Global IT in Real Estate Market Size, Share, and Trends Analysis Report – Industry Overview and Forecast to 2031

Global IT in Real Estate Market Analysis

The global IT in real estate market is experiencing significant growth driven by the increasing adoption of digital technologies and the demand for enhanced operational efficiency. As real estate companies seek to improve their property management, customer engagement, and overall service delivery, IT solutions such as property management software, customer relationship management (CRM) systems, and data analytics tools are becoming essential. The rise of smart buildings and the integration of Internet of Things (IoT) devices are also reshaping the landscape, enabling better energy management and improved tenant experiences. Moreover, the ongoing shift towards remote work and digital transactions is prompting real estate firms to invest in technology-driven solutions to stay competitive and meet evolving consumer expectations.

Global IT in Real Estate Market Size

Global IT in real estate market size was valued at USD 9.54 billion in 2023 and is projected to reach USD 20.99 billion by 2031, with a CAGR of 10.36% during the forecast period of 2024 to 2031. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, PORTER analysis, and PESTLE analysis.

Global IT in Real Estate Market Trends

“Increasingly embraces digital transformation”

Key opportunities are arising from the integration of technology into property management, customer engagement, and data analytics. As real estate firms seek to optimize operations and enhance tenant experiences, there is a growing demand for cloud-based solutions, mobile applications, and AI-driven analytics. The rise of remote work and virtual property viewing solutions has also prompted real estate companies to adopt IT innovations that facilitate seamless transactions and enhance market reach. In addition, increasing focus on sustainability and energy efficiency is driving demand for smart building technologies, creating further avenues for IT investment. Overall, the convergence of technology and real estate is setting the stage for innovative solutions that address both current challenges and future growth.

Report Scope and Global IT in Real Estate MarketSegmentation      

Global IT in Real Estate MarketDefinition

Information Technology (IT) in real estate refers to the integration of advanced technological solutions to enhance various aspects of the real estate industry, including property management, transactions, and customer engagement. This encompasses a wide range of tools and platforms, such as property management software, virtual reality (VR) for property tours, customer relationship management (CRM) systems, and data analytics for market insights.

Global IT in Real Estate MarketDynamics

Drivers

• Increasing Adoption of Cloud-Based Solutions

The adoption of cloud-based IT solutions in the real estate market is being significantly accelerated due to the need for flexible and scalable platforms. Real estate companies are leveraging cloud technology to store vast amounts of data securely, access it remotely, and collaborate effectively with stakeholders. By using cloud-based systems, companies are able to minimize infrastructure costs and enhance data accessibility, which is expected to drive market growth. In addition, the ability to integrate multiple services and automate various real estate functions through cloud platforms has been contributing to their increasing demand.

• Growing Demand for Enhanced Customer Experience

The growing need for enhanced customer experience is acting as a driving force for the adoption of IT solutions in real estate. Customers are demanding personalized services, such as virtual property tours, digital transactions, and quick access to property details. Advanced IT systems such as customer relationship management (CRM) software and artificial intelligence-based chatbots are being implemented by real estate companies to provide seamless customer interactions. By improving communication channels and offering data-driven insights, IT solutions have been helping real estate companies meet customer expectations and foster loyalty.

• Rising Need for Efficient Property Management

The increasing demand for efficient property management is encouraging real estate companies to adopt IT solutions. Property managers are relying on software to streamline administrative tasks, such as tenant management, lease tracking, and maintenance requests, thereby optimizing operations. The implementation of property management systems has been improving the efficiency of day-to-day operations, reducing costs, and enhancing transparency for property owners and tenants. This growing focus on operational efficiency has been a key driver for the expansion of IT services in the real estate market.

Opportunities

• Integration of AI and Machine Learning

Opportunities for growth in the Global IT in Real Estate Market are being presented by the integration of artificial intelligence (AI) and machine learning (ML) technologies. AI and ML are being increasingly used for predictive analytics, property valuation, and risk assessment, offering real estate companies valuable insights. The ability to forecast property trends, identify prospective clients, and automate routine tasks has been significantly enhancing decision-making processes. Companies that embrace these advanced technologies are likely to gain a competitive edge in the market, creating a substantial opportunity for growth.

• Emergence of Smart Buildings and IoT

The emergence of smart buildings and the adoption of the Internet of Things (IoT) are creating lucrative opportunities in the real estate market. IT solutions are being utilized to integrate IoT devices, allowing real estate developers and property managers to offer smart features such as energy management, security systems, and remote control of building operations. This trend is leading to increased demand for technology-enabled properties, as both residential and commercial buyers prefer smart, efficient, and secure environments. The growing popularity of smart buildings is expected to fuel the adoption of IT solutions in the real estate sector.

• Increasing Use of Virtual and Augmented Reality

The increasing use of virtual reality (VR) and augmented reality (AR) technologies is presenting significant opportunities for the real estate market. These technologies are being employed to provide virtual property tours, allowing prospective buyers and tenants to view properties remotely. By offering an immersive experience, VR and AR are enhancing customer engagement and making the property-buying process more convenient. As real estate companies invest in these advanced visualization tools to attract potential clients, the demand for IT solutions is anticipated to grow, creating new market opportunities.

Restraints\ Challenges

• High Initial Investment and Implementation Costs

High initial investment and implementation costs have been acting as a restraint for the adoption of IT solutions in the real estate market. Deploying advanced software systems often involves substantial expenses related to infrastructure, customization, training, and ongoing maintenance. Small and medium-sized real estate companies may find it challenging to allocate the required budget for these solutions, particularly when return on investment is not immediate. In addition, the need for skilled IT professionals to manage and maintain these systems adds to the overall cost, further hindering widespread adoption.

• Data Security and Privacy Concerns

Data security and privacy concerns have been identified as a major challenge for the adoption of IT in the real estate market. As real estate companies increasingly rely on digital platforms to store sensitive customer data, such as financial information and personal details, they are becoming vulnerable to cyberattacks and data breaches. The need to comply with data protection regulations and ensure robust cybersecurity measures is placing additional pressure on companies, especially those with limited IT expertise. Failure to adequately protect customer data could lead to reputational damage and legal repercussions, hindering the growth of IT adoption in the market.

This market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

Impact and Current Market Scenario of Raw Material Shortage and Shipping Delays

Data Bridge Market Research offers a high-level analysis of the market and delivers information by keeping in account the impact and current market environment of raw material shortage and shipping delays. This translates into assessing strategic possibilities, creating effective action plans, and assisting businesses in making important decisions.

Apart from the standard report, we also offer in-depth analysis of the procurement level from forecasted shipping delays, distributor mapping by region, commodity analysis, production analysis, price mapping trends, sourcing, category performance analysis, supply chain risk management solutions, advanced benchmarking, and other services for procurement and strategic support.

Expected Impact of Economic Slowdown on the Pricing and Availability of Products

When economic activity slows, industries begin to suffer. The forecasted effects of the economic downturn on the pricing and accessibility of the products are taken into account in the market insight reports and intelligence services provided by DBMR. With this, our clients can typically keep one step ahead of their competitors, project their sales and revenue, and estimate their profit and loss expenditures.

Global IT in Real Estate MarketScope  

The market is segmented on the basis of by by application, service, deployment type, and security solution. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Application

• Customer Relationship Management
• Enterprise Resource Planning
• Enterprise Content Management
• Business Intelligence
• Business Process Management

Service

• Integration and Deployment
• Consulting
• Maintenance and Support

Deployment Type

• On-Premises
• Cloud

Security Solution

• Commercial and Services
• Residential

Global IT in Real Estate MarketRegional Analysis

The market is analyzed and market size insights and trends are provided by country, by application, service, deployment type, and security solution as referenced above.

The countries covered in the market are U.S., Canada, Mexico, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, rest of Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, rest of Asia-Pacific, Saudi Arabia, U.A.E., South Africa, Egypt, Israel, rest of Middle East and Africa, Brazil, Argentina, and rest of South America.

North America is expected to dominate the global IT in real estate market due to its advanced technological infrastructure, significant investments in digital transformation, and a robust presence of leading real estate firms that actively seek innovative IT solutions. The region's focus on adopting smart building technologies and enhancing property management systems further solidifies its leadership position. In addition, the integration of data analytics and AI in real estate operations boosts operational efficiency and customer satisfaction, driving market growth.

Asia-Pacific region is anticipated to be the fastest-growing market for IT in real estate, fueled by rapid urbanization and a burgeoning middle class that increases demand for residential and commercial properties. The region is experiencing significant investments in smart city initiatives, which are propelling the adoption of advanced technologies in real estate operations. Furthermore, the growing emphasis on digital solutions to enhance customer experiences and streamline property management is driving the rapid expansion of IT services and software tailored to the real estate sector in this region.

The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.

Global IT in Real Estate MarketShare

The market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to market.

IT in Real Estate Market Leaders Operating in the Market Are:

• Yardi Systems Inc. (U.S.)
• Microsoft Corporation (U.S.)
• SAP (Germany)
• RealPage Inc. (U.S.)
• IBM (U.S.)
• MRI SOFTWARE LLC (U.S.)
• Oracle (U.S.)
• Salesforce.com Inc. (U.S.)
• Accenture (Ireland)
• Sage Group plc (U.K.)
• Radici, Partecipazioni SpA (Italy)
• Cisco Systems, Inc. (U.S.)
• Infosys Limited (India)
• Infor (U.S.)
• Xerox (U.S.)
• Nuxeo (France)
• Alfresco Software, Inc. (U.S.)
• CBRE Group Inc. (U.S.)
• Jones Lang LaSalle IP Inc. (U.S.)

Latest Developments in Global IT in Real Estate Market

• In March 2024, Planon has announced the official launch of its Planon Real Estate Management solution for SAP S/4HANA®, now recognized as an SAP Endorsed App within SAP’s industry cloud portfolio. This solution provides robust real estate and property management functionalities integrated with SAP S/4HANA. It enables organizations to enhance their real estate strategies while operating smart, sustainable buildings. In addition, it automatically integrates real estate financial data into enterprise-wide accounting systems
• In September 2023, Google introduced new features on YouTube designed to help creators edit, develop, and share content in innovative ways. One of the features, called ‘Dream Screen,’ allows creators to add AI-generated video or image backgrounds to YouTube Shorts. These updates aim to assist creators in reaching a broader audience while streamlining time-consuming tasks
• In December 2022, Apple Inc. launched Freeform, a new application available for iPad, Mac, and iPhone. Freeform allows users to organize content on a flexible canvas and collaborate seamlessly on a single platform. The app includes various color options and brush styles, enabling users to create diagrams and add comments
• In May 2021, CoStar Group, a US-based analytics and marketing services company, acquired Homes.com for $156 million. This acquisition expands the CoStar Group's portfolio by frictionlessly bringing together agents, buyers, and sellers for house sales and providing the online home-purchasing experience in real estate. Homes.com, a US-based online real estate portal, utilized Al and data analytics to provide property listings, home valuations, and market insights

SKU-15431