MRFR Press Release/- Market Research Future has published a Half-Cooked Research Report on the Global Property Management Market
Global Property Management Market is expected to reach USD 35.46 billion by 2030, registering a CAGR of 8.40% during the forecast period 2022–2030. In this report, Market Research Future (MRFR) includes the segmentation and dynamics of the market to offer a better glimpse of the market in the upcoming years.
Increasing demand to efficiently manage the property portfolios among property managers is driving the overall market of property management systems. Moreover, growing demand for SaaS-based solutions and increasing investment in various technologies by property managers is driving the market. Property management solution is a software tool that helps the users in managing, monitoring, and analyzing various aspects of commercial or residential properties. These aspects include document and lease, tenant’s rent, asset management, and financial accounting. Property management solutions can be deployed on-premise or on cloud. The solution can also be integrated with the existing legacy software like Enterprise Resource Planning (ERP) and Customer Relationship Management (CRM) to provide more comprehensive insights to the end-users. Vendors operating in the market offer comprehensive property management solutions with advanced features like predictive analytics. For instance, IBM uses the capabilities of Watson analytics to provide insights about various trends like rent value, paying trend of tenants or business among others. A number of property managers and property management companies have been deploying these advanced property management solutions to improve and streamline their business operations. For instance, Liberty Management Inc., a property management firm providing its services in the San Antonio area in Texas, US, has been in partnership with AppFolio for eight years. AppFolio provides property management software to the company.
The adoption of property management is specifically increasing among property managers due to the flexibility it offers to them. Also, with the entry of various property management providers in the market, property managers have numerous vendors to evaluate before selecting the one, which in turn is intensifying competition in the market. Also, with the introduction of more affordable and comprehensive solutions in the market, the popularity of property management solutions has increased. All these developments have helped the market to grow at a significant pace in recent years and this trend is expected to continue in the upcoming years as well.
The Global Property Management Market has been segmented on the basis of Component, Deployment, Application, End-User, and Region.
Based on component, the property management market has been segmented into solution and services. The service segment has been further categorized into integration services, consulting services, and training and maintenance services. The solution component segment held the larger share in the year 2018 and is expected to remain so in the forecast period as well. In order to efficiently manage the property portfolio, property managers are significantly deploying property management solutions. Additionally, vendors operating in the market offer various features as a part of their property management solutions that help property managers and property management companies to streamline their overall business operations. For instance, SAP SE’s property and real estate management solution is a web-based tool that offers real-time integration with SAP ERP and SAP S/4HANA. The solution also offers real estate analytics that helps property managers as well as owners to take effective decisions about property location and property value.
Based on deployment, the market has been segmented into on-premise and cloud-based solution. The cloud-based property management solution held the larger share in the year 2018 and is expected to remain so in the forecast period. Cloud-based property management solution is affordable, scalable, and flexible thereby making the solution widely popular among small and mid-sized property managers.
Based on the application, the property management market has been divided into residential and commercial. Moreover, commercial sub-segment has been further categorized as retail, hospitality, office spaces, and others. The commercial application segment is expected to grow at the highest CAGR in the forecast period due to increasing demand for rental offices in the coming years. Based on end-user, the property management market has been segmented into property manager/agent and, housing association. The property manager end-user segment accounted for the larger share in the year 2018. A large number of property managers are deploying cloud-based solutions to effectively manage their day to day business operation which is expected to increase the demand for these solutions in the coming years.
The prominent players operating in the property management market are Skyline property management, Re-Leased Software Company Ltd., Rosmiman Software Corporation, MRI Software LLC, Buildium, Yardi Systems, Inc., AppFolio, Inc., IBM, Oracle, SAP, Trimble Inc., RealPage, Inc., Accruent, Spacewell, and Chetu Inc.
The regional analysis for the global property management has been done for North America, Europe, Asia-Pacific (APAC), and the Middle East & Africa, and South America.
The market in North America accounted for the largest market share in 2018, and it is expected to register strong growth during the forecast period. The key driving factors for the growth of the property management market in the region include the growing demand for property management solutions among property managers operating in the US, Canada, and Mexico.
The market in Asia-Pacific is expected to grow at the highest CAGR during the forecast period. For the purpose of analysis, Asia-Pacific has been categorized into China, Japan, India, and the rest of Asia-Pacific. This growth can be attributed to the growing investment by property managers and property management firms in various technologies such as property management software, electronic payment solution, accounting and bookkeeping tools, electronic lease among others.