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Dublin, April 21, 2022 (GLOBE NEWSWIRE) -- The "Global Real Estate Software Market Size, Share & Industry Trends Analysis Report By Deployment Type (Cloud and On-premise), By Type, By Application, By End-use, By Regional Outlook and Forecast, 2021-2027" report has been added to ResearchAndMarkets.com's offering.
The Global Real Estate Software Market size is expected to reach $15.8 billion by 2027, rising at a market growth of 8.9% CAGR during the forecast period.
Major providers of real estate software are adopting advanced technologies in order to provide more relevant products fulfilling the requirements of consumers. Various vendors are adopting Virtual Reality (VR) to save resources & time and expand the reach of long distance buyers & improve user engagement. In addition, machine learning (ML), and artificial intelligence (AI) enables businesses to automate time consuming tasks which results in increased return on investments (ROI).
COVID-19 Impact Analysis
The widespread of COVID-19 pandemic has affected the world brutally. Various restrictions over the movement of goods & people along with a complete lockdown imposed by the government of many countries in order to curb the effect of the novel coronavirus affected all the industries in one or other manner. The real estate industry is negatively impacted during the pandemic. The discontinuance of construction activities all over the world resulted in a decline in demand for real estate software in the market.
Whereas, the market is anticipated to get back on the growth track post pandemic because of the rising demand for digitalization of the records & data of existing customers that may help the business organizations about the purchasing behaviour of customers. Also, the growing population and urbanization resulting in increased development of infrastructure with the smart solution are expected to contribute to the growth of the real estate software market post pandemic.
Market Growth Factors:
Create Integrated Marketing Solutions
The real estate software serves with some marketing capabilities to support automation & email interaction. Also, the real estate software such as CRM when combined with the compatible market solution may improve the sales and marketing potential of business organizations. Various features of the CRM software help in building a much better customer profile. Moreover, insights on web activities, email campaign &social media interactions and other platforms where the real estate industry works are fed back at the real estate software, wherein users can analyze which channel is giving best results. In addition, the automated lead scoring feature of this type of software helps in prioritizing the sale. Easy access to the data at single platform collected from various resources help the organization to get better results.
Better Data security
The real estate industry deals with a lot of personal data which is required to be kept secured as to ensure the safety of client's information specially when the data is hosted at the cloud. This is because any unauthorized user can use the data leading to major losses for organization. The real estate software provides the feature of digital security. The customer relationship management (CRM) software provide role-based security that sets privileges for specific type of users, and record-based security which restricts the access of confidential information by unauthorized users. The cloud-based software providers are also adding external security features.
Marketing Restraining Factor:
The main disadvantage of the real estate software is the cost attached to it. The real estate software is expected to increase the IT budget. The adoption of real estate solution requires hardware and improved network infrastructure. Also, the organization is required to spend on the purchase of software, and house IT team for managing and monitoring the software. This is expected to require a lot of money to be spent.
In addition, the more adoption of web-based CRM software is resulting in high cost of licensing contracts for its use. Along with this, the organizations using real estate software are required to train their workers to get the benefits associated with the use of these types of software which also arises the need to spend a lot in terms of money.
Deployment Type Outlook
Based on Deployment Type, the market is segmented into Cloud and On-premise. the on-premise segment acquired a substantial revenue share in the real estate software market. This software is hosted on a particular device and gives user complete ownership due to which, it is gaining immense popularity among the organizations who wanted to store their data locally.
Based on Type, the market is segmented into Customer Relationship Management Software, Enterprise Resource Planning Software, Property Management Software, Contract Software, and Others. The enterprise resource planning software procured a significant revenue share in the real estate software market in 2020. The major factors driving the growth of enterprise resource planning software is the cost effectiveness offered by this type of software along with enhanced visibility and efficiency resulting in high adoption of ERP software.
Based on Application, the market is segmented into Residential and Commercial. In 2020, the residential segment garnered the highest revenue share in the real estate software market. The increasing preference of homeownership & rising prices of residential property are resulting in high demand for purchasing self-owned property. Also, the building with modern infrastructure is increasing which is resulting in growth of real estate industry and further growing the demand for real estate software as well.
End Use Outlook
Based on End-use, the market is segmented into Architects & Engineers, Real Estate Agents, Project Managers, and Others. In 2020, the architects and engineers segment recorded the highest revenue share in the real estate software market in 2020. The increasing demands for residential as well as spaces is forcing the architects & engineers to spend more time in developing feasibility reports & new projects. This is rising the usage of real estate software by architects & engineers for quick generation of reports enabling them to core tasks.
Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa. The Asia Pacific region garnered a significant revenue share in 2020. This is due to the presence of various developing countries in the region such as Japan, China, India and other Asian countries. Increased cooperation between the technological firms & real estate industry is rising the adoption of such big data, cloud computing and Internet of Things solutions in China is leading to the high demand for real estate software in Asia Pacific.
Cardinal Matrix - Real Estate Software Market Competition Analysis
The major strategies followed by the market participants are Product Launches. Based on the Analysis presented in the Cardinal matrix; Microsoft Corporation is the forerunners in the Real Estate Software Market. Companies such as CoStar Group, Inc., SAP SE, Altus Group Ltd. are some of the key innovators in the Market.
Scope of the Study
Market Segments Covered in the Report:
By Deployment Type
Customer Relationship Management Software
Enterprise Resource Planning Software
Property Management Software
Architects & Engineers
Real Estate Agents
Rest of North America
Rest of Europe
Rest of Asia Pacific
Rest of LAMEA
Altus Group Limited
CoStar Group, Inc.
MRI Software LLC
Yardi Systems, Inc.
For more information about this report visit https://www.researchandmarkets.com/r/90cxjj
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