New York, US, Aug. 03, 2021 (GLOBE NEWSWIRE) -- Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Global Real Estate Software Market information by Deployment, by Components, by Application and Region – forecast to 2027” market is set to achieve promising returns at 10.1% CAGR over the forecast period. It can reach a valuation of USD 12.89 billion by 2025
Real Estate Software Market Scope:
Real estate software encompasses various solutions and services to be utilized by real estate companies for managing their leads, automation of operations, and project management. Assessment of competitors, regional prospects, and market drivers and challenges are included in the report for approximating revenue and growth trajectories during the forecast period (2020-2025).
Dominant Key Players on Real Estate Software Market Covered Are:
CoStar Group Inc.
Get Free Sample PDF Brochure:
Management of Assets to Encourage Market Demand
Real estate software is bound to witness an uptick in demand owing to vast swathes of land owned and in developing stages by realty companies. Funding gained by these companies to accelerate the use of property technology and avert the effects of the pandemic can bode well for the market.
Rapid Urbanization to Boost Global Market Growth
The global real estate software market is set to attain maximum growth owing to rapid urbanization and growth of the population in cities and towns. Development of infrastructure through smart solutions can favor the market. Increasing rates of construction and use of BIM and resource planning for slashing additional costs amid taxes levied by local governments can favor the market.
Optimization of Costs
Optimization of increasing costs due to increasing prices of raw materials, surge in land prices, and growing competition can drive the adoption of software. Implementation of property management software for tracking inventory costs and hiring of right employees for completion of tasks in due time can drive the market growth. Purchase of homes through the online channel by customers can convince major firms in the industry.
Low Digitization Level to Hamper Real Estate Software Market
Low digitization levels in the construction industry and hesitancy among real estate developers are a challenge to the market. Large-scale projects that require long periods for finishing can accomplish the task rapidly through building information modeling. Lack of R&D funding can also hamper market growth.
Browse In-depth Market Research Report (141 Pages) on Real Estate Software Market:
Segmentation of Market covered in the research:
Solutions to Witness High Demand among Components
The solution segment accounted for the largest share in the overall market in 2018. Many real estate firms are deploying solutions to effectively manage their complex businesses, which is driving the market. Utilization of building information modeling (BIM) for proper planning, design, and management of buildings in adherence to latest laws is likely to push the segment revenues. Visualization through 3D models, cost reduction on overheads, and synergy between planning and design are benefits likely to culminate in high demand.
Cloud-based Solution to Rule
The cloud-based segment is expected to register the higher CAGR during the forecast period. This is attributed to flexibility and security of the software. Identification of opportunities and reduction of risk through transparency can drive the demand for cloud-based real estate software.
Commercial Application to Boost Revenues
The commercial segment accounted for the largest share is expected to sustain the dominance during the forecast period as well. Increasing number of tenants in cities and digitization of rental agreements and contracts for easy viewing on smartphones and laptops can bode well for the segment.
Share your Queries:
North America to Lead Real Estate Software Market
North America is expected to lead the real estate software market owing to firms having an international presence. Collaborations with local developers coupled with lax building norms are paving the way for infrastructure development. Presence of various solution providers and transition of firms to the digital space to capitalize on latest trends can bolster market demand significantly.
Square Yards, a real estate platform, has raised USD 25 million from ADM Capital, a Hong Kong investment management firm. The fresh funding will be used by the company to expand its value across verticals.
COVID-19 Impact on the Global Real Estate Software Market
The real estate software market has received a boost from the COVID-19 pandemic. Real estate software is catering to social distancing norms being introduced during reopening of construction sites and digitization of firms during the period. The software has been viewed or downloaded to answer queries of tenants and existing residents of maintenance and safety. Digitization of records and existing customer data can help clients in predicting new customer trends and purchasing behavior.
Mergers and acquisitions are estimated to rise as property developers automate their approaches and generate leads through websites and relevant content. Establishment of synchronization of leads through an omnichannel and engagement of ethical practices can drive the market demand through the pandemic.
About Market Research Future:
Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis regarding diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
CONTACT: Contact Market Research Future +1 628 258 0071(US) +44 2035 002 764(UK) Email: email@example.com Website: https://www.marketresearchfuture.com