Real Estate Software Market 2020-2027 | Comprehensive Study on COVID 19 Explores Huge Growth in Future: Accruent, Argus Financial Software, MRI Software, RealPage, Yardi Systems, AMSI Property Management, CoStar, Propertybase, IBM, Tririga,

Overview:

Real estate software is the tool that enables customers to track expenses, edit videos, open house management software, and other tools to streamline listing and simplifying transaction management. Real estate software provides accurate information regarding the financial resources involved in the construction. Project managers can keep a check on the budget and make provisions for additional finance in advance to ensure that projects are not idle.

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Driver:

Factors such as the increasing price of raw materials and the rise in land prices will drive companies to remain competitive through the optimization of operational costs. This results in an increased demand for real estate software as it is used to optimize costs.

The rapid growth in urbanization is leading to the growth of the real estate software market. In May 2018, according to the UN, 55% of the world’s population lives in urban areas, a proportion that is expected to increase to 68% by 2050. The gradual shift in the residence of the human population from rural to urban areas, combined with the overall growth of the world’s population could add another 2.5 billion people to urban areas by 2050

The development in the activities of smart cities is leading to the rise in urbanization thereby boosting the growth of the market.

The most urbanized regions include Northern America (with 82% of its population living in urban areas in 2018), Latin America and the Caribbean (81%), Europe (74%), and Oceania (68%). The level of urbanization in Asia is now approximating 50%. In contrast, Africa remains mostly rural, with 43% of its population living in urban areas.

Restraints:

Also, many of the real estate procedures are paper-based including purchase documents, lease agreements, property sales, loan contracts, and financial data. These lead to challenges such as data storage, collection, sharing, and processing. Most of the stakeholders use multiple systems for storing and processing data which, in turn, has increased the risks of errors and inefficiency.

CRM solution needs a time investment which is expensive. After purchasing the software, the user has to be trained before using it.

Region insights:

North America was the largest real estate software market in 2019, and the region will offer several growth opportunities to market vendors during the forecast period. The rising number of first-time homebuyers will significantly drive real estate software market growth in this region.

According to the Census Bureau and the Department of Housing and Urban Development, in January 2020 total home sales was accounted for 9% above December 2019, which was 18.6% higher than January 2019, when new home sales hit an annualized rate of 644,000.

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Competitive section:

Key competitors operating in the market are Accruent, Argus Financial Software, MRI Software, RealPage, Yardi Systems, AMSI Property Management, CoStar, Propertybase, IBM, Tririga, Oracle Corp, SAP, IFCA, Mingyuanyun, Kingdee, Yonyou Software, Climbsoft, and WxSoft Zhuhai.

In April 2020, MRI Software acquired Castleton Technology Plc. The acquisition extended its residential market offerings and accelerated the development of Castleton’s cloud-based technologies to serve the needs of social housing providers.

In October 2019, Opendoor partnered with W+R Studios, a real estate software provider. With the partnership W+R studios cloud CMA is used and agents can present a competitive cash offer from Opendoor to eligible customers.

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