LONDON, Nov. 24, 2016 /PRNewswire/ -- "Increasing demand for smart technological solutions in the real estate sector to cater to varied preferences of real estate customers is one of the key factors driving the growth of the IT in real estate market"
The IT in real estate market is projected to grow from USD 5.03 billion in 2016 to USD 8.91 billion by 2021, at a CAGR of 12.1% during the forecast period.
Organizations in the commercial real estate sector provide customers with smart solutions to control various systems in homes and offices. Capturing data from sensors in real estate spaces, such as homes, workplaces, shopping places, and parking lots, among others, combined with the power of analytics, enables Internet of Things (IoT) to offer insights regarding preferences of customers. Popularity of asset & property management solutions and the increasing demand for enterprise applications to manage projects are key drivers propelling the growth of the IT in real estate market. High costs involved in the technological transition of various business processes act as a restraint to the growth of this market.
"The residential application segment to grow at the highest CAGR during the forecast period"
Access control software for residential application is anticipated to grow at the highest CAGR from 2016 to 2021. This growth is mainly attributed to the increasing deployment of electronic lock-based access control systems in residential properties to prevent security breach. Installation of these systems also helps minimize unauthorized access.
"North America estimated to be the largest market for IT in real estate, whereas, this market in the Middle East & Africa is projected to grow at the highest CAGR during the forecast period"
North America is estimated to account for the largest share of the IT in real estate market in 2016. Increased usage of internet in the real estate sector, need for data security, and growing investments in mobility and cloud solutions are key factors expected to fuel the growth of the North America IT in real estate market between 2016 and 2021. North America is the leader in the adoption and implementation of technical solutions in the real estate sector. Real estate organizations in countries of the Asia-Pacific, European, and the Middle Eastern & African regions are rapidly deploying solutions, such as ERP, CRM, and business intelligence technologies with the emergence of investment management, portfolio asset management, and rapid proliferation of the internet. In 2016, the Middle East & Africa has witnessed high investments in the real estate and construction sectors. Growth in the IT in real estate market in this region is mainly driven by increasing adoption of E-commerce platform and cloud-based solutions by real estate organizations.
In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews were conducted with key personnel. The break-up of profiles of primary participants is stated below:
- By Company Type: Tier 1: 30%, Tier 2: 40%, and Tier 3: 30%
- By Designation: C-level: 35%, Director level: 30%, and Others: 35%
- By Region: North America: 30%, Europe: 25%, Asia-Pacific: 25%, and RoW: 20%
Various key vendors profiled in the report are as follows:
- SAP SE (Germany)
- Oracle Corporation (U.S.)
- Microsoft Corporation (U.S.)
- IBM Corporation (U.S.)
- MRI Software LLC (U.S.)
- RealPage (U.S.)
- Yardi Systems, Inc. (U.S.)
- Salesforce (U.S.)
- The Sage Group PLC (U.K.)
- Accenture PLC (Ireland)
The IT in real estate market has been segmented on the basis of enterprise application, security solution, service, deployment type, and region. The enterprise application segment of the market has been further classified into customer relationship management (CRM), enterprise resource planning (ERP), enterprise content management (ECM), business intelligence, and business process management (BPM). The service segment of the IT in real estate market has been further classified into consulting, integration & deployment, maintenance & support, and others. On the basis of deployment type, the market has been categorized into on-premises and cloud. On the basis of security solution, the market has been segmented into access control, which has further been classified into commercial & services and residential. On the basis of region, the IT in real estate market has been categorized into North America, Asia-Pacific, Europe, the Middle East & Africa, and Latin America.
The report will help the market leaders/new entrants in this market in the following ways:
- This report segments the IT in real estate market, and provides the closest approximations of revenue numbers for the overall market and subsegments across different regions.
- The report helps stakeholders to understand the pulse of the market and provide insights on key market drivers, restraints, challenges, and opportunities.
- This report will help stakeholders better understand their competitive positions in the IT in real estate market. The competitive landscape section includes new product launches, partnerships, agreements & collaborations, mergers & acquisitions, and expansions.
Download the full report: https://www.reportbuyer.com/product/4364898/
Reportbuyer is a leading industry intelligence solution that provides all market research reports from top publishers
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/it-in-real-estate-market-by-enterprise-application-security-solution-deployment-type-service-region---global-forecast-to-2021-300368434.html