Software, CoStar, Oracle Corp., Kingdee, Yardi Systems, are the major providers of the global real estate software market. The top 10 companies had a market share of 61% in 2016.
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