According to the reports, the Property Management Market size is projected to grow at a compound annual growth rate of CAGR of 7.3% during the forecast timeframe, reaching USD 21.4 billion by the end of the year 2025. Managing commercial properties effectively is made easier with the assistance of an application software solution designed to assist management companies, landowners, property investment attorneys, and other players in the process. Properties managed by a property management company include both commercial and residential areas that are managed on behalf of the institution owners. Such software aids in the simplification of day-to-day activities for property managers, resulting in a reduction in the total time and money spent on the management of the real estate industry.
Over the years, property supervisors, landlords, and auditors have communicated via email, while recording monetary operations, inspections notes, and renter demands on hardcopy or inaccessible spreadsheets have been standard practice. Nevertheless, as a result of the advent of overall program management tools, a growing number of real estate stakeholders and decision-makers are turning to technology solutions to simplify their real estate company processes and save costs. As a result, the increasing demand amongst end-users for the effective administration of the real estate market is driving the property management market growth. The development of a cloud-based deployment strategy, in addition, is anticipated to increase the use of software as a service.
This report contains all the information on the global Property Management Market analysis and its strengths. The report also contains the culmination of dynamics, segmentation, key players, regional analysis, and other important factors. And a detailed analysis of the global Property Management Market forecast for 2025 is also included in the report.
Covid 19 Analysis:
Increasing corporations and government funding may aid in the fight against such an extremely infectious illness covid 19. Certain sectors are suffering, while others are flourishing. The pandemic is expected to have an influence on nearly every industry.
Property Management Market Dynamic:
The introduction of cloud computing technology represents one of the most significant advancements in the software business. The use of cloud computing has had a significant impact on the way software developers create, deployed, and provided to customers. Product developers may now concentrate more on the technological aspects of their software while delegating the administration aspects to cloud services as a result of this shift. SaaS software allows users to pay for services on a per-use basis and discontinue services at any time. SaaS software allows large residential property management companies to quickly and easily integrate various types of software throughout their entire portfolio of Property Management Market.
Owners and investors of commercial buildings and facilities have a major interest in increasing the energy efficiency and productivity of their operations. Property Management Market providers can incorporate Building Information Modeling (BIM) into their management systems to improve the whole asset life cycle. Developing, building, operating, and sustaining an architectural as a participatory partnership, utilizing a single complete and up-to-date system of computer simulations rather than multiple sets of distinct tools and documentation is known as Building Information Modeling (BIM). When building information modeling (BIM) is combined with property management software, it serves as a repository of architectural data that can be gathered by many departments.
Throughout the globe, the real estate market has seen significant fluctuations in recent years. The effects of the worldwide economic downturn that began in 2008 have lingered for many years, particularly in the real estate sector. Despite the fact that the market has experienced some sustainability and prosperity since 2012, it remains extremely volatile owing to the large disparity between the demographic and the indices of real estate. These considerations discourage entrepreneurs from entering the property management industry.
According to a study performed by Buildium which is a supplier of property management software in the year 2018, there are a variety of challenges associated with property management companies. The top difficulties identified in the study were building upkeep, administration, and accounting, maintaining tenant's paperwork, and maintaining a real estate portfolio, among other things. Property managers are making substantial investments in property management systems in order to solve these difficulties. According to the results of the study, almost 77 percent were utilizing property management software to run their companies as of 2018. Property management software has resulted in a substantial boost in income for end customers who have used it. Additionally, the program has assisted them in more efficiently organizing activities, keeping track of their finances, and streamlining the rental collecting process.
In addition to property administration, contract management, records management, tracking of tenancy and vacancies, and statistics, property management software also includes a variety of additional functions. For example, the estate accounting component of the program assists end-users in keeping track of their budgets, rents, as well as other payments as they occur. This component of the program, which allows for contract management and document management, aids in the monitoring and management of tenants' lease contracts. The monitoring of the tenancy and vacancies function of the tool offers information about the occupancy and vacancy of a property, which is made possible by the gathering of real-time data from IoT sensors on real estate.
In order to better understand the Global Property Management Market, it has been divided into the following categories: component; deployment; application; end-user; and region. The property management industry has been divided into two categories based on the component: solutions and services. In order to better understand the service sector, it has been divided into three sub-categories: integration services, consultancy services, and maintenance and training services.
Over the year 2018, the solution segment accounted for the largest share of the market, and this is anticipated to continue throughout the forecast timeframe. This sector is projected to expand at a faster rate than the other segments over the forecast period. It is anticipated that the integrated services sector would expand at the fastest rate of CAGR among all service segments throughout the projection timeframe. In the future years, it is anticipated that a significant number of property managers would require system integration with legacy applications such as ERP and facilities management services, which will in turn facilitate the growth for integration services.
Property Management Market Segmentation Overview:
The market is segmented on the basis of the component; deployment; application; end-user; and region. The global Property Management Market trends are expected to witness decent growth during the forecast period.
Based on the application, the property management market is segmented into residential and commercial. Furthermore, the commercial sub-segment was further subdivided into the retail, hotel, workspaces, and other sub-segments, among other things.
Based on the propulsion types, the property management market is segmented into property agents and housing associations.
Property Management Market Regional Analysis:
According to geography, the global property management market has indeed been divided into the following regions: Asia-Pacific, North America, Europe, the Middle East, and Africa, and South America. In terms of profitability in the property management industry, North America is the most dominant region. Some of the reasons contributing to the market's expansion include an increase in home construction in the area, as well as an increase in government spending by real estate brokers on a variety of sophisticated technology.
Property Management Market Competitive Landscape:
In the property management business, there are many companies that provide a variety of different solutions to customers. Property management systems coupled with sophisticated analytics technologies, for example, are available from companies such as IBM. The company's Watson analytics, which is linked with the property management system, offers information on the rent and its maturity period, monthly payment and late fees amounts, predicted trend of businesses payment late, and communal area of building upkeep, among other things.
Property Management Market Major Key Players:
Trimble Inc. purchased Viewpoint, a supplier of construction management software, in 2018 July. Trimble anticipates that the purchase will enable the company to improve the capabilities of its
By End User:
By Commercial Application:
|Market Size||USD 21.4 Billion (2025)|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||By Component, By Deployment, By Application|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||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.|
|Key Market Opportunities||The integration of BIM solutions with property management solutions is expected to enahcne the property life cycle, and thus, makes it easier for market players to ensure energy efficiency and productivity.|
|Key Market Drivers||The property management market is driven by the growing need among end users to efficiently manage the real estate business.|
Frequently Asked Questions (FAQ) :
The global property management market is anticipated to account for a substantial revenue generation of USD 21.4 billion by 2025, expanding at a considerable CAGR of 7.3% over the review period (2018-2025).
The integration of BIM solutions with property management solutions is expected to enahcne the property life cycle, and thus, makes it easier for market players to ensure energy efficiency and productivity.
The global property management market segmentation is conducted based on component deployment, application, end-user, and region.
The regional analysis of the global property management market is conducted in four major regions, including North America, the Asia Pacific, Europe, and the rest of the world (comprising Latin America and the Middle East and Africa).
The report anticipates the fastest growth in the Asia Pacific, and matured growth in North America and Europe. Furthermore, the rest of the world region is expected to witness a gradual market growth over the review period.
property manager manage rental properties efficiently, These properties include commercial as well as residential spaces
commercial and residential
Property management software helps in streamlining day to day tasks of property managers, thereby reducing the overall time and cost invested in managing the real estate business
Property management is a software application tool that helps property managers, property owners, real estate accountants, and other stakeholders to manage rental properties efficiently