As per MRFR Analysis, the Real Estate Software Market was valued at USD 6.5 billion in 2022 and is projected to grow from USD 7.1565 billion in 2023 to USD 12.7474 billion by 2030, with a CAGR of 10.10% during the forecast period. The demand for real estate software is driven by the need for better data management and analysis, as professionals seek to streamline operations and gain actionable insights. The market is experiencing growth due to increasing digital solutions, automation of tasks, and improved communication among stakeholders. Cloud-based software is gaining traction, accounting for approximately 65-67% of market revenue in 2022, while the residential application sector held the largest share, with commercial applications expected to grow the fastest.
The Real Estate Software Market is witnessing significant trends driven by technological advancements and changing industry needs.
Key players include IBM Corporation, Accruent, Trimble Inc., Yardi Systems, RealPage, and others.
Figure 1: Real Estate Software Market Size, 2022-2032 (USD Billion)
Source Secondary Research, Primary Research, MRFR Database and Analyst Review
The real estate software market is experiencing growth due to the increasing demand for digital solutions in the industry. As technology advances, real estate professionals seek software solutions to help them manage their operations more efficiently and effectively. This is driven by several factors, including automating routine tasks, improving communication, and gaining greater insights into market trends. Automation is a key benefit of real estate software solutions, as they can automate tasks such as data entry, document management, and marketing. This not only saves time, but also decreases the possibility of mistakes and increases the overall efficiency of real estate agents. Additionally, real estate software solutions can improve communication between agents, brokers, buyers, and sellers. Providing real-time updates on property listings, scheduling appointments, and sending reminders consequently has enhanced the real estate software market CAGR globally in recent years.
For Instance, Massive building sites and housing initiatives in growing nations such as China and India in Asia and Serbia and Russia in Europe are driving forces for cloud and on-premise real estate IT software and other property management systems. These systems improve project and real estate management efficiency, transparency, accessibility, and dependability.
Moreover, Real estate professionals must be able to access data and collaborate with clients and colleagues. Software solutions compatible with mobile devices and offering cloud-based access to data are becoming increasingly popular, which is another factor driving the growth of the real estate software market revenue.
The Real Estate Software Market segmentation, based on components, includes software and services. The software segment dominates the market and accounts for the largest share of the market revenue share in the Real Estate Software Market revenue. The software segment includes various software solutions such as property management, real estate accounting, and real estate CRM software. These software solutions are designed to help real estate professionals manage their operations more efficiently and effectively. The demand for real estate software is driven by the increasing use of technology in the industry and the need for better data management and analysis.
For instance, in June 2022, Hyland, a content services provider, announced the availability of its most recent product improvements and upgraded solutions to help its clients through the digital transformation path.
Based on the deployment, the Real Estate Software Market segmentation includes On-Premise and Cloud. Throughout the projection period, the cloud segment held the majority share in 2022, contributing to around ~65-67% of the Real Estate Software Market revenue. Cloud-based software allows real estate organizations to access data more quickly and efficiently, enhancing workflow productivity. Moreover, cloud deployment models with improved security requirements enable efficient administration of massive amounts of data. The huge increase in worldwide construction activity is predicted to boost the use of cloud technology to manage enterprises better and enhance efficiency and productivity via data to simplify procedures.
For instance, in May 2022, Sage, a provider of accounting, financial, human resources (HR), and payroll technology for small and medium-sized businesses (SMBs), announced the release of Sage Intacct Real Estate. This new module adds property management functionality to the Sage Intacct cloud financial management system. This solution combines Sage 300 Construction and Real Estate (CRE) Property Management with Sage Intacct's multi-tenant cloud platform.
Based on application, the Real Estate Software Market data includes commercial and residential. In 2022, the residential application sector had the largest share. Nonetheless, commercial applications are expected to be the fastest-growing area over the projection period. In recent years, there has been a considerable increase in demand for real estate software in both the residential and commercial sectors. Rising homeownership rates and steadily growing residential property values fuel demand for real estate software. Modern infrastructure has been added to buildings, and commercial space has expanded dramatically in recent years.
Furthermore, in many nations, the number of retail establishments requiring property knowledge and building leases has also increased. Real estate software solutions may help organizations and customers learn about the industry, positively impacting market growth.
Figure 2: Real Estate Software Market, by Application, 2022 & 2030 (USD billion)
Source Secondary Research, Primary Research, MRFR Database and Analyst Review
By Region, the study provides market insights into North America, Europe, Asia-Pacific and Rest of the World. In 2022, North America dominated the real estate software industry, with approximately 45.80% of global revenue. Increased urbanization and infrastructure development activities and the adoption of innovative technologies for various commercial and residential applications are boosting market expansion in this area. The COVID-19 epidemic has substantially influenced consumer and corporate emotions in the region, resulting in the construction industry's poor growth rate. However, the sector will likely revive in 2021 as infrastructure expenditures grow and a greater emphasis is placed on smart city initiatives.
Further, the major countries studied in the market report are The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 3: REAL ESTATE SOFTWARE MARKET SHARE BY REGION 2022 (%)
Source Secondary Research, Primary Research, MRFR Database and Analyst Review
Asia Pacific real estate software market is predicted to be the fastest-growing regional market. The positive development of regional economies and the potential expansion of the building sector are attributable to the boom. Because of the rise of the real estate business in India, Singapore, Japan, China, and Southeast Asian countries, the area is regarded as a key market for real estate software. Further, the China real estate software market held the largest market share, and the India real estate software market was the fastest-growing market in the region.
Europe real estate software market is expected to grow at the fastest CAGR from 2022 to 2030 due to the growing use of mobile devices contributing to the growth of the real estate software market in Europe. Real estate professionals increasingly rely on mobile devices to access data and communicate with clients and colleagues. Further, the Germany real estate software market held the largest market share, and the UK real estate software market was the fastest-growing market in the European region.
Major market players are spending a lot of money on R&D to increase their product lines, which will help the real estate software market grow even more. Market participants are also taking various strategic initiatives to grow their worldwide footprint, with key market developments such as new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the real estate software industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market environment.
One of the primary business strategies manufacturers adopt in the global real estate software industry to benefit clients and expand the market sector is manufacturing locally to reduce operating costs. In recent years, the real estate software industry has provided medicine with some of the most significant benefits. The real estate software market major player such as IBM Corporation (US), Accruent (US), Trimble Inc. (US), Yardi Systems (US), RealPage (US), and others are working on expanding the market demand by investing in research and development activities.
IBM Corporation offers real estate software solutions that help professionals manage their operations more efficiently and effectively. IBM's real estate software solutions are designed to provide end-to-end support for real estate companies, from property management to lease accounting and financial management. IBM's real estate software solutions are designed to be scalable and configurable, so they can be customized to meet the specific needs of different real estate organizations. For Instance, in June 2022, SL Green Realty Corp., Manhattan's biggest office landlord, and IBM announced that SL Green is employing IBM sustainability tools to advance their company's environmental, social, and governance (ESG) agenda. SL Green will employ Envizi, an IBM Company, software to better evaluate and report on its environmental programs, discover possibilities for increased efficiency, and promote sustainability throughout its large real estate operations.
Also, Accruent is a global software company that provides real estate and facilities management solutions to help businesses manage their real estate portfolios and facilities more efficiently. Accruent's real estate software solutions are designed to improve the performance and profitability of real estate organizations by optimizing their operations and providing data-driven insights. For Instance, in May 2022, Accruent, the leading provider of built-environment solutions, announced the release of Lx Transaction Management, a powerful new tool for lease administrators, transaction managers, real estate executives, and other real estate professionals to manage transactions in a single pane of glass as they move through the real estate lifecycle.
October 2022Â On the 23rd and 26th of October, MRI Software, a global pioneer in real estate solutions, revealed its vision for the next generation of its open and connected technology platform, MRI AgoraTM, at the Ascend users conference in New Orleans. The MRI Agora platform will help real estate companies make better decisions by connecting data, automating boring operations, and differentiating themselves through technology.
February 2021Â Trimble announced it had reached a deal with MRI Software to sell its Manhattan real estate and workspace solutions business (MRI).
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| Report Attribute/Metric | Details |
| Market Size 2022 | USD 6.5 billion |
| Market Size 2023 | USD 7.1565 billion |
| Market Size 2030 | USD 12.7474 billion |
| Compound Annual Growth Rate (CAGR) | 10.10% (2023-2030) |
| Base Year | 2022 |
| Market Forecast Period | 2023-2030 |
| Historical Data | 2019 - 2021 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Components, Deployment, Application, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and Rest of the World |
| Countries Covered | The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | 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) |
| Key Market Opportunities | Integration of AI and machine learning |
| Key Market Dynamics | The growing use of mobile devices Need for increased efficiency and productivity |
Frequently Asked Questions (FAQ) :
The Real Estate Software Market size was valued at USD 6.5 Billion in 2022.
The global market is projected to grow at a CAGR of 10.10% during the forecast period 2023-2030.
Asia Pacific had the largest share of the global market
The key players in the market are IBM Corporation (US), Accruent (US), Trimble Inc. (US), Yardi Systems (US), and RealPage (US).
The Software category dominated the market in 2022.
The residential segment had the largest share of the global market.
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Senior Research Analyst Ankit gupta is an analyst in market research industry in ict and semi industry. with post-graduation in "telecom and marketing management" and graduation in "electronics and telecommunication" vertical he is well versed with recent development in ict industry as a whole. having worked on more than 150+ reports including consultation for fortune 500 companies such as microsoft and rio tinto in identifying solutions with respect to business problems his opinions are inclined towards mixture of technical and managerial aspects.
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