Real Estate Software Market to Hit Valuation of 11.15 Billion By 2028 | Top 10 Players are holding Over 32% Market Share
Global real estate software market was valued at US$ 10.18 billion in 2021, and it is expected to reach a value of USD 11.15 billion by 2028, at a CAGR of more than 9.5% over the forecast period (2022–2028).
Westford, USA, Sept. 13, 2022 (GLOBE NEWSWIRE) -- As the real estate market continues to grow, developers are coming up with innovative ways to help professionals navigate the complex and competitive landscape. There is a growing demand for real estate software, and companies are capitalizing on this by creating innovative products that make real estate management easier. Wherein, IBM, Oracle, SAP are the top providers in the global real estate software market.
With the growing inclination towards digitalization, the real estate industry has followed suit. More and more people are looking to invest in real estate through the use of software, and this demand is only growing. In fact, there are now dozens of different real estate software platforms available on the market, each promising its own unique features. And as the real estate software market becomes more complex, these platforms are becoming ever more indispensable for real estate professionals.
Some of the popular real estate software product helps borrowers get approved for financing and manages the entire mortgage process. Growth in the real estate market has led to an increase in the use of real estate software, as developers continue to create innovative solutions that make life easier for property owners and professionals.
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SkyQuest has published a report on global real estate software market. The report provides a deep insight on market dynamics, opportunities, trends, consumer behavior, pricing analysis, top players, market share analysis, competitive landscape, market revenue by players, top regions and active market players, recent developments, current market analysis and forecast, among others.
SkyQuest Survey Reveals over 50% Consumers are Willing to Ditch Professional Planner Over Consumer Grade Real Estate Software
Real estate professionals know that the ability to easily access and manage the property data is key to their success. And that's why the demand for real estate software has been on the rise for some time now. A recent study by SkyQuest shows that nearly two thirds (64%) of consumers in the global real estate software market say they would be more likely to use a real estate software if it was easier to find optimal properties and negotiate deals. The study also found that technology is playing a major role in influencing consumer behavior when it comes to real estate. 83% of respondents said they would be more likely to use a real estate software if it had features like social media integration, secure payment processing, and mapping capabilities.
The survey on real estate software market also found that 43% of home buyers and 41%of sellers say that using a real estate software makes them more confident in their ability to purchase or sell a home, but many are still unsure about specific benefits that these programs provide. In fact, when it comes to potential downsides, 37% of all buyers and 36% of all sellers say that they think their data could be stolen if they used a real estate software, which could lead to embarrassment or even identity theft.
More than half of respondents in the real estate software market survey said they would be willing to ditch the help of a professional estate planner in favor of consumer-grade software. In fact, if it were possible, nearly three quarters of respondents said they would use consumer-generated tools like those from companies such as e-On Estate Planning or LegalZoom Heritage.
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"Our survey results show that more people are looking for simple, affordable estate planning solutions," said Kurt Annen, vice president of marketing for Future Advisor. Software designed for consumers is quickly becoming the preferred choice for most people.
SkyQuest has done a survey on global real estate market and prepared report. The survey pay attention to consumer’s need, preferences, satisfaction level, current market landscape, customization, demand and supply gap, challenges, operation cost, top preferred providers, impact of local providers on the market and leading market players, among others.
Real estate Software Industry is Fragmented but top 10 Players are Holding 32% Share
In the past few years, the real estate software market has seen a rapid growth. This is largely due to the increasing demand for property management and automation solutions from both individual and corporate customers. This fragmentation can be attributed to the large number of real estate platforms that are currently available in the market. This has led to a wide variety of needs and requirements from both end users and vendors.
This diversity has resulted in a wide range of products in global real estate software market that are being developed by various vendors. These products cater to different needs and requirements, which has driven the fragmentation in the real estate software industry.
However, despite the good growth prospects of the real estate software market, the market is still fragmented. The top 10 players hold a share of 32% of the total market volume. Wherein, Oracle, IBM, SAP, and Autodesk are among the top 10 players.
Given that the real estate software market is still decentralized, it offers ample opportunities for developers and entrepreneurs who are keen on building innovative solutions. Developers can focus on developing real estate-specific applications while entrepreneurs can focus on start-ups that provide innovative property management solutions.
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Top Developments in Global Real Estate Market
In September 2022, Measurbl, an active player in real estate software platform, announced an acquisition of WegoWise
In September 2022, Iowa City Area Development Group (ICAD Group) and The Cedar Rapids Metro Economic Alliance (EA) announced partnership to develop a software called REsimplifi For building a web-based software that can offer data on commercial properties
In August 2022, Agora announced raising $20 million for accelerating growth in real estate wing for digital transformation, led by Insight Partners
In September 2022, government in Karnataka, a state in India, announced to launch a software to manage real estate registration
Prominent Players in Global Real Estate Software Market
IBM Corporation (US)
Accruent (US)
Trimble, Inc. (US)
Yardi Systems (US)
RealPage (US)
MRI Software (US)
Fiserv, Inc. (US)
Oracle Corporation (US)
SAP SE (Germany)
Autodesk, Inc. (US)
CoStar Group, Inc. (US)
NEMETSCHEK, INC (Germany)
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