Market Overview
The Real Estate Software Market largely drives the increased rate of urbanization and technological advancement. The surge in the adoption of advanced software tools for data accuracy, less risk of errors, and other facilities are the key drivers of the market. This software helps keep the records successfully in different sectors. Therefore, the demand of the Real Estate Software Market is rising high in the modern era. The rise of technological advancements such as artificial intelligence, cloud, and other innovative features that improve the workflow capacity in business is driving the market. The real estate software is designed so that it smoothens the business processes and minimizes the efforts of enterprises. The key solutions of these software solutions are enterprise resource planning, customer relationship management, and many others. These solutions help the key stakeholders to operate the value chain.
During the pandemic period, the Real Estate Software Industry faced various problems with different business activities. But the chief players implemented different marketing strategies to deal with the situation. The market's growth is returning, and it will be the estimated CAGR in the evaluation period.
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The Real Estate Software Companies is estimated to register a strong CAGR of 10.1%, worth USD 12.89 Billion in 2027 during the forecast period.
Market Segmentation
The Real Estate Software Market is classified into different segments such as components, deployment, and application. The component is divided into solutions and services. The service segment is further categorized into integration and deployment, consulting, and management support services. The solution segment is classified into enterprise resource planning, customer relationship management, billing and revenue management, enterprise content management, etc. The solution segment holds the highest share in recent years. Based on the deployment segment, the market is subdivided into the on-premise and cloud-based segments. Among these segments, the cloud-based segment is projected to register the highest CAGR during the assessment period. The application segment is divided into commercial and residential. Between both segments, the commercial segment accounted for the largest share in the previous years.
Regional Analysis
According to the geographical reports, the Real Estate Software Market is distributed into various regions such as Asia Pacific, North America, Europe, the Middle East Africa, and South America. North American region is leading the share in the global Real Estate Software Market Share because of the presence of several software providers in the market, contributing to the significant growth of the market. The regions of North America such as the US, Canada, and Mexico contribute to the regional market's growth. Even due to the increase of cloud-based software solutions in the region, the growth rate is boosting high. Followed by North America, the European Market acquired the second shareholding position in the market. The European market is further divided into regions such as the UK, Germany, France, Italy, and the Rest of Europe.
Industry News
In early 2020, IBM added Artificial Intelligence capabilities to its TRIRIGA real estate and facilities management software. The new features of the software technique helped the real estate and facility managers to optimize their office work and improve their workplace experience.
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