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Global Real Estate Software market is forecast to reach $20.6 billion by 2026, growing at a CAGR of 5.7% during the forecast period from 2021 to 2026
HYDERABAD, TELANGANA, INDIA, September 6, 2022 /EINPresswire.com/ — IndustryARC, in its latest report, predicts that Global Real Estate Software market is forecast to reach $20.6 billion by 2026, growing at a CAGR of 5.7% during the forecast period from 2021 to 2026. Real estate software are the tools that enable customers with certain facilities like expense tracking, Customer Relationship Management (CRM), Enterprise Resource Planning (ERP), Property Management, Lead generation software, 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. The 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. Rising technological advancements such as implementing artificial intelligence, cloud and many others in real estate business along with improved business workflow capability are acting as major driving factors towards significant market growth of real estate software.
Key takeaways:
1. Cloud based software is expected to have a significant growth during the forecast period in the real estate software market due to its capabilities of providing better scalability and cost efficient features.
2. Key players such as Microsoft Corporation and Oracle Corporation have been helping towards significant market growth of real estate software in North America.
3. Rising technological growth along with increasing the business productivity standards are some of the major driving factors towards significant growth of real estate software market.
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Segmental Analysis:
1. Cloud deployed software is expected to have a major growth at 8.7% in the real estate software market during the forecast period 2021-2026. Deployment of cloud real estate software have been increasing across the real estate companies due to its capability of providing much more efficient and faster data access and property management, thus improving the workflow productivity.
2. Rising preference for homeownership, hike in residential rental properties, growth in modern infrastructure building, and expansion of commercial space demands the necessity for real estate software which facilitates associated task tracking such as storage of the legal contract documents, property management and transaction updates and history, and ease of property account handling.
3. North America is expected to have a major share in the global real estate software market in 2020 at 37.1% share. Presence of some key players such as Oracle Corporation, Microsoft Corporation and RealPage are acting as major drivers for the growth of real estate software market.
Competitive Landscape:
The top 5 players in the Real Estate Software industry are –
1. Oracle Corporation
2. RealPage
3. Microsoft Corporation
4. Yardi Systems Inc.
5. Bentley Systems Inc
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