Real Estate Software Market Size Worth $18.66 Billion By 2028: Grand View Research, Inc.
SAN FRANCISCO, Jan. 12, 2022 /PRNewswire/ — The global real estate software market size is expected to reach USD 18.66 billion by 2028, expanding at a CAGR of 9.7% from 2021 to 2028, according to a new study by Grand View Research, Inc. Factors such as a rise in commercial and residential real estate activities, rising urbanization, and the adoption of new software tools for reducing manual errors are driving the market. Technological advancements, the rising implementation of cloud and Artificial Intelligence (AI), and the rising demand for better business workflows are favoring the market growth. Moreover, the increase in smart city development projects is driving the demand for real estate software.
Key Insights & Findings from the report:
- In terms of type, the Customer Relationship Management (CRM) segment dominated the market in 2020 and is expected to retain its dominance over the forecast period. CRM software improves efficiency and productivity by speeding up routine procedures and keeping clients and customers up to date about recent updates
- In terms of deployment, the cloud segment is anticipated to expand at the highest CAGR of 11.3% over the forecast period. Cloud-based deployment of the software has been a growing trend in the real estate sector in recent years, thanks to the ability of the cloud to provide efficient and faster data access and property management, improving workflow productivity
- In terms of end-use, the architects & engineers segment is expected to register a promising CAGR from 2021 to 2028. This growth can be attributed to the growing demand for skilled users to maximize the project’s perspective and the growing set of planning and building regulation approvals required
- In terms of application, the residential segment is expected to expand at a promising CAGR from 2021 to 2028. With the rising preference for homeownership and increasing residential property prices, the demand for real estate software is increasing
- In terms of region, Asia Pacific is anticipated to emerge as the fastest-growing regional market owing to the rapid growth of economies and infrastructural and industrial projects. Expenditure on infrastructure development projects across countries such as India, China, Japan, and Singapore has continued to increase over the years, which could favor the adoption of real estate software across the region
Read 110 page market research report, “Real Estate Software Market Size, Share & Trends Analysis Report By Type (CRM Software, Enterprise Resource Planning Software), By Deployment, By End Use, By Application, By Region, And Segment Forecasts, 2021 – 2028“, by Grand View Research
The benefits of real estate software, including improved business productivity, are also driving the market growth. Since a real estate business spans numerous areas such as social media, websites, and online advertising, the demand for effective real estate management tools is rising. Furthermore, manually creating and maintaining separate accounts for each area of work could be time-consuming due to a rise in the number of clients and requirements. Businesses are adopting real estate software to solve these issues and improve business productivity standards.
Technological advancements are also driving the growth of the market. With the growing demand for advanced technologies such as artificial intelligence and cloud, real estate businesses have been shifting towards smart home development practices to increase their business growth. For instance, Trulia, a U.S.-based online real estate marketplace, offers updated home searches to its users using AI-based personalization by recognizing customer preferences. The rising adoption of advanced technologies in the real estate sector is expected to drive the demand for real estate software.
Grand View Research has segmented the global real estate software market based on type, deployment, end-use, application, and region:
- Real Estate Software Type Outlook (Revenue, USD Million, 2018 – 2028)
- Customer Relationship Management Software
- Enterprise Resource Planning Software
- Property Management Software
- Contract Software
- Real Estate Software Deployment Outlook (Revenue, USD Million, 2018 – 2028)
- Real Estate Software End-use Outlook (Revenue, USD Million, 2018 – 2028)
- Architects & Engineers
- Project Managers
- Real Estate Agents
- Real Estate Software Application Outlook (Revenue, USD Million, 2018 – 2028)
- Real Estate Software Regional Outlook (Revenue, USD Million, 2018 – 2028)
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
List of Key Players in the Real Estate Software Market
- Altus Group Ltd.
- Autodesk Inc.
- CoStar Realty Information Inc.
- Microsoft Corporation
- MRI Software LLC
- Oracle Corporation
- RealPage Inc.
- SAP SE
- Trimble Inc.
- Yardi Systems Inc.
Check out more studies related to construction and planning software, published by Grand View Research:
- 3D CAD Software Market – The global 3D CAD software market size was valued at USD 9.46 billion in 2020 and is expected to register a compound annual growth rate (CAGR) of 6.4% from 2021 to 2028. The growing use of computer-aided design in the automotive industry, coupled with manufacturers’ increased focus on additive manufacturing, is expected to boost the market growth.
- Urban Planning Software And Services Market – The global urban planning software and services market size was valued at USD 141.37 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 4.2% from 2021 to 2028. Factors such as high investment in computers and software and an increase in spending on non-residential construction projects are fueling the demand for urban planning software and services.
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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