Press release
Surge In Real Estate Activities Drives Growth In The Real Estate Software Market: Key Factor Driving The Growth In The Real Estate Software Market
Real Estate Software Market Share
How Big Is the Real Estate Software Market Size Expected to Be by 2034?
The market size for real estate software has seen substantial growth in the past few years. It is projected to increase from $11.71 billion in 2024 to $12.8 billion in 2025, representing a compound annual growth rate (CAGR) of 9.3%. This escalation during the historic period can be traced back to factors such as market adoption, the regulatory environment, competition within the industry, economic conditions, and user choices.
The size of the real estate software market is projected to experience a significant escalation in the coming years, reaching $19.58 billion by 2029 with an 11.2% compound annual growth rate (CAGR). The predicted rise throughout the forecast span can be ascribed to factors such as demographic changes, consumer needs and anticipations, worldwide economic tendencies, consolidation with other systems, and the rise of remote work and flexibility. Important trends expected during this forecast timeframe include the emergence of new technologies, advancements in technology, mobile applications, sustainability and green technologies, as well as digitisation and automation, along with the application of blockchain technology.
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What Are the Emerging Segments Within the Real Estate Software Market?
The real estate software market covered in this report is segmented -
1) By Product: Enterprise Resource Planning (ERP), Property Management System (PMS), Customer Relationship Management (CRM)
2) By Deployment Type: Cloud, On-Premise
3) By Application: Commercial, Residential
Subsegments:
1) By Enterprise Resource Planning (ERP): Financial Management, Project Management, Supply Chain Management
2) By Property Management System (PMS): Tenant Management, Lease Tracking, Maintenance Management
3) By Customer Relationship Management (CRM): Lead Management, Sales Tracking, marketing Automation
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What Long-Term Drivers Are Shaping Real Estate Software Market Trends?
The escalation in both commercial and residential real estate actions is anticipated to fuel the expansion of the real estate software market in the future. Top real estate firms are implementing software solutions for their operations to minimize service disruptions, cut down on human mistakes, distribute tasks effectively for large scale projects, decrease communication disrupts, and manage finances as well. In December 2022, as per Stats NZ Tatauranga Aotearoa, a government data agency based in New Zealand, there was a 3.8% increase in building activities in September 2022. Furthermore, there was 3.1% growth in Residential building activity during the September 2022 quarter, while non-residential building activity witnessed a 4.9% increase. Consequently, the surging development of luxury apartments, homes, and skyscrapers in developing nations is propelling the growth of the real estate software market.
Who Are the Top Competitors in Key Real Estate Software Market Segments?
Major companies operating in the real estate software market include Microsoft Corporation, International Business Machines Corporation, Oracle Corporation, SAP SE, Fiserv Inc., Constellation Software Inc., Dassault Systèmes SE, Autodesk Inc., Trimble Inc., CoStar Group Inc., Zillow Group Inc., RealPage Inc., Yardi Systems Inc., Altus Group Ltd., AppFolio Inc., Entrata Inc., MRI Software LLC, Redfin Corporation, Buildertrend Solutions Inc., Accruent LLC, Inside Real Estate LLC, Propertybase LLC, ServusConnect LLC, AMTdirect LLC, Procore Technologies Inc., CoreLogic Inc., Zoho Corporation Pvt Ltd., Newforma Inc.
What Are the Major Trends Shaping the Real Estate Software Market?
The increasing use of artificial intelligence (AI) and machine learning is a noticeable trend in the real estate software market. AI-enabled applications provide real estate companies with assistance in various areas such as marketing campaigns, property portfolio management, leasing, accounting, operations, and other tasks. A novel application of AI in the real estate sector is in the creation of virtual tours - allowing customers to view properties still in the development phase or for international clients, with 3D property visualization. For example, reAlpha Tech Corp., a company focused on AI-based real estate technology solutions, in August 2024, launched reAlpha, a Super App for mobile devices. Offering a robust, commission-free real estate mobile solution that enhances its web-based platform, this Super App incorporates Claire, reAlpha's AI buyer's agent, support from licensed human agents, and a collection of house purchasing tools, including title and escrow agent services.
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Which Regions Are Becoming Hubs for Real Estate Software Market Innovation?
North America was the largest region in the real estate software market in 2024. The regions covered in the real estate software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Real Estate Software Market?
2. What is the CAGR expected in the Real Estate Software Market?
3. What Are the Key Innovations Transforming the Real Estate Software Industry?
4. Which Region Is Leading the Real Estate Software Market?
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