Real estate is among the biggest asset classes around the world, bigger than several lucrative industries like equity and healthcare. The IT sector is progressively aiding the real estate sector to associate with the swiftly growing customer pool of mobile computing devices, like tablet computers and smartphones.
The key factors contributing the growth of the global IT in real estate sector market is the rising need for substantial digital innovations owing to the growing customer pool within the millennials group. Further, a pivotal role is played by key IT applications like customer relationship management and enterprise resource planning in the real estate sector, further aiding to cater several customer preferences via smart technological solutions. In addition, the escalating need for the top-class IT apps due to increasing requirement for and high security measures and efficient data management are projected to drive market growth during the forecast period.
The global IT in real estate market can be bifurcated based on service, application, security solution, deployment type, and region. By application, the market is segregated into enterprise resource planning, customer relationship management, business intelligence, enterprise content management, and business process management. The market, by service is categorized into consulting, integration & deployment, and maintenance & support. The market, by deployment type, is classified into cloud and on-premises. The market, by security solution, is divided into residential and commercial & services.
Regionally, the global IT in real estate market is expected to be dominated by North America during the forecast period owing to the presence of prominent real estate giants along with cutting-edge IT infrastructure and rapid technological developments. Asia Pacific is also anticipated to witness lucrative rate of growth due to the rising smartphones penetration stimulating the implementation of mobility solutions within real estate establishments. Additionally, the growing implementation of E-commerce platforms and cloud-based solutions by real estate firms is also driving the market expansion in Asia Pacific.
Some of the leading players within the global IT in real estate market include Microsoft, Yardi Systems Inc., RealPage Inc., SAP SE, MRI Software LLC, IBM Corporation, Salesforce.com Inc., Oracle, Sage Group plc, Accenture, Partecipazioni SpA, Radici, Infosys, Cisco, Xerox, Infor Global Solutions, Alfresco Software, Inc., and Nuxeo, among others. The key players use numerous approaches like agreements, expansions, partnerships, joint ventures, acquisitions, new product launches, and others to boost their market footprints. To cite, in July 2019, a white label resident application by RentCafé, MyCafe, was introduced by Yardi. The app’s launch will offer numerous property management firms to build resident experience apps, revealing their exclusive branding.