Real Estate Software Market Set to Boom: USD 7.2 Billion Growth Expected by 2028
The global real estate software market is expected to grow by USD 7.2 billion from 2024-2028, driven by growing middle-class population and AI-powered market evolution.
Real Estate Software MarketBlockchain TechnologyAipowered Market EvolutionGrowing Middleclass PopulationMarket TrendsMarket ChallengesReal EstateAug 27, 2024
Transactions are irreversible, reducing fraud and transaction duplication. Blockchain also enables prompt and secure payments, even outside business hours, and eliminates the need for intermediaries. However, regulatory compliance and data transfer from authorities to general ledgers pose challenges.
The Real Estate Software Market is thriving with trends that streamline transactions for sellers and buyers. Transactions are managed efficiently with appointment scheduling, reminders, and property management components. Building sites and housing initiatives benefit from on-premise and cloud-based access on mobile devices.
Real estate executives oversee the real estate lifecycle with software technologies like artificial intelligence and machine learning. Property management, real estate accounting, lease administrators, and transaction managers are essential components.
Cloud-based solutions offer easy access to customer data, smart solutions, and data management strategies. Sensitive data protection is crucial, with virtualization, virtual reality, and user engagement enhancing the customer experience.
Social media and online advertising boost marketing efforts, while websites provide a central hub for information. Construction activities are optimized with software tools, and virtual reality offers immersive property tours.
The market is expected to grow at a CAGR of 10.22% during the forecast period, with the growing middle-class population driving market growth. However, the threat of open-source real estate management software poses a challenge.
Key market players include Altus Group Ltd., AppFolio Inc., Autodesk Inc., Bentley Systems Inc., CDK Global Inc., CoStar Group Inc., CREATIO EMEA Ltd., Dassault Systemes SE, Fiserv Inc., Fortive Corp., IFCA MSC Berhad, International Business Machines Corp., LanTrax Inc., MRI Software LLC, Oracle Corp., Planon Shared Services BV, RealPage Inc., SAP SE, Trimble Inc., and Yardi Systems Inc.
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Frequently Asked Questions
What is the expected growth rate of the global real estate software market?
The market is expected to grow at a CAGR of 10.22% during the forecast period.
What is driving the growth of the global real estate software market?
The growing middle-class population is driving market growth, with a trend towards the use of blockchain technology in real estate management software.
What are the key market trends fueling growth in the global real estate software market?
The market is witnessing significant advancements, with blockchain technology emerging as a potential game-changer. Trends that streamline transactions for sellers and buyers are also driving growth.
What are the challenges facing the global real estate software market?
The market is experiencing significant competition from open-source real estate management software and pirated software.
Who are the key market players in the global real estate software market?
Key market players include Altus Group Ltd., AppFolio Inc., Autodesk Inc., Bentley Systems Inc., CDK Global Inc., CoStar Group Inc., CREATIO EMEA Ltd., Dassault Systemes SE, Fiserv Inc., Fortive Corp., IFCA MSC Berhad, International Business Machines Corp., LanTrax Inc., MRI Software LLC, Oracle Corp., Planon Shared Services BV, RealPage Inc., SAP SE, Trimble Inc., and Yardi Systems Inc.
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