USD 4.25 billion
Report ID: SQSG45E2022 | Region: Global | Published Date: October, 2022 | Pages: 157 | Tables: 66 | Figures: 75
Global Real Estate Software Market size was valued at USD 4.25 billion in 2021 and is poised to grow from USD 4.9 billion in 2022 to USD 17.66 billion by 2030, growing at a CAGR of 15.31% in the forecast period (2023-2030).
Real estate software is made to aid realtors and real estate agents with all the tasks that make up a typical day at work. Finding new real estate lead sources, gathering and centralizing contact information, doing email and phone outreach, promoting oneself and one's brand, monitoring the regional and national housing markets, selling properties, and closing deals are some examples of this. Real estate software's main objective is to make agents' lives simpler, more efficient, organized, and productive so they can concentrate on what they do effectively.
Real estate software helps businesses become more productive as they work on numerous projects like websites, online advertising, and social media, which raises the demand for effective software solutions. The market for real estate software has recently benefited from factors like the rising digitization of real estate enterprises and advancements in automation technology. Additionally, businesses are being encouraged to implement different software solutions to increase client retention due to the requirement for greater protection of sensitive data and improved data management strategies.
US Real Estate Software Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 4.25 billion
Architects & Engineers
Real Estate Agents
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Global Real Estate Software Market is segmented based on the Type, End Use, and region. Based on the Type, the Global Real Estate Software Market is segmented as Customer Relationship Management Software, Enterprise Resource Planning Software, Property Management Software, Contract Software, and Others. Based On End User, the Global Real Estate Software Market is segmented as Military, Aerospace, Commercial, Industrial, Healthcare, Automotive, White Goods, and Others. Based on Region Real Estate Software Market is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.
Real Estate Software Market Analysis by Type
Based on the Type, in 2022, the market was dominated by the Customer Relationship Management (CRM) software segment, which brought in close to 25% of the total revenue. CRM software aids realtors in maintaining organization, evicting tenants, contacting prospective purchasers, and concluding real estate deals. CRM software boosts productivity and efficiency by expediting repetitive tasks and informing customers and clients of new developments. The segment growth may be further fuelled by the use of business software and smart technology for project management. The growing demand for CRM solutions to guarantee the security of sensitive data could also favourably affect the CRM software market.
From 2022 to 2028, the contract software market is anticipated to expand rapidly, registering a CAGR of more than 11%. Software for contract management can help with regulatory compliance, investor comfort, customer trust, and tightened inspection. Compliance with data privacy laws enables defence against internal and external security risks, fostering confidence among real estate clients. The expansion of this market is being driven by the introduction of digital technologies like e-signatures and AI-assisted contract administration.
Real Estate Software Market Analysis by End Use
Global Real Estate Software market has been segmented on the basis of application as Architects & Engineers, Real Estate Agents, Project Managers, and others. In the real estate software market in 2022, the segment of architects and engineers achieved the biggest revenue share. The growing demand for homes and other spaces is requiring architects and engineers to devote more effort to creating feasibility studies and new projects. As a result, architects and engineers are using real estate software more frequently to generate reports rapidly so they can focus on their primary duties. Engineers and architects can concentrate on their primary responsibilities since real estate software makes it simple and quick to generate these reports. Real estate software also assists in offering interactive, virtual tours of properties that architects can utilize to give clients a better idea of their designs.
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North America dominated the market for real estate software in 2022 and accounted for nearly 35% share of the global revenue. An increase in urbanization and infrastructure development activities and the adoption of new technologies for various commercial and residential applications are positively impacting the market growth in this region. The COVID-19 pandemic has significantly impacted consumer and business sentiments in the region, leading to the low growth rate of the construction industry. However, the industry is expected to recover in 2022 due to a rise in infrastructure investments and an increased focus on smart city projects.
Also, Asia Pacific is expected to become the region with the highest rate of growth, due to the rapid development of economies, infrastructure, and industrial projects. The area may benefit from the adoption of real estate software as spending on infrastructure development projects has increased over time in nations like India, China, Japan, and Singapore.
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Real Estate Software Market Driver
Real Estate Software Market Restraint
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Global Real Estate Software market is relatively fragmented, with a high level of competition. The main strategies of the competitors in the Real Estate Software Market are partnerships, acquisitions, and product releases. Product Launches are one of the main techniques used by industry players. Microsoft Corporation is the market leader in real estate software, according on the analysis shown in the Cardinal matrix. CoStar Group, Inc., SAP SE, and Altus Group Ltd. are a few of the leading market inventors.
Real Estate Software Market Top Player's Company Profiles
Real Estate Software Market Recent Developments
For instance, in February 2022, the online real estate marketplace company Zillow Group launched a virtual tour feature that uses machine learning to create an interactive floor plan using a variety of media content, making it simple for buyers to experience the property without actively going somewhere.
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According to our Global Real Estate Software Market Analysis, in terms of type enterprise resource planning software obtained a sizable revenue share. Enterprise resource planning software is more popular due to its cost effectiveness, improved visibility, and efficiency. These aspects together have led to a high acceptance rate for ERP software.
|Market size value in 2021||USD 4.25 billion|
|Market size value in 2030||USD 4.9 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Real Estate Software Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Real Estate Software Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Real Estate Software Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
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