Newark, NJ, May 12, 2022 (GLOBE NEWSWIRE) — As per the report published title, the global commercial real estate (CRE) software market is expected to grow from USD 2.59 billion in 2021 to USD 4.42 billion by 2030, at a CAGR of 6.11% during the forecast period 2022-2030.
The proliferation of digitalization of the enterprise is anticipated to expand demand for the commercial real estate (CRE) software market during the projection period. Further, the increasing disposable income of a large portion of the worldwide population is the driving factor of the market growth. However, the growing land price and price instability of other properties are the restraining factors of the market growth. Furthermore, the trading barriers & strict regulatory guidelines on real estate management are other factors restraining the market growth. However, the advancement in demand from emerging economies & improvement in the R&D activities are opportunities for market growth.
To enhance their market position in the global commercial real estate (CRE) software market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.
- For Example, in April 2021, MRI Software acquired Manhattan, Trimble’s real estate & workplace Solutions Company, to improve its workplace management offerings.
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Market Growth & Trends
The growth of the commercial real estate (CRE) software market is driven by the adoption of new software technologies like artificial intelligence & clouds various several applications in real estate. Furthermore, the population growth & rapid urbanization also help drive the market growth during the forecast period. Moreover, the market growth trend is the technological advancements, such as the faster deployment of real estate software on-premises or in the cloud. Technological advances in this software aid achieve visibility into the documentation, information, and processes to drive the business. The commercial real estate (CRE) software provides a lens into the industry, aids in streamlining the operations, easily shares information, and collaborates with the team, tenants, and vendors.
Additionally, better data protection is one of the driving factors of market growth. Thus, the real estate enterprise deals with personal data that must be preserved & secured to ensure clients’ information safety, primarily when the data is hosted in the cloud. This is because any unauthorized user can utilize the data leading to significant losses for the association. Real estate software gives the feature of digital security.
- In 2021, the cloud based type segment dominated the market with the largest market share of 56.22% and market revenue of 1.45 billion.
The type segment is divided into on premise and cloud based. In 2021, the cloud based type segment dominated the market with the largest market share of 56.22% and market revenue of 1.45 billion. This growth is attributed to the use of cloud technologies to manage enterprises better and help improve productivity & efficiency by utilizing data to streamline procedures.
- In 2021, the broker application segment dominated the market with the largest market share of 39.12% and market revenue of 1.01 billion.
The application segment is divided into broker, investor/appraiser, and property manager. In 2021, the broker application segment dominated the market with the largest market share of 39.12% and market revenue of 1.01 billion. This growth is attributed to the increasing needs for brokers across real estate based associations.
Regional Segment Analysis of the Commercial Real Estate (CRE) Software Market:
- North America (U.S. Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of the Europe)
- Asia-Pacific (China, Japan India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
North America region occurred as the largest market for the global commercial real estate (CRE) software market with a market share of 48.06% and a market value of around 1.24 billion in 2021. North America currently dominates the commercial real estate (CRE) software market due to the significant presence of major firms and widespread adoption of software solutions for protection from risks of financial losses. Moreover, an increase in urbanization and infrastructure development activities and the adoption of new technologies for various commercial and residential applications will probably help the market’s growth during the projection period in this region. Furthermore, the Asia Pacific region is expected to show the fastest CAGR of 8.02% over the projection period. This growth is attributed to the favorable development of regional economies & the promising proliferation of the construction enterprise. Additionally, the demands for real estate software in the region contain the execution of advanced technology & favorable government & regulatory norms also help drive the region’s market growth. Moreover, the presence of different developing countries in the area like India, Japan, China, and other Asian countries also helps drive the industry growth during the projection period.
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Key players operating in the global commercial real estate (CRE) software market are
- TRANQUIL CRM
- ALTUS GROUP
- MRI SOFTWARE
- Ascendix Technologies
This study forecasts revenue at global, regional, and country levels from 2019 to 2030. The Market and Research has segmented the global commercial real estate (CRE) software market based on below mentioned segments:
Global Commercial Real Estate (CRE) Software Market by Type:
- On premise
- Cloud based
Global Commercial Real Estate (CRE) Software Market by Application:
- Property Manager
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About the report:
The global commercial real estate (CRE) software market is analysed based on value (USD Billion). All the segments have been analysed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.