Property Management Market Size was valued at USD 21.9 billion in 2023. The Property Management market industry is projected to grow from USD 23.7 Billion in 2024 to USD 45.3 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 8.40% during the forecast period (2024 - 2032). As consumer real estate tastes change, there is an increasing demand for management software, as well as for better consumer handling and supportare the key market drivers enhancing the market growth.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Software-as-a-Service (SaaS) and integrated cloud computing services are gaining popularity as the preferred method of service delivery. Subscription-based SaaS solutions benefit businesses of all sizes. Companies in the market are increasingly turning to SaaS solutions to streamline operations by automating workflows and eliminating manual inputs. Deploying a SaaS solution also allows organizations to reduce the complexity and cost of on-premises deployments. Large multifamily property management organizations can more easily integrate different technologies throughout their portfolios with the use of SaaS software.
Additionally, the SaaS approach is critical for interoperability between multi-vendor devices and legacy systems. Real estate firms are data-driven and employees rely on up-to-date information to make important decisions. Offline networks can't get data from anywhere, which is a major obstacle to decision-making. Additionally, SaaS solutions allow users to access information from anywhere using any device with internet access. Additionally, the SaaS model supports the integration of multi-vendor platforms into existing systems. Leveraging the SaaS platform, property managers can combine property solutions with sophisticated payment services for quick and easy transactions.
Many employees now prefer to work from home rather than from an office, headquarters or an international branch of an organization. This requires flexible access to office resources and data. Additionally, businesses are using virtual workspaces to minimize physical infrastructure requirements and use office space more flexibly and efficiently. Many companies are looking for mobility, workplace and other integrated facility management solutions. This allows property managers to maintain pace and speed despite large numbers of employees. Associate realtors and property managers can use these solutions to keep track of all the properties they manage and any regular maintenance that needs to be performed. As such, the wealth management business has benefited from increased employee mobility. Therefore, such solutions has enhanced the Property Management market CAGR across the globe in the recent years.
The Property Management market segmentation, based on components, includes solutions, and services. The solution Property Management segment held the majority share in 2021 in respect to the Property Management market revenue. This is due to the system enables property managers and property professionals to carry out property-related activities in an efficient and cost-effective manner. In the past, property owners and landlords had to hire outside real estate agents to manage their properties, which was time-consuming and costly. However, the advent of powerful property management software has automated and improved the work of property managers and owners. Services are further divided into consulting and support & maintenance. Increased use of wealth management software is likely to increase demand for related service segments, leading to high growth rates during the forecast period.
June 2022: In order to update software connectors for property management, AppFolio launched the AppFolio Stack Marketplace. It enables AppFolio Property Manager users to seamlessly provide the specialized solutions users need to manage complex portfolios and run their entire business from a centralized hub.
The Property Management market segmentation, based on deployment, includes On-premise, and cloud. The On-premise deployment segment dominated the market in 2021 and is projected to be the faster-growing segment during the forecast period, 2022-2030. The placement of it asset management software on-premises eliminates security concerns over the internet and reduces the chances of data breaches and cybersecurity attacks. The cloud-based sector is expected to outpace on-premise market growth during the forecast period. The cloud-based software allows property managers and landlords to store all documents, including legal contracts, leases, and contractors' service level agreements on a single platform at minimal cost. Improved security is a benefit of cloud-based applications as well. Traditional real estate applications seldom receive security updates, making data susceptible to theft, power failures, and natural catastrophes. Hence, rising applications of metal material implants for Property Management positively impacts the market growth.
The Property Management market data has been bifurcated by application into residential, and commercial. The residential segment dominated the market in 2021 and is projected to be the faster-growing segment during the forecast period, 2022-2030. The need for asset management software to manage residential properties such as homes, single-family and multi-family homes, bungalows, etc. is driving the expansion of this segment.
Figure 2: Property Management Market, by Application, 2021 & 2030 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Additionally, as the population grows, the need for housing is expected to continue to grow. For this reason, as the number of residential properties increases, the demand for asset management systems will continue to grow. The commercial segment is expected to grow steadily. Commercial property managers are responsible for managing non-residential properties such as retail spaces, offices, industrial buildings, and storage facilities. Commercial property owners maintain complete administrative and financial records and are kept up to date on all applicable fees, mortgages, repairs, and services.
Based on End Users, the Property Management industry has been segmented into Property Manager/Agent, and Housing Association. Property Manager/Agent held the largest segment share in 2021. For certain property managers, managing day-to-day operations requires a large amount of work to balance the surroundings. Manually performing business tasks such as monitoring, paying rent, and receiving maintenance orders can be time-consuming and often intimidating. As such, there is a increasing demand for automated software that enables property managers to manage many business processes. The adoption of this software among real estate investors and third party his providers is expected to grow at a healthy he CAGR during the forecast period.
March 2021: Planon partnered with AddOnn to combine AddOnn’s SaaS solution with Planon’s software platform for building & service digitization to offer an end-to-end solution to end-users across the globe. This initiative has further broadened the growth opportunity for the Property Management industry.
By Region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. North America Property Management market accounted for USD 7.97 billion in 2021 and is expected to exhibit a significant CAGR growth during the study period. This is attributed to the expansion of e-commerce to offer property managers and real estate players several possibilities to invest in asset management software/services across the region. In the upcoming years, there will probably be a major increase in foreign investment in the local real estate market.
Further, the major countries studied in the market report are: The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 3: Property Management Market Share By Region 2021 (%)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe Property Management market accounts for the second-largest market share due to the regional monetary development, it is more promising for metropolitan areas than for the country as a whole. In addition, the region's digital strategy and infrastructure will be continuously updated to use business intelligence and predictive analytics to build future-proof buildings and leverage IoT for structural planning and redesign. This improved transparency is boosting the investment climate in real estate. This contributes to the expansion of market growth in Europe. Further, the Germany Property Management market held the largest market share, and the UK Property Management market was the fastest growing market in the European region.
The Asia-Pacific Property Management Market is expected to grow at the fastest CAGR from 2022 to 2030. This is due to Emerging markets are growing rapidly. In particular, China, India, and Indonesia will grow in relative size with respect to middle-class spending. As a result, households are able to spend more than their basic needs, opening up real estate investment opportunities. Retail, logistics, and hospitality are all undergoing major changes to meet the increased demand from the rapid rise of e-commerce. Moreover, China Property Management market held the largest market share, and the India Property Management market was the fastest growing market in the Asia-Pacific region.
Major market players are spending a lot of money on R&D to increase their product lines, which will help the Property Management market grow even more. Market participants are also taking a range of strategic initiatives to grow their worldwide footprint, with key market developments such as new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the Property Management industry must offer new advanced solutions to expand and survive in an increasingly competitive and rising market environment.
One of the primary business strategies adopted by manufacturers in the Property Management industry to benefit clients and expand the market sector is to invest in asset management software/services. In recent years, Property Management industry has provided solutions with some of the most significant benefits. The Property Management market major player such as Rosmiman Software Corporation, MRI Software LLC, Buildium, Yardi Systems Inc., Trimble Inc and others are working to expand the market demand by investing in research and development activities.
Yardi Systems Inc. is a company based on Property Management Software out of Santa Barbara CA. it provide its solution residential, commercial, retail, and investment management business segment. In February 2021, Yardi Systems, Inc. launched Rent Relief powered by Yardi, a powerful all-in-one platform that will help get payments to households and landlords quickly and easily. It helps government to manage the distribution process of federal emergency rental assistance.
Also, Trimble Inc. is delivering products and services that connect the physical and digital worlds. Its technologies in positioning, modeling, connectivity and data analytics enable customers to improve productivity, quality, safety and sustainability. It offers products to enterprise lifecycle solutions, Trimble software, hardware and services are transforming industries such as real estate, agriculture, construction, geospatial and transportation. In February 2021, A formal agreement has been reached between Trimble Inc. and MRI Software for the sale of the company's Manhattan real estate and workplace solutions businesses (MRI). The sale is consistent with Trimble's goal of concentrating on business sectors essential to its long-term expansion and strategic product roadmap. Leading providers of real estate software include MRI.
Skyline Property Management
Re-Leased Software Company Ltd
Rosmiman Software Corporation
MRI Software LLC
Buildium
Oracle
SAP
Trimble Inc
April 2022- Entrata declared its entry into Canada. The premier operating system provider for the multifamily sector, Entrata, announced its entry into the Canadian property management market.
March 2022- Reapit is planning to increase the size of its portfolio by purchasing Console, a significant proptech business. Reapit announced the acquisition of Console Group Pty Ltd. with the support of private equity company Accel-KKR (AKKR).
Solution
Services
On-Premise
Cloud
Residential
Commercial
Property Manager/Agent
Housing Association
US
Canada
Germany
France
UK
Italy
Spain
Rest of Europe
China
Japan
India
Australia
South Korea
Australia
Rest of Asia-Pacific
Middle East
Africa
Latin America
| Report Attribute/Metric | Details |
| Market Size 2023 | USD 21.9 billion |
| Market Size 2024 | USD 23.7 billion |
| Market Size 2032 | USD 45.3 billion |
| Compound Annual Growth Rate (CAGR) | 8.40% (2024-2032) |
| Base Year | 2023 |
| Market Forecast Period | 2024-2032 |
| Historical Data | 2018 & 2020 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Component, Product Type, Technology, Fuel Type, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and Rest of the World |
| Countries Covered | The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | Rosmiman Software Corporation, MRI Software LLC, Buildium, Yardi Systems Inc., Trimble Inc and others |
| Key Market Opportunities | As consumer real estate tastes change, there is an increasing demand for management software |
| Key Market Dynamics | The growing need for better consumer handling and support |
Property Management Market Highlights:
Frequently Asked Questions (FAQ) :
The Property Management market size was valued at USD 21.9 Billion in 2023.
The market is projected to grow at a CAGR of 8.40% during the forecast period, 2024-2032.
North America had the largest share in the market
The key players in the market are Rosmiman Software Corporation, MRI Software LLC, Buildium, Yardi Systems Inc., Trimble Inc and others.
The solution category dominated the market in 2023.
The on-premises deployment had the largest share in the market.
Senior Research Analyst Ankit gupta is an analyst in market research industry in ict and semi industry. with post-graduation in "telecom and marketing management" and graduation in "electronics and telecommunication" vertical he is well versed with recent development in ict industry as a whole. having worked on more than 150+ reports including consultation for fortune 500 companies such as microsoft and rio tinto in identifying solutions with respect to business problems his opinions are inclined towards mixture of technical and managerial aspects.
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