Real Estate Software Market Prospects and Growth Assessment to 2025
Posted by Akshay Solanki on January 22nd, 2021
Global Real Estate Software Market is expected to reach USD 12.89 Billion by 2025, registering a CAGR of 10.1% during the forecast period, 2019–2025. In this report, Market Research Future (MRFR) includes the segmentation and dynamics of the market to offer a better glimpse of the market in the coming years.
The increasing need to manage and analyze various aspects of wealth, assets, and transactions in real estate business and the continuous adoption of cloud-based software solutions is expected to drive the overall market. Additionally, real estate enterprises and agents are continuously investing in deploying such solutions, thereby creating additional opportunities in the market.
The global real estate software market is fragmented, with several small- and mid-size players offering their solutions to enterprises. However, few key players dominate the market with a significant market share and also experience intense rivalry. Few of these players are IBM, Oracle, Trimble, and Accruent. These players compete based on price, software features, and market presence. Apart from these players, a few of the small- to mid-sized players have emerged as innovators; these players include MRI Software, Dquip, Elinext Group, and CoStar Group, Inc. These companies offer advanced technology-based software to enterprises, that help them to better analyze industry trends.
Global Real Estate Software Market has been segmented based on Component, Deployment, Application, and Region.
Based on Component, the real estate software market has been segmented into software and service. The software segment is further divided into enterprise resource planning, customer relationship management, billing and revenue management (BRM), enterprise content management, and others. The service segment is further divided into integration & deployment, consulting, and maintenance & support services. In 2018, the software segment accounted for the larger share in the overall market. Real estate software is being used by enterprises of all sizes to manage their day to day operations effectively. The market share for the solution segment is expected to be larger during the forecast period. Among software, enterprise resource planning accounted for the largest share in 2018 and it is expected to dominate the market during the forecast period as well. The service segment is expected to grow at the highest CAGR during the forecast period.
Based on Deployment, the real estate software market has been segmented into on-premise and cloud. The on-premise segment accounted for the larger market share in the year 2018; however, the cloud-based segment is expected to grow at a higher CAGR during the forecast period. The reasons for the same are the comprehensive benefits offered by cloud-based solutions such as flexibility, cost-effectiveness, and security.
Based on application, the real estate software market has been segmented into residential and commercial. The commercial segment held the largest share in the year 2018 due to the continuously rising demand for these solutions.
The key players of the global real estate software market are IBM Corporation (US), Accruent (US), Trimble, Inc. (US), Yardi Systems (US), RealPage (US), MRI Software (US), Fiserv Inc. (US), Oracle Corporation (US), SAP SE (Germany), Autodesk, Inc. (US), CoStar Group, Inc. (US) and NEMETSCHEK, INC (Germany).
The regional analysis for the global real estate software market has been done for North America, Europe, Asia-Pacific, the Middle East & Africa, and South America.
The market in North America accounted for the largest market share in 2018, and it is expected to register rapid growth during the forecast period. The key driving factors for the growth of the real estate software market in the region include the growing demand for these solutions among enterprises operating in the US, Canada, and Mexico in the coming years
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The market in the Asia-Pacific region is expected to register the highest CAGR during the forecast period. For the purpose of analysis, Asia-Pacific has been categorized as China, Japan, India, and the rest of Asia-Pacific. This growth can be attributed to the adoption of cloud computing technology. Increasing demand for effectively streamlining day to day business operations, among the enterprises is one of the key reasons driving the growth of the market.
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About the AuthorAkshay Solanki
Joined: December 29th, 2020
Articles Posted: 475
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