The Real Estate Software Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Real Estate Software Global Market Report 2024, The real estate software market size has grown strongly in recent years. It will grow from $10.71 billion in 2023 to $11.71 billion in 2024 at a compound annual growth rate (CAGR) of 9.3%. The growth in the historic period can be attributed to market adoption, regulatory landscape, competitive landscape, economic factors, user preferences.
The real estate software market size is expected to see rapid growth in the next few years. It will grow to $17.5 billion in 2028 at a compound annual growth rate (CAGR) of 10.6%. The growth in the forecast period can be attributed to demographic shifts, user demands and expectations, global economic trends, integration with other systems, remote work and flexibility. Major trends in the forecast period include emerging technologies, technological advancements, mobile application, sustainability and green technologies, digitization and automation, blockchain technology.
The rise in commercial and residential real estate activities is expected to propel the growth of the real estate software market going forward. Many leading real estate companies are adopting software solutions for operations to reduce interruptions in services, decrease human errors, allot tasks efficiently for large volume projects, reduce communication gaps, and also manage finances. For instance, according to the Global Construction 2023 report, the volume of construction output is expected to grow by 85% to $15.5 trillion by 2030. China, India, and the United States are the major contributors to this growth. Therefore, the rising high-end apartments, houses, and skyscrapers in developing countries are driving the real estate software market growth.
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The real estate software market covered in this report is segmented –
1) By Product: Enterprise Resource Planning (ERP), Property Management System (PMS), Customer Relationship Management (CRM)
2) By Deployment Type: Cloud, On-Premise
3) By Application: Commercial, Residential
Major companies operating in the real estate software market are increasing their focus on introducing innovative property portals, such as MRI Engage@Work, to maximize their revenues in the market. Property portals are online platforms that enable the listing, searching, and transaction of real estate properties. For instance, in June 2023, MRI Software LLC, a US-based software company, launched a flexible property portal called MRI Engage @Work. This portal is designed to improve tenant processes with engaging communications and self-service tools, providing a unified experience for tenants while utilizing a diverse range of functionalities. The portal aims to offer an intuitive, streamlined user experience, facilitate interactions between property teams and occupants, and provide easy access to payments. It also supports the development of strong relationships between building staff and tenants, and it is designed to remove communication barriers, strengthen tenant relationships, and reduce operational friction by empowering tenants and property staff.
The real estate software market report table of contents includes:
1. Executive Summary
2. Market Characteristics
3. Market Trends And Strategies
4. Impact Of COVID-19
5. Market Size And Growth
6. Segmentation
7. Regional And Country Analysis
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27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
Major Players:
- Microsoft Corporation
- International Business Machines Corporation
- Oracle Corporation
- SAP SE
- Fiserv Inc.
- SMR Group Ltd.
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