USD 4.25 billion
Real Estate Software Market Size, Share, Growth Analysis, By Type(Customer Relationship Management Software, Enterprise Resource Planning Software, Property Management Software, Contract Software), By Deployment(Cloud, On-premise), By End-use(Architects & Engineers, Project Managers, Real Estate Agents, Others), By Application(Commerical, Residential), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG45E2184 |
Region:
Global |
Published Date: October, 2024
Pages:
157
|Tables:
90
|Figures:
76
Real Estate Software Market Insights
Global Real Estate Software Market size was valued at USD 10.1 billion in 2022 and is poised to grow from USD 11.40 billion in 2023 to USD 30.10 billion by 2031, growing at a CAGR of 12.90% during the forecast period (2024-2031).
The market grows slightly due to mass production disruptions around the world. But existing consumer data and records can be recovered after the pandemic to increased digitization, which helps consumers predict purchasing behaviors and customer behavior. Population growth and rapid urbanization for businesses sizes of large projects using intelligent solutions have increased in recent years. In addition, the adoption of new software technologies such as cloud and artificial intelligence in many applications in the real estate software industry is also driving growth.
Real estate software helps in increasing the efficiency of the businesses as they work in various fields such as social media, online advertising, websites etc. Furthermore, products such as real estate are increasingly digitized and advancements in processing technologies have positively impacted the market in recent years. Additionally, the demand for better data governance practices and easier data protection is pushing companies to implement software solutions to increase customer retention. The leading vendors in the real estate software market are leveraging different technologies to offer products that are more suited to the needs of the customers. Virtualization and adoption of Virtual Reality (VR) is expected to enhance market growth while helping to save time and resources, expand scope to include remote customers, independent users enter and even, artificial intelligence (AI) and machine learning (ML) allow businesses to automate time-consuming tasks, resulting in better ROI.
US Real Estate Software Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Architects & Engineers
Fastest Growth
Real Estate Agents
Growth Rate
15.31% CAGR
Global Real Estate Software Market ($ Bn)
Country Share for North America Region (%)
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Real Estate Software Market Segmental Analysis
Global Real Estate Software Market is segmented by type, Deployment, End-use, Application, and region. Based on type, the market is segmented into Customer Relationship Management Software, Enterprise Resource Planning Software, Property Management Software, Contract Software, and Others. Based on Deployment, the market is segmented into Cloud, and On-premise. Based on End-use, the market is segmented into Architects & Engineers, Project Managers, Real Estate Agents, and Others. Based on Application, the market is segmented into Commerical, and Residential. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & and Africa.
Real Estate Software Market Analysis by Type
Based on the type, the real estate software market share was dominated by the customer relationship management 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 using 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 real estate software market.
As per real estate software market outlook, contract software segment is the fastest growing in the market. From 2024 to 2031, the contract software segment in the real estate software industry 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. The contract software segment is expected to grow at a CAGR of 13.5% during the real estate software forecast. Contract management software can help ensure strict oversight, comply with regulatory requirements, allay investor fears, and build customer confidence. Complying with data privacy laws makes it easier to protect against internal and external security threats, thereby building trust for real estate agents. The adoption of digital technologies such as e-signatures and AI-assisted contract management is driving the growth of this segment.
Real Estate Software Market Analysis by End Use
Architects & engineers is the dominating segment in the market. The architects & engineers segment held a market share of 38.66% in 2023. The segment is expected to maintain its market share during the forecast period. Growing demand for commercial and residential properties is filling architects and engineers increased time to generate reports to enable new business. Real estate software ensures easy and fast generation of these reports, enabling engineers and architects to focus on their core businesses. Additionally, real estate software helps provide interactive, virtual tours of properties that architects can use to give their clients a better understanding of design.
The real estate agents segment is expected to grow at a CAGR of 13.1% during the forecast period. Real estate is expected to emerge as the fastest growing sector during the forecast period. This can be attributed to the wide adoption of digital technologies such as VR, AI and blockchain in the real estate industry. Real estate agents have started adopting digital technologies such as remote property management, remote marketing and sales and property management to attract and retain customers. For example, Zoho CRM software designed for real estate agents provides property management, sales process management and automation features to real estate developers.
Global Real Estate Software Market By Type (%)
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Real Estate Software Market Regional Insights
North America is dominating the real estate software market. An increase in the 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 2023 due to a rise in the infrastructure investments and an increased focus on smart city projects. U.S. and Canada leading the way, the region has a robust property market with a strong focus on efficiency, data-driven decision making and client management. Real estate companies in North America are implementing software solutions to streamline operations, improve client service and improve asset management, all of which contribute to the overall growth of the market.
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 region may benefit from the adoption of real estate software as spending on infrastructure development projects has increased over time in countries like India, China, Japan, and Singapore. Asia Pacific is expected to grow as the fastest growing regional market at a CAGR of 13.7%. Asia-Pacific is expected to emerge as the fastest growing regional market during the real estate software industry. The growth is attributed to the region’s positive economic performance and the promising expansion of the construction segment.
Global Real Estate Software Market By Geography
- Largest
- Fastest
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Real Estate Software Market Dynamics
Real Estate Software Market Driver
Increasing Demand for Smart Property Management Solutions
- Increasing adoption of the digital tools in property management is driving the growth of the real estate software industry. Real estate stakeholders, including property owners and managers, are looking for new software solutions that provide automation, data analytics and seamless communication. This increased demand is driven by the need to improve efficiency in good manner, increases tenant satisfaction and improves the quality of the property. The use of AI and machine learning in the real estate software enables streamlined processes, predictive analytics and more informed decision-making, making the technology a must in a competitive market.
Rising Urbanization and Growth
- In developing regions, urbanization and economic growth contribute significantly to the growth of real estate activities. Software tools that simplify the management of large portfolios, automate business tasks, and enable remote work are now seen as important elements of strategic improvement, and as a result comes with fostering a strong demand for tailored solutions for large and scale real estate projects.
Restraints
High Initial Costs and Implementation Challenges
- Despite the obvious benefits, the high initial costs associated with implementing comprehensive real estate software solutions can be a deterrent, especially for small businesses and independent property owners. In addition, the lack of project expertise creates difficulties in the implementation phase, increasing the potential for problems and operational costs.
Data Privacy and Security Challenges Impacting Market Growth
- The storage and processing of sensitive customer financial information in real estate software raises significant data privacy and security concerns. The market’s reliance on cloud-based platforms exposes it to cybersecurity risks, including data breaches and unauthorized access. Stricter data protection laws, especially in areas with stricter privacy laws, present and potentially provide additional complexity for software providers and users market expansion has slowed.
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Real Estate Software Market Competitive Landscape
Strategic partnerships and collaborations between software providers, real estate agencies and technology companies are common in the market. This collaboration facilitates the integration of various technologies such as IoT, AI and blockchain on a comprehensive real estate platform. For example, collaboration between software companies and cloud service providers helps ensure their solutions are scalable and secure, which is attractive for large real estate projects that require robust infrastructure and to manage multiple assets.
Real Estate Software Market Top Player's Company Profiles
- Altus Group Ltd. (Canada)
- Autodesk Inc. (US)
- CoStar Realty Information Inc. (US)
- Microsoft Corporation (US)
- MRI Software LLC (US)
- Oracle Corporation (US)
- SAP SE (Germany)
- SMR Group (UK)
- Trimble Inc. (US)
- Yardi Systems, Inc. (US)
- Procore Technologies, Inc. (US)
- AppFolio, Inc. (US)
- Zillow Group, Inc. (US)
- Rentlytics (US)
- Cresa (US)
- ResMan (US)
- Brokermint (US)
- RealEstateMall (US)
- VTS (US)
- TenantCloud (US)
- SpaceIQ (US)
Real Estate Software Market Recent Developments
- September 2022: HDFC Capital, a subsidiary of Housing Development Finance Corporation (HDFC) and Invest India, the investment promotion arm of the Indian government, jointly announced the launch of PropTech platform HDFC Real Estate Tech Innovators 2022. HDFC Capital's Affordable Real Estate and Technology (H@ART) platform launched under HDFC Fintech, will identify, identify and reward innovations in the retail tech, manufacturing tech, and sustainability tech industries.
- July 2022: DMZ announced that it has partnered with Groundbreak Ventures to launch the operation of a unique proptech incubator, which enhanced the ability of startups to develop the real estate industry and build advanced businesses.
- March 2022: LaSalle Investment Management (LaSalle) announced that RealBlocks selected to finance its $77 billion global real estate business. RealBlocks handle investor onboarding, KYC/AML, and e-signing of documents to create a seamless, digital experience for subscribing to all of LaSalle’s institutional funds.
Real Estate Software Key Market Trends
- Integrating Artificial Intelligence and Automation: The fusion of AI and automation is rapidly changing the real estate software industry. Advanced AI algorithms are being incorporated into the software solutions to facilitate asset analysis, trend forecasting and customer interaction. Automation simplifies routine tasks such as lease renewal, maintenance scheduling and payment processing. This trend highlights the ongoing efforts of the market to adopt cutting-edge technologies to improve the service delivery and increase operational efficiency.
- Emergence of the PropTech Ecosystem: The PropTech ecosystem is another trend shaping the real estate software market growth. This ecosystem combines various technologies such as the IoT, Big Data, and blockchain to create a comprehensive platform that meets real estate needs end to end This integrated approach increases transparency, provides data accuracy is improved, resulting in more efficient asset transactions. Driven by PropTech companies, partnerships and collaborations combine software development and real estate expertise, creating multifaceted solutions.
Real Estate Software Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to SkyQuest analysis, the real estate software market is driven by increasing demand for intelligent asset management solutions and expanding real estate investment portfolio. Real property software program is used to automate diverse services or products and speed up operations. Internal teams like income and advertising, finance, and pinnacle control can scrutinize the customer journey through tracking actual estate software, collecting lead information, coping with dashboards for employees, and monitoring economic information to hint orders. The market is likewise seeing tremendous traits such as the integration of AI and automation, and the increase of the PropTech ecosystem that is converting how properties are controlled.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 10.1 billion |
| Market size value in 2031 | USD 30.10 billion |
| Growth Rate | 12.90% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| 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) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Real Estate Software Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Real Estate Software Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the 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 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.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Real Estate Software Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Real Estate Software Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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