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.
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies.
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.
Tags:
Related News Articles
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.
Unidentified Assailants Open Fire on Real Estate Tycoon in Belagavi
Unidentified gunmen attacked a prominent real estate businessman and rowdy sheetter on the Ganeshpur Hindunagar Road in Belagavi during the early hours of the morning.
Sun Communities, Inc. (NYSE:SUI): Leading the Real Estate Investment Trust Sector
Sun Communities, Inc. (NYSE:SUI) has established itself as a prominent name in the real estate investment trust (REIT) sector, specializing in the management and development of manufactured home communities, recreational vehicle (RV) resorts, and marinas.
Arkade Developers' Net Profit Declines by 9.38% in Q2 FY25
Despite the dip in net profit, Arkade Developers remains optimistic about their expansion into Eastern Mumbai suburbs and a robust pipeline of redevelopment projects. The company's solid balance sheet will continue to support their growth trajectory.
The Rise of Unregistered Real Estate Agents in Maharashtra: A Threat to Homebuyers
Despite MahaRERA's efforts, unregistered real estate agents continue to flourish, posing a significant risk to homebuyers in Maharashtra.
CREDAI-MCHI and Architects’ Body Seek Restoration of Online Property Data Access in Mumbai
In a significant move, CREDAI-MCHI and the architects' body have jointly urged Deputy CM Eknath Shinde to reinstate online access to Mumbai property data. This step is crucial for ensuring transparency and ease of property transactions in the city.