LONDON--(BUSINESS WIRE)--The global real estate software market is expected to post a CAGR of almost 9% during the period 2020-2024, according to the latest market research report by Technavio. Request a free sample report
Factors such as growing competition, rising prices of land, and increasing prices of raw materials have increased the cost burden on the companies operating in the real estate sector. This is resulting in the reduction of profit margins, which is driving companies in the real estate sector to shift their focus on optimizing their operational costs. Real estate software keeps track of the budget and provides accurate information regarding the financial resources involved in construction projects. This helps project managers to overcome various challenges associated with costs to achieve cost optimization. For instance, real estate software eliminates the need for consulting and over hiring of employees to do minimal tasks. Many such cost benefits offered by real estate software is increasing its adoption among end-users, which is driving the growth of the market.
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As per Technavio, the increasing adoption of cloud-based software will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Global Real Estate Software Market: Increasing Adoption of Cloud-Based Software
The high installation costs associated with on-premise software is driving many enterprises to adopt cloud-based services offered by market vendors. This trend is gaining traction among companies in underdeveloped and developing countries as they lack sufficient budget to purchase on-premise real estate software. Cloud-based software allows real estate companies to avail services through monthly and annual subscription plans. Moreover, cloud-based services are scalable. This allows real estate companies to increase or decrease storage according to their requirements. Therefore, the increased adoption of cloud-based real estate software is expected to boost the growth of the market during the forecast period.
“Growing middle-class population in developing economies and the rise in the number of first-time property buyers will further boost market growth during the forecast period”, says a senior analyst at Technavio.
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Global Real Estate Software Market: Segmentation Analysis
This market research report segments the global real-estate software market by deployment (cloud-based and on-premises), end-user (architects and engineers, project managers, and real estate agents), and geography (North America, APAC, Europe, South America, and MEA).
The North American region led the real estate software market in 2019, followed by Europe, APAC, South America, and MEA respectively. During the forecast period, the North American region is expected to register the highest incremental growth. This is due to the rise in the number of immigrants and increasing investments in the real estate sector in the region.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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