New York, 17 Feb. 2021 (GLOBE NEWSWIRE) — Reportlinker.com announces the publication of the report “Real Estate Agency and Brokerage Global Market Report 2021: COVID 19 Impact and Recovery to 2030” – https://www.reportlinker.com/p06025311/?utm_source= GNW
$12 billion in 2020 to $1008.95 billion in 2021 at a compound annual growth rate (CAGR) of 5.1%. The growth is mainly due to companies reorganizing their operations and recovering from the impact of COVID-19, which had previously led to restrictive containment measures involving social distancing, remote working and the closure of business activities that resulted in operational challenges. The market is expected to reach $1,351.1 billion in 2025 with a CAGR of 8%.
The real estate agency and brokerage services market includes sales of real estate and brokerage services by entities (organizations, sole proprietorships and partnerships) that act as agents and/or brokers for real estate activities. The real estate agency and brokerage services market is segmented into residential real estate and housing brokers; non-residential building brokers; mini-warehouse and self-storage unit brokers; and other brokers.
Asia-Pacific was the largest region in the global real estate agency and brokerage market, accounting for 53% of the market in 2020. North America was the second largest region, accounting for 23% of the global real estate agency and brokerage market. real estate brokerage. Africa was the smallest region in the global real estate agency and brokerage market.
Real estate companies are investing in artificial intelligence applications to perform various functions such as property search, building management and design. Artificial intelligence helps real estate companies find people looking to buy or sell properties, find suitable property based on customer needs, redesign office spaces based on user behavior. According to a study conducted by AI technology provider Drooms, approximately 54% of real estate professionals surveyed are already using artificial intelligence to improve keyword research and 69% believe that AI gives their businesses a competitive advantage by allowing a quick search of documents. For example, REX, a real estate company, analyzes data from third parties such as Google to determine a person’s willingness to buy or sell a home. WeWork, a startup that offers shared workspaces, uses artificial intelligence to design its office spaces. Skyline, an Israeli company’s artificial intelligence platform, recommends properties to real estate investors using data from over 130 sources and considering over 10,000 different property attributes.
The coronavirus disease (COVID-19) outbreak has acted as a massive constraint on the real estate agency and brokerage market in 2020 as the need for the services offered by these establishments has diminished due to lockdowns imposed by governments around the world. whole world. COVID 19 is an infectious disease with flu-like symptoms including fever, cough and difficulty breathing. The virus was first identified in 2019 in Wuhan, Hubei Province in the People’s Republic of China, and has spread around the world, including Western Europe, North America and Asia. Measures taken by national governments to contain transmission have led to a decline in economic activity as countries enter a state of ‘lockdown’ and the outbreak is expected to continue to negatively impact businesses throughout 2020 and into 2021. However, the real estate agency and brokerage market is expected to recover from the shock during the forecast period as it is a “black swan” event. and not related to persistent or fundamental weaknesses in the market or the global economy.
Economic growth and a rapidly growing urban population are expected to increase the demand for residential and commercial building brokers over the forecast period. With the growing number of rural residents migrating to cities, there is a growing demand for access to affordable housing and commercial space. This presents real estate service providers with a significant opportunity to improve housing, retail and other business services. Globally, about 60% of urban settlements were yet to be built. According to the World Bank, the urban population in South Asia is expected to increase by 250 million by 2030. This rapid urbanization is expected to drive the demand for real estate agencies and brokers and drive the real estate agency and brokerage market forward.
Read the full report: https://www.reportlinker.com/p06025311/?utm_source=GNW
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