The global property management software market size is anticipated to reach USD 4.85 billion by 2030, expanding at a CAGR of 5.6% over the forecast period, according to a new report by Grand View Research, Inc. The increasing preference of owners and property managers for scalability is one of the key factors expected to boost market growth. Also, factors, such as rising infrastructure development and the growing need to maintain property-related documents for seamless functioning, are anticipated to boost the market growth. The demand for property management software (PMS) has increased in the past few years for hotels and residential suites. The availability of internet bandwidth and virtual storage are a few of the factors influencing the demand in the hotel industry and residential sector.
Property Management Software Market Report Highlights
- The market will witness substantial growth during the forecast period owing to the increasing investments in real estate and the rise in the demand for transparency in property management
- The cloud segment accounted for the largest market share in 2021 owing to factors, such as scalability, ease of use, cost-effectiveness, and fewer disputes with tenants
- The property managers/agents segment accounted for the largest market share in 2021 due to an increasing number of commercial properties and real estate developments across the globe
- The commercial segment is expected to register the fastest CAGR over the forecast period due to rising investments in the commercial sector as a result of the growing demand for cyber risk management and growing disposable income
- New product development and partnerships and collaborations remain the major strategy adopted by the leading service provider in the market
Gain deeper insights on the market and receive your free copy with TOC now @: Property Management Software Market Report
Also, PMS in the residential suites has grown into a strategic position owing to developments in information and communications technology. Therefore, automation serves a wide array of PMS functions, including lease, notices, vacancy, invoice preparation, and circulars for the residential sector. In addition, PMS eliminates repetitive tasks, allows better communication, and standardizes hotel management. The increasing demand for outsourcing services is another prominent factor positively affecting the growth of this market. In recent years, several market players have been focusing on offering technologically advanced PMS solutions, such as cloud-based and AR-based solutions.
These are tough to be managed in-house as it involves a huge cost for recruiting a technically advanced workforce and spending on their training for the software. To overcome these challenges, numerous organizations outsource these services to PMS service providers. Moreover, a rise in outsourcing activities in Asian countries, such as India and the Philippines, from the Middle East and Western countries appears to be a significant factor contributing to regional market growth. The market in North America accounted for the largest revenue share in 2021 on account of the strong presence of prominent players offering PMS solutions/services in the region
Property Management Software Market Insights By Regions
North America accounted for the largest revenue share of more than 62.5%. This is attributed to the presence of prominent players in the region. The U.S. dominates the North America regional market in the current scenario owing to an increasing number of hotel spaces in the country. Europe accounted for the second-largest market share. The growth can be attributed to the strong presence of a large number of commercial and residential buildings, along with a high degree of digitalization in the region. The market in Asia Pacific is expected to grow at the fastest CAGR from 2022 to 2030. This growth can be credited to the rapidly evolving infrastructure, coupled with accessibility for the collection and maintenance of property information and escalating demand for improved data administration in the region.
Competitive Analysis By Major Companies
The PMS providers are focusing on new product development, which aids in strengthening their market presence. New products will help property managers, vendors, tenants, and owners stay connected on a single platform working remotely due to social distancing measures in the ongoing COVID-19 crisis. Some prominent players in the global property management software market include:
- AppFolio, Inc.
- CoreLogic
- Console Australia Pty. Ltd.
- Entrata, Inc.
- InnQuest Software
- IQware Inc.
For Any Questions or Inquire please visit @: https://www.grandviewresearch.com/industry-analysis/property-management-software-market/request/rs5
Property Management Software Market Segmentation
Grand View Research has segmented the global property management software market based on deployment, application, end-user, and region:
- Property Management Software Deployment Outlook (Revenue, USD Million, 2017 – 2030)
- Property Management Software Application Outlook (Revenue, USD Million, 2017 – 2030)
- Property Management Software End-user Outlook (Revenue, USD Million, 2017 – 2030)
- Property Management Software Regional Outlook (Revenue, USD Million, 2017 – 2030)
- List of Key Players of Property Management Software Market
Research Methodology
We employ a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. We utilize a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. Our market estimates and forecasts are derived through simulation models. A unique model is created and customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously.
For Customized reports or Special Pricing please visit @: https://www.grandviewresearch.com/special-pricing/450916/rfsp2
About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S. based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
Contact:
Grand View Research, Inc.
Phone: 1-415-349-0058
Toll-Free: 1-888-202-9519
Email: [email protected]
Web: https://www.grandviewresearch.com