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The global real estate software market size is estimated to grow by $5.22 billion from 2021 to 2026, a compound annual growth rate of 9%, according to a new forecast published by Technavio.

The new forecast predicted the global real estate software market is “expected to be majorly driven heavily by the increasing middle-class population in developing countries in Asia, South America, and MEA. Factors such as the rapidly increasing economic activities in developing economies such as China, India, Argentina, Indonesia, and South Africa have resulted in the countries witnessing a significant increase in per capita income.”

However, the report also predicted North America will account for 31% of the market growth during the forecast period, with this share rooted in an “ever-rising demand for houses in the U.S.”

Furthermore, the forecast also pointed to a rising expansion in the cloud-based segment, which will be fueled by “low initial investments, relatively quick implementation, low cost of maintenance, easy accessibility, and scalability drive the segment growth.” The use of blockchain technology in real estate management software was also highlighted as an emerging trend supporting the market’s vibrancy.