Real Estate Software Market Growth & Trends
The global real estate market size is expected to reach USD 25.39 billion by 2030, growing at a CAGR of 12.8% from 2023 to 2030, according to the recent reports of Grand View Research, Inc. The market is being propelled by several factors, including increased commercial and residential real estate activities, growing urbanization, and the adoption of software tools aimed at minimizing errors in manual processes. Furthermore, technological advancements, the widespread implementation of cloud computing and Artificial Intelligence (AI), and the growing need for enhanced business workflows are contributing to the market's favorable growth. Additionally, the surge in smart city development initiatives is fueling the demand for real estate software solutions.
The advantages of real estate software, such as increased corporate productivity, are another factor fueling market expansion. The need for efficient real estate administration solutions is growing since real estate businesses now encompass a wide range of platforms, including social media, websites, and online advertising. Due to an increase in clients and requirements, it may also take a lot of effort to manually create and manage individual accounts for each area of work. Real estate software is being used by businesses to address these problems and raise production levels.
Technological advancements are also driving the growth of the market. With the growing demand for advanced technologies such as artificial intelligence and cloud, real estate businesses have been shifting towards smart home development practices to increase their business growth. For instance, Trulia, a U.S.-based online real estate marketplace, offers updated home searches to its users using AI-based personalization by recognizing customer preferences. The rising adoption of advanced technologies in the real estate sector is expected to drive the demand for real estate software.
Real Estate Software Market Report Highlights
- The contract software segment is anticipated to observe a CAGR of 13.5% during the forecast period. The expansion of this market is being driven by the introduction of digital technologies like e-signatures and AI-assisted contract administration. These advancements have revolutionized the way contracts are managed and processed, offering benefits such as increased efficiency, reduced paperwork, enhanced accuracy, and streamlined workflows
- The cloud segment is anticipated to observe a CAGR of 13.6% during the forecast period. Cloud-based deployment of software has been a growing trend in the real estate sector in recent years, thanks to the ability of the cloud to provide efficient and faster data access and property management, improving workflow productivity. The cloud also offers scalability, allowing real estate businesses to easily accommodate growth and handle large volumes of data without the need for significant infrastructure investments
- The real estate agents' segment is anticipated to observe a CAGR of 13.1% during the forecast period. This is due to the real estate sector adopting more digital technologies like blockchain, AI, and virtual reality
- The commercial segment is anticipated to observe a CAGR of 13.7% during the forecast period. Real estate software assists residential and commercial property developers in keeping track of related tasks such as transaction updates, document storage for property administration, managing property accounts, and legal documentation
- Asia Pacific is expected to grow at the fastest CAGR of 13.7% from 2023 to 2030. Expenditure on infrastructure development projects across countries such as India, China, Japan, and Singapore has continued to increase over the years, which could favor the adoption of real estate software across the region
- Key market players have an extended operating history, a large customer base, and significant competitive strengths. In addition to the inorganic growth strategies, vendors emphasize improving after-sale service offerings to ensure periodic maintenance of installed products