The global real estate market is projected to grow from USD 5.03 Billion in 2016 to USD 8.91 Billion by 2021, at a CAGR of 12.1% during the forecast period.
Key factors driving the growth of the IT in real estate market, according to a report by MarketsandMarkets, are increasing demand for smart technological solutions in the real estate sector to cater to varied preferences of real estate customers, popularity of asset & property management solutions, increasing demand for enterprise applications to manage projects, and growing need to manage data and ensure security of sensitive information.
Some of the Prominent Key Players in the IT in Real Estate Market are: SAP SE; Oracle Corporation; Microsoft Corporation; IBM Corporation; MRI Software LLC; RealPage; Yardi Systems, Inc., Salesforce; The Sage Group PLC and Accenture PLC.
The business process management segment is expected to grow at the highest CAGR from 2016 to 2021
Based on enterprise application, the business process management segment is expected to grow at the highest CAGR from 2016 to 2021.
This is due to the fact that a BPM suite for real estate includes user-friendly modeling & optimization and system integration tools, as well as helps monitor dashboards and enhances case management capabilities for end users.
BPM software ensures fast decision-making, enables business-IT collaboration, and reduces total cost of ownership. BPM in real estate uses automation to remove tedious or distracting processes, thereby enabling employees to interact with customers or perform tasks more effectively.
The cloud deployment type segment is anticipated to grow at the highest CAGR during the forecast period
On the basis of deployment type, the IT in real estate market has been segmented into on-premises and cloud. The cloud deployment type segment of this market is expected to grow at the highest CAGR from 2016 to 2021. This growth is mainly attributed to the fact that the deployment of cloud-based solutions helps real estate companies reduce costs and create a flexible working environment.
The IT in real estate market in the Middle East & Africa is anticipated to grow at the highest CAGR during the forecast period
North America is estimated to account for the largest share of the IT in real estate market in 2016, owing to the presence of prominent real estate players, such as Real Estate Maximums, Century 21, Keller Williams Realty, Coldwell Banker, and ERA Real Estate in this region.
The IT in real estate market in the Middle East & Africa is expected to grow at the highest CAGR between 2016 and 2021. Growth in this market is mainly driven by increasing adoption of E-commerce platform and cloud-based solutions by real estate organizations.