The global real estate software market is predicted to grow by $7.20 billion from 2024 through 2028 with a compound annual growth rate of 10.22%, according to a new forecast Technavio.
The market’s potential expansion is attributed in part to technology advancements, particularly with blockchain applications. The report highlighted the value of open-source software in providing cost benefits and scalability to end-users and cloud-based real estate software in cost-effectiveness and easy accessibility.
“Software technologies, including cloud, artificial intelligence, social media, online advertising, and digital applications, are revolutionizing the real estate industry,” said the report. “Construction projects, renting properties, and housing initiatives are all benefiting from these innovations. Real estate agents can manage transactions, appointments, and reminders more efficiently, while clients and sellers have access to valuable information and tools to make informed decisions. Building sites and utility systems can be monitored in real-time, ensuring optimal performance and reducing maintenance costs.”
“Data management is a critical component of real estate software, enabling real estate professionals to analyze trends and gain insights into market conditions,” the report added. “With the integration of artificial intelligence and machine learning, software can provide personalized recommendations and automate routine tasks, freeing up time for more strategic activities. Overall, the real estate software market is poised for continued growth as technology continues to transform the industry.”
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