The business process management (BPM) in real estate market is estimated to grow from USD 429.1 Million in 2016 to USD 1,298.0 Million by 2021, at a high CAGR of 24.8% during the forecast period.
Growth of the business process management in real estate market can be attributed to the increasing adoption of BPM solutions by real estate companies. BPM solutions are implemented to automate business processes and enhance operational efficiency. Furthermore, over the past decade, the advent of new technologies has radically transformed the way organizations engage with customers. Real estate organizations are adopting business process management solutions to cater to the growing demand of customers for optimizing business processes and enhancing their presence in the market.
Based on component, the business process management in real estate market is divided into solutions and services. The solutions segment is projected to lead the BPM in real estate market during the forecast period. Furthermore, there has been rapid adoption of monitoring & optimizing solutions in the real estate sector.
The monitoring & optimizing solutions segment of the BPM in real estate market is expected to grow at the highest CAGR during the forecast period. The services segment is anticipated to grow at the highest rate during the forecast period. High growth rate of the services segment can be attributed to the wide use of services by various enterprises to maximize efficiency of their infrastructure.
Based on deployment type, the on-premises segment is projected to lead the global BPM in real estate market during the forecast period. However, the cloud segment offers higher flexibility in deployment of BPM software as compared to on-premises.
Furthermore, owing to technological advancements in BPM, key vendors are focusing on launching next generation solutions and services aimed at enhancing and automating business workflow, such as managing contracts and leasing offers, automating proposals, and addressing customer queries, among others
Key vendors profiled in the report are as follows: