New York, February 17, 2021 (GLOBE NEWSWIRE) – Reportlinker.com announces the release of the report “Real Estate Agency and Brokerage Market Report Global Market 2021: COVID 19 Impact and Recovery by 2030.” – https: //www.reportlinker .com / p06025311 /? utm_source = GNW
$ 12 billion in 2020 to $ 1,008.95 billion in 2021 at a compound annual growth rate (CAGR) of 5.1%. The growth is largely the result of companies reorganizing their operations and recovering from the impact of COVID-19, which previously led to restrictive control measures that included social distancing, teleworking, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $ 1351.1 billion in 2025 with an 8% CAGR.
The market of real estate agencies and brokerage services consists of the sale of real estate and brokerage services by entities (organizations, individuals and partnerships) that act as agents and / or brokers for real estate activities. The market for real estate agencies and brokerage services is segmented into residential buildings and apartment brokers; intermediaries in non-residential buildings; mini warehouses and self-storage brokers; and other brokers.
The Asia-Pacific region was the largest region in the global real estate and brokerage market, accounting for 53% of the market in 2020. North America was the second largest region with 23% of the global real estate and brokerage market. Africa was the smallest region in the global market for real estate and brokerage agencies.
Real estate companies invest in artificial intelligence applications to perform a variety of functions such as property search, building management and design. Artificial intelligence helps real estate companies to find people who want to buy or sell real estate, find a suitable property based on customer requirements, redesign office space based on user behavior. According to a survey conducted by Drooms, an AI technology provider about 54% of surveyed property owners already use artificial intelligence to improve keyword searches, and 69% believe AI gives their companies a competitive advantage by enabling fast document searches. 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 house. WeWork, a startup that provides shared workspaces, uses artificial intelligence to design its office spaces. Skyline, an Israeli artificial intelligence platform, recommends real estate to real estate investors using data from more than 130 sources and taking into account over 10,000 different attributes on real estate.
The outbreak of coronavirus disease (COVID-19) acted as a major constraint for real estate agencies and the brokerage market in 2020, as the need for services offered by these institutions declined due to blockades imposed by governments globally. COVID 19 is a contagious disease with flu-like symptoms, including fever, cough and difficulty breathing. The virus was first identified in 2019 in Wuhan, Hubei Province of the People’s Republic of China, and has spread globally, including Western Europe, North America and Asia. Steps by national governments to halt the transfer have resulted in a decline in economic activity with countries entering a ‘lock-in’ state, and the outbreak is expected to continue to have a negative impact on business during 2020 and 2021. However, it was expected that the real estate agency and brokerage market would recover from the shock over the forecast period as this is a ‘black swan’ event and is not linked to persistent or fundamental weaknesses in the market or global economy.
Economic growth and a rapidly growing urban population are expected to increase demand for residential and commercial building intermediaries over the forecast period. The growing number of rural residents migrating to cities results in an increasing demand for access to affordable housing and commercial spaces. This provides a significant opportunity for real estate service providers to improve housing, retail and other commercial services. Globally, about 60% of urban settlements remain to be built. According to the World Bank, the urban population in South Asia is expected to grow by 250 million by 2030. This rapid urbanization is expected to increase demand for real estate agencies and brokers and move the real estate market and brokerage houses forward.
Read the full report: https://www.reportlinker.com/p06025311/?utm_source=GNW
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