Burlingame, Sept. 10, 2024 (GLOBE NEWSWIRE) -- The global Real Estate Software Market Size to Grow from USD 12.44 Billion in 2024 to USD 28.63 Billion by 2031, at a Compound Annual Growth Rate (CAGR) of 12.6% during the forecast period, as highlighted in a new report published by Coherent Market Insights. Real estate software offers various features like property listings, agent communication tools, document management, and others which help real estate agents and property managers streamline workflow and boost productivity. Additionally, rising adoption of cloud and mobile technologies by real estate firms is estimated to offer lucrative growth opportunities over the forecast period.
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Market Dynamics:
The real estate software market is driven by growing adoption of cloud-based solutions across various sectors including architecture, engineering, and construction. Cloud-based platforms offer benefits such as scalability, flexibility, easy collaboration, and reduced IT infrastructure costs. They help simplify complex workflows and provide real-time insights on project performance. This has boosted their adoption over conventional on-premise systems in the real estate industry. Another key driver is the increased need for automation of business processes to improve productivity and efficiency. Real estate software automates various tasks such as project management, document management, accounting, and customer relationship management (CRM). This streamlines operations and frees up resources for value-added tasks.
Real Estate Software Market Report Coverage
Report CoverageDetailsMarket Revenue in 2023$12.44 billionEstimated Value by 2031$28.63 billionGrowth RatePoised to grow at a CAGR of 12.6%Historical Data2019-2023Forecast Period2024-2031Forecast UnitsValue (USD Million/Billion)Report CoverageRevenue Forecast, Competitive Landscape, Growth Factors, and TrendsSegments CoveredBy Type, By Deployment, By End UserGeographies CoveredNorth America, Europe, Asia Pacific, and Rest of WorldGrowth Drivers* Growing adoption of cloud-based real estate solutions
* Integration of advanced technologies in real estate softwareRestraints & Challenges* Cybersecurity and data privacy concerns
* Lack of skilled workforce
Market Trends:
There is a rising trend of developing dedicated mobile applications among real estate software vendors to support field activities. Mobile apps provide on-the-go access to critical project data, documents, and perform basic CRM functions. They enable real estate agents and field staff to manage listings, book appointments, and capture signatures remotely. Advancement in location-based technologies is also allowing integration of features like property searching based on geo-location.
Leading players are focusing on investing in AI and blockchain integrations to enhance the offerings. AI helps analyze large property databases to yield meaningful insights through machine learning and predictive analytics. Blockchain, on the other hand, brings transparency to digital transactions and record keeping for properties. This is expected to revolutionize processes like title transfers, payments, and smart contracts in the coming times.
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Market Opportunities:
Contract management software allows real estate professionals to efficiently manage all legal documentation and agreements related to properties. It helps digitize processes like lease management, vendor contracts and more. This reduces paperwork and enables easy access to documents from anywhere. Many contract management software solutions now offer e-signature capabilities and integration with accounting software for automated invoicing. This streamlines contract execution and payments.
Customer relationship management (CRM) software is crucial for real estate firms to strengthen client relationships. It maintains a central database of all customer information like contacts, past interactions, property portfolios and more. Agents can use CRM to track client needs and preferences. This helps deliver personalized service and attention. CRM also automates communications through features like email and SMS marketing. This improves lead generation and conversions. With remote working becoming common, cloud-based CRM allows seamless collaboration between field agents and back office staff.
Key Market Takeaways
The global real estate software market is anticipated to witness a CAGR of 12.6% during the forecast period 2024-2031, owing to the growing adoption of automation tools in the industry.
On the basis of type, contract management software segment is expected to hold a dominant position, owing to benefits like reduced paperwork and ease of access.
In terms of deployment, cloud segment is expected to lead the market due to advantages like scalability, low maintenance and remote access.
On the basis of region, North America is expected to hold a dominant position over the forecast period, due to rapid technological advancements and presence of major players in the region.
Key players operating in the real estate software market include Accruent, Altus Group, and Altus Group Ltd. These companies are focusing on new product launches and partnerships to strengthen their market position.
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Recent Developments:
In October 2022, On the 23rd and 26th of October, MRI Software, a global pioneer in real estate solutions, revealed its vision for the next generation of its open and connected technology platform, MRI AgoraTM, at the Ascend users conference in New Orleans. The MRI Agora platform will help real estate companies make better decisions by connecting data, automating boring operations, and differentiating themselves through technology.
In February 2021, Trimble announced it had reached a deal with MRI Software to sell its Manhattan real estate and workspace solutions business (MRI).
To summarize, the real estate industry is increasingly relying on advanced software to streamline operations and deliver enhanced customer experience. This is propelling the growth of specialized solutions like contract and CRM software. Cloud deployment and integration capabilities are also driving the market. Leading providers are enhancing their offerings through continuous innovation.
Detailed Segmentation:
By Type:
Customer Relationship Management SoftwareEnterprise Resource Planning SoftwareProperty Management SoftwareContract SoftwareOthers
By Deployment:
Cloud-basedOn-premises
By End User:
Architects & EngineersProject ManagersReal Estate AgentsOthers
By Region:
North America:
U.S.Canada
Latin America:
BrazilArgentinaMexicoRest of Latin America
Europe:
GermanyU.K.SpainFranceItalyRussiaRest of Europe
Asia Pacific:
ChinaIndiaJapanAustraliaSouth KoreaASEANRest of Asia Pacific
Middle East:
GCC CountriesIsraelRest of Middle East
Africa:
South AfricaNorth AfricaCentral Africa
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Author Bio:
Ravina Pandya, PR Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. With an MBA in E-commerce, she has an expertise in SEO-optimized content that resonates with industry professionals.
About Us:
Coherent Market Insights is a global market intelligence and consulting organization that provides syndicated research reports, customized research reports, and consulting services. We are known for our actionable insights and authentic reports in various domains including aerospace and defense, agriculture, food and beverages, automotive, chemicals and materials, and virtually all domains and an exhaustive list of sub-domains under the sun. We create value for clients through our highly reliable and accurate reports. We are also committed in playing a leading role in offering insights in various sectors post-COVID-19 and continue to deliver measurable, sustainable results for our clients.
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