REAL ESTATE SOFTWARE MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)

Key Developments

• In May 2023, Planon, a global leader in real estate and facility management software, entered into a strategic partnership with SAP to deliver an integrated solution that combines Planon's real estate and smart building management capabilities with SAP's market-leading enterprise resource planning (ERP) functionality. Thus, the resulting Planon real estate management for SAP S/4HANA is a cloud-based offering that will enable organizations to optimize their real estate portfolios, improve building performance and sustainability, and generate auditable ESG reports. By leveraging SAP's ERP strengths in areas such as finance, procurement, sales and HR, the partnership aims to unlock significant value for customers across the enterprise.
• In October 2022, Google Cloud and Accenture, two leading global technology companies, announced plans to deepen their strategic partnership to drive innovation in the real estate software sector. The companies will leverage cutting-edge technologies like artificial intelligence (AI) and machine learning (ML) to develop advanced solutions that transform how real estate businesses operate and deliver value to customers. By combining Google Cloud's powerful cloud infrastructure, data analytics capabilities, and AI/ML tools with Accenture's deep industry expertise and software engineering process, the renewed collaboration aims to create next-generation real estate software that optimizes operations, enhances tenant experiences, and unlocks new growth opportunities for clients across the real estate value chain.
• In June 2022, Hyland, a leading provider of content services solutions, unveiled its latest product enhancements and upgraded offerings designed to empower its customers to navigate their digital transformation journeys more effectively. These updates aim to accelerate the adoption of cloud-enabled content services, enable federated repositories for seamless information access, and leverage low-code application development capabilities to rapidly respond to evolving business needs. By continuously innovating its content services platform, Hyland remains committed to helping organizations overcome key challenges, improve employee and customer experiences, and enable a culture of continuous innovation in the face of rapid digital transformation.
• In June 2022, SL Green Realty Corp., the largest office property owner in Manhattan, partnered with IBM to leverage the tech giant's sustainability software solutions in advancing their environmental, social and governance (ESG) initiatives. SL Green will utilize Envizi, an IBM company offering, to enhance data-driven decision making, reporting and optimization of its sustainability programs across its extensive real estate portfolio in New York City. By harnessing Envizi's capabilities to collect, analyze, and visualize ESG data, SL Green aims to identify opportunities for greater operational efficiency, reduce environmental impact, and drive sustainability throughout its 34.9 million square feet of commercial properties.
• In May 2022, Sage, a leading provider of cloud business management solutions, announced the launch of Sage Intacct Real Estate, a new module that extends the capabilities of its Sage Intacct cloud financial management platform to include comprehensive property management functionality. This solution integrates Sage 300 Construction and Real Estate (CRE) Property Management with Sage Intacct's multi-tenant cloud architecture, delivering a modern, flexible, and scalable approach to managing property management financials. The Sage Intacct Real Estate module offers advanced features such as lease management, flexible reporting, automated billing and fee collection, and seamless integration with the core Sage Intacct accounting system, empowering property managers and owners to streamline operations and make data-driven decisions.
• In April 2021, MRI Software completed the acquisition of Manhattan, the real estate and workplace solutions division of Trimble, bolstering its global workplace management offerings for real estate owners, operators and occupiers. The Manhattan acquisition strengthens MRI's technological capabilities, expands its client base in North America, Europe, and Asia Pacific, and enhances its Integrated Workplace Management System (IWMS) with robust space scheduling, booking and facilities management features. This strategic move aligns with MRI's commitment to providing innovative solutions that enable flexibility for workplaces and leases in a rapidly evolving real estate landscape.