IT in Real Estate Market - Global Industry Analysis, Size, Share, Trends, Analysis, Growth, and Forecast 2017 - 2025
Real estate is one of the largest asset classes across the globe, larger than a number of lucrative industries such as healthcare and equity. In many countries, developed as well as developing, real estate lending easily beats credit card debts in terms of magnitude. The real estate sector operates through a network of millions of construction professionals, marketing firms, and an unending number of actively management residential as well as commercial properties across the globe. This heavyweight industry presents highly exciting opportunities, especially for services and products that serve the commercial wing of the global real estate industry.
The IT sector is increasingly helping the real estate sector connect with the rapidly rising consumer base of mobile computing devices such as smartphones and tablet computers. The internet, mobile applications, and social media are also reshaping how the real estate industry connects with consumers and how the consumers manage their daily lives. The move towards mobility has compelled real estate companies, agents, and realtors as well to move ahead of just adapting with the change. Most parties involved in the real estate sector are developing mobile versions of their websites and many companies are also developing specific apps to tackle a larger consumer base.
In the near future, IT will continue to bring vast changes to the way the real estate sector operates or approaches its potential clients. There are a vast range of benefits that the rapid integration of IT principles and tools into the real estate sector ensure. However, the shift from face-to-face meetings to digital data delivery raise the concern of losing touch with consumers in a conventionally people-centered business.
The influx of various real estate-based mobile applications is paving way for organizations in the real estate sector to broadly consider how technology can make their profitability greater. The demand for IT solutions across real estate is likely to increase owing to their benefits such as the smooth conduct of various business processes and efficient information management. These solutions are used for various enterprise applications such as enterprise resource planning, business intelligence, customer relationship management, and business process management. The services offered by them include integration and deployment, maintenance and support, and consulting. The rapid advancements in the cloud technology are providing a significant boost to the growth of the global IT in real estate market.
The report provides a concise analysis of the global IT in real estate market. It performs an in-depth assessment of the dynamics of the market. It segments the market on the basis of various criteria including geography, premises, and services. It presents statistics for each segment in terms of both value and volume. It focuses on tools such as market attractiveness analysis and Porter’s five force analysis to derive the vendor landscape of the market. It also analyzes key players in the market along with their business strategies, revenue generation, contact information, and latest developments to better understand the competitive landscape.
With the rapidly growing population, the demand for real estate is skyrocketing. Real estate customers have varied preferences, which are prompting organizations in this sector to implement smart technologies that help them in catering better to the needs of customers and in managing large projects. This is, thereby, driving the global IT in real estate market. Moreover, for these organizations to avoid heavy losses, there is a pressing need for IT solutions that manage data and ensure the security of sensitive information.
On the other hand, the transformation of property management business from physical to online platform involves high cost and time, which in turn is limiting widespread adoption of IT solutions across the real estate. Furthermore, the lack of knowledge and awareness regarding technical solutions, particularly in developing countries, is hampering the growth of the market. However, the growing adoption of cloud-based solutions is unfolding growth opportunities for the market.
The key segments studied in the report on the basis of geography are Asia Pacific, Europe, North America, and Rest of the World. North America is anticipated to account for a substantial share throughout the forecast period. The domicile of a large number of real estate giants is providing an edge to the region over other regions. The presence of advanced IT infrastructure along with fast-paced technological advancements is propelling the growth of the region.
Emerging countries in the Asia Pacific and Rest of the World regions are sights of high growth rates owing to the proliferation of smartphones, which is triggering the adoption of mobility solutions in real estate organizations. The rising adoption of cloud-based solutions and E-commerce platform by real estate companies is also fuelling the growth of the region.
The majority of the players offering IT solutions across the real estate sector are adopting collaborations and partnerships as their go-to strategies to stay ahead in the market. They are also focusing on innovative product launches to stay relevant in the market. Some of the prominent players in the global IT in real estate market are Oracle Corporation, IBM Corporation, Accenture PLC, Microsoft Corporation, SAP SE, MRI Software LLC, and Salesforce.
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