Real Estate Software Market: Current Analysis and Forecast (2022-2028)

Real estate software is generally a system that assists in managing the relationships between buyers, sellers, agents, brokers, developers, and financial institutions and also, caters to the multiple requirements of real estate agents and real estate firms. It typically involves an experienced consultant working with a client to understand their business goals, challenges, and technical requirements, and then recommending and implementing best-fit software solutions to address those needs. The real estate software helps in easy maintenance monitoring, data tracking, support and customer loyalty, reporting and easy payments. The motive of software consulting is to improve the efficiency, productivity, and competitiveness of an organization through effective use of software technologies.

The Real Estate Software Market is expected to grow at a strong CAGR of 4.0% during the forecast period owing to the increase in the adoption of digital technologies such as VR, AI, and blockchain in the real estate industry. Moreover, an increase in urbanization and infrastructure development activities, initiatives taken by the governments and the adoption of new technologies for various commercial and residential applications are positively impacting the market growth in this region. For instance, in 2022, Global venture catalyst firm Lakeba has today announced a strategic partnership with Microsoft that aims to boost the scalability and security of Lakeba's technology-led businesses.

Based on type, the market is segmented into customer relationship management software and enterprise resource planning software. Among these, the customer relationship management software holds the highest share of the market. As it helps in improving productivity and efficiency by accelerating routine processes and keeping customers and clients up to date about recent updates. Additionally, the rising demand for ensuring the security of sensitive information is having a positive impact on the customer relationship management software segment.

Based on deployment mode the market is bifurcated into on-premise and cloud. Among these, the cloud segment will withhold the maximum CAGR in the forecasted period. The rising demand for efficient management of large volumes of data and higher security standards is leading the demand of this segment. Moreover, the rapid growth in the advancements in technology is making the industry switch toward cloud technology.

Based on end-use, the market is categorized into architects & engineers, real estate agents, project managers, and others. Among these, the architects & engineers segment of the Software Consulting market is expected to continue to grow in the coming years, as rising demand for commercial and residential real estate is engrossing architects and engineers to spend increasing time developing feasibility reports for new projects.

Based on applications, the market is segmented into residential, commercial, and others. The residential application segment captured the largest share of the market. The rising preference for homeownership and constantly rising residential property prices are driving the demand for the residential segment of this market. Buildings have seen an increase in modern infrastructure.

For a better understanding of the market adoption of the Industrial Relay industry, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, and the Rest of North America), Europe (Germany, UK, France, Italy, Spain, Rest of Europe), Asia-Pacific (China, Japan, India, Korea, and Rest of Asia-Pacific), Rest of World. Asia Pacific is expected to emerge as the fastest-growing regional market owing to the rapid growth of economies and infrastructural and industrial projects. Expenditure on infrastructure development projects across countries such as India, China, Japan, and Singapore has been propelled over the years, which could favor the adoption of real estate software across the region. The huge investments rise in smart city projects by the government of growing or developing countries is further fueling the demand for this market in the region.

Some of the major players operating in the market include: Altus Group.; Autodesk Inc.; CoStar Group; Microsoft; MRI Software LLC; Oracle; RealPage, Inc.; SAP SE; Trimble Inc.; Yardi Systems, Inc.