Research and Markets stated that the global real estate software market will grow significantly in 2023, from $10.07 billion in 2022 to $11.24 billion in 2023 at a compound annual growth rate (CAGR) of 11.6%. This growth is a direct result of the increasing demand for automation and efficiency in real estate companies. Research and Markets also forecasted the commercial real estate software market will reach $16.41 billion by 2027, growing at a CAGR of 9.9%.
Per the Real Estate Software Market Global Market Report 2023, the main types of real estate software include:
- customer relationship management (CRM) – with a global market projected to reach US$79.40bn in 2023.
- content management – with global revenue projected to reach US$20.95bn in 2023;
- financial management;
- real estate contracts, and others.
The extensive adoption of these tech solutions is driven by artificial intelligence (AI) and machine learning (ML) used to develop applications that help real estate companies with marketing campaigns, managing property portfolios, leasing, accounting, operations, etc.
The report also details the COVID-19 impact on the real estate software market. Moreover, the Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, impacting the global real estate software market, too.
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Source: realtybiznews.com
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