The Global Real Estate Software Market is estimated to reach $8.9 billion by 2025, growing at a CAGR of 8.2% from 2020 to 2025. Real estate software are the tools that enable customers with certain facilities like expense tracking, video editing, open house management software and other tools streamline listing and simplifying transaction management. Urbanization and surge in adoption of new software tools for accurate data software, decreased risk of errors and other facilities are factors driving the growth of the market.
Surge in adoption of new software to keep the records successfully along with growth in the residential and commercial real estate activities and vendors are driving the growth of the market. Furthermore, development of smart cities and migration of people from one place to another (rural to urban) are fueling the growth of the market.
By Deployment- Segment Analysis
By Deployment the market is segmented into cloud based deployment and on-premises deployment and hybrid deployment. Cloud-based deployment is witnessing a significant growth in the market owing to the cloud software low cost of entry due to which it is adopted by most of the enterprises. Pricing of cloud software is under a monthly or annual subscription which is propelling the growth of cloud-based deployment. In addition, cloud based deployment are more secure to keep company’s financial, corporate trade secrets, client list and others as confidential. Clod based deployment are widely adopted by small & medium enterprises owing to the ease of access, system stability and upfront costs thereby boosting the growth of the market.
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By Organization Size – Segment Analysis
By Organization size Real Estate Software Market is segmented into Small & Medium enterprises and Large Enterprises. Small and Large Enterprises are dominating the market owing to the surge in adoption of real estate software tools in these enterprises along with the growth in small and large enterprises globally. In the developing countries there is rise in Real estate small and medium enterprises. In these enterprises there is a need of proper software to mitigate errors, sales, planning, procurement and supply chain operations rather than hundreds of spreadsheet and disparate systems. Real Estate software is proving better way of convenience owing to their end-to-end enterprise resource planning and streamlines the entire purchasing process in these small and medium enterprises. These factors are responsible for positively propelling the growth of the market.
Geography – Segment Analysis
Global Real Estate Software Market is dominated by North America region by a market share xx% in 2019. The rapid growth adoption of real estate software by various enterprises owing to their very low investment and implementation, low maintenance and quick access. The growth in real estate developers along with growth in Financial, Construction, Private Equity firms and others are also aiding the market growth. The use of customer relationship management tools in various small and medium enterprises has also driven the market growth in this region.
Drivers – Container Networking Software Market
Rise in application in the adoption of real estate software tools globally:
There is rise in adoption of real state software tools globally for ease of use and cost effectiveness of these software tools. The development of modern technologies and trends along with the surge in adoption of these technologies has resulted into the markets growth. Owing to the use of cloud-based SaaS technologies real estate solutions are hosted on a real server and priced on a subscription basis. The large enterprises are using on-premises deployment of real estate software as they have high budgets, customization of system operations along with maintaining and protecting its ERP (Enterprise Resource Planning) data. The small and medium enterprises are using Cloud-based enterprise software tools as it is making more limited customization and potential security concerns. Furthermore, organizations have a more control implementation process by the deployment of these real estate software tools.
Rise in urbanization:
The rapid growth in urbanization is pushing the real estate software growth. The development in the activities of smart cities is leading to the rise in urbanization thereby boosting the growth of the market. According to the national statistics, the urbanization rate has increased by 13.62% from 2007 to 2017 in China. The residential population of China was 813.47 million in 2017 accounting for 58.52% of the total population. According to the National Health and Family Planning Commission Chinas migrant population was 244 million in 2017, accounting for 17.55% of the total population of which 63.50% was inter-provincial.
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Challenges – Real Estate Software Market:
Investment related challenges:
There are some investment related challenges related with the real estate software. As the CRM solutions need one time investments which are not cheaper many of the small enterprises faces implementation of CRM owing to the investment costs. Furthermore, the users must be trained before using the CRM to avoid the mismatch between the user expectation and reality of implementation hindering the growth of the market.
Launches, acquisitions, and R&D activities are key strategies adopted by players in the Real Estate Software Market are given in this report Real Estate Software Market is dominated by major companies such as Accurent, Argus Financial Software, MRI software, Real Page, Yardi Systems, AMSI Property Management, CoStar Realty Information Inc., Microsoft Corporation and Propertybase GMBH, Trimble Inc. among others.
April 15, 2020- MRI Software acquired Castleton Technology Plc. The acquisition extended its residential market offerings and accelerated the development of Castleton’s cloud-based technologies to serve the needs of social housing providers.
October10, 2019- Opendoor partnered with W+R Studios, a real estate software provider. With the partnership W+R studios cloud CMA is used and agents presented a competitive cash offer from opendoor to eligible customers.
The rapid growth in urbanization and new technologies of real estate software along with the surge in adoption of these software for various residential and commercial applications are driving the growth of the market.
Clod-based deployment is dominating the market owing to its wide use by the small and medium enterprises due to the cost related benefits.
North America is expected to dominate the global Real Estate Software Market in the forecast period 2020-2025 owing to the growing industrial sectors, urbanization and surge in adoption of new software and growth in residential commercial sectors.
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