The Real Estate Property Management Software is management software envisioned to help the professionals of the real estate industry to function their businesses which involves the features such as billing, accounting, lease administration and facility management. The software of such support the agents of the industry to make smooth association with their associates, simply owing to the details are kept in just an individual place.
According to the report analysis, ‘Global Real Estate Property Management Software Market to reach USD XXX billion by 2027’ states that the market growth is predominantly driven by growing requirement transparent documentation in real estate business around the globe. The increasing investment in real estate and growing development of construction industries in the underdeveloped nations of the world has boomed the market growth. For instance: basis on the Indian Brand Equity Foundation (IBEF), the real estate market is anticipated to increase by USD 1 trillion by 2030 from USD 120 billion throughout 2017 and register for over 13 per cent of the country’s GDP by 2025. Whereas, growing investment in real Estate around the globe also influencing the growth of market. As According to the African Arbitration report, during 2018, Eagle Hills, a private real estate investment and development corporate (United Arab Emirates) has publicized to invest nearly 2 billion in for the incorporated community development developments across Addis Ababa, where Ethiopia government shields nearly 27% share of mission that involves 4,000 apartment houses, malls, three star hotels and several others.
Furthermore, the speedy urbanization and industrialization is projected to propel the market growth during near future. Moreover, implementations of the cloud-based services and growing utilization of IoT and Big Data have influenced a revolution in the real estate industry. The usage of such technologies allows better customer understanding and transparency among the agent and the consumer. Hence as per International Data Council during 2019 United States ranks top in the cloud computing spending in the globe registering to USD 124.6 billion. This spending will lead to increased penetration of Cloud services across the real estate segment. As the real estate in the region is requiring aid for managing the augmented number of clients and transactions.
For instance: As per US Census Bureau home ownership rates across USA have grown since 2016 to 64.5% during April 2019. Also, as of the same month there were sales of 673 thousand houses around the US which is an augment of 12.4% over its value from 2018. However, Security concerns limit the growth of the market over the review period of 2020-2027.
Although, the regional analysis of worldwide Real Estate Property Management Software market is considered for the foremost regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. The North America is the leading/significant region around the world in terms of market share due to the high disposable income of the populace coupled with great penetration of IoT and Big Data services across the region. Whereas, the Asia-Pacific is also projected to exhibit greatest growth rate / CAGR over the review period of 2020-2027. Aspects such as intensifying urbanization, disposable income and advancing real estate segment would generate the lucrative growth prospects for the Real Estate Property Management Software market around the Asia-Pacific region.
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Ankur Gupta, Head Marketing & Communications