Global Property Management Market

Global Property Management Market Size, Share, Growth Analysis, By Deployment(Cloud, On-Premises), By Application(Residential (Multi-family Housing/ Apartments, Single-family Housing), By End-user(Housing Associations, Property Managers/ Agents) - Industry Forecast 2024-2031

Report ID: SQSG45F2032 | Region: Global | Published Date: February, 2024
Pages: 270 | Tables: 94 | Figures: 75

Global Property Management Market Insights

Global Property Management Market size was valued at USD 3.04 billion in 2019 and is poised to grow from USD 3.15 billion in 2023 to USD 4.85 billion by 2031, growing at a CAGR of 5.6% in the forecast period (2024-2031).

The market for Property Management Software (PMS) is predicted to see an incremental increase due to rising demand for web-based services such as Software as a Service (SaaS) from property management software providers. A SaaS-enabled PMS aids in the management of daily activities such as tenant and lease tracking, building maintenance, and accounting, among other things. The program provides a single platform for viewing all properties as well as oversight of other property-related operations such as maintenance duties and tenant needs.

Among other applications, it primarily provides online document storage and sharing, electronic lease agreements, financial reporting, online maintenance requests and tracking, accounting capabilities, and integrated banking. PMS solutions have moved in recent years from manual to automation management solutions. The autonomous property management solution has enhanced the property management software system, reducing human errors and allowing property managers to quickly assign work assignments to avoid service interruptions. An automatic PMS aids in minimizing the time required to respond to tenant or owner concerns and grievances.

US Property Management Market is poised to grow at a sustainable CAGR for the next forecast year.

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Global Property Management Market size was valued at USD 3.04 billion in 2019 and is poised to grow from USD 3.15 billion in 2023 to USD 4.85 billion by 2031, growing at a CAGR of 5.6% in the forecast period (2024-2031).

The global property management suppliers are concentrating on new product development, which helps to strengthen their market position. Companies provide targeted solutions for owners and managers looking to expand their market penetration. Entrata, Inc. is a multinational corporation that provides software and data analytics solutions to real estate organizations. Owners and property managers benefit from the company's solutions for managing residential, commercial, and hotel properties. Because of its excellent SaaS solutions, the company has emerged as a leading market provider of candidate screening, revenue management, and utility management. These companies are focusing their efforts on the commercial sector of the market in order to give property managers and agents with current and effective solutions. 'CBRE Group, Inc.', 'JLL ', 'Cushman & Wakefield plc', 'Colliers International Group Inc.', 'Savills plc', 'Knight Frank LLP', 'Newmark Group, Inc.', 'BNP Paribas Real Estate', 'Hines', 'Eastdil Secured, LLC', 'Avison Young', 'Tishman Speyer', 'Brookfield Asset Management Inc.', 'Greystar Real Estate Partners', 'Prologis, Inc.', 'Lincoln Property Company', 'FirstService Corporation', 'KKR & Co. L.P.', 'Lendlease Group'

Property management SaaS models are becoming increasingly popular

Growing opportunity in hotel property management is a growing trend in property management market. Due to the stressful nature of owning and running a hotel, hotel property management is one of the fastest-growing areas in the property management business, as demand far outpaces new supply. A rising number of hotel owners are eager to offload the stress and use the services of the United States' already developed property management business. Hotel owners are quickly realizing the advantages of property management services and direct labor, which includes revenue management, human resources, accounting, and marketing. Because property management businesses have several clients, all of this is available at a low cost. The market opportunity is enormous, allowing providers to swiftly enhance their services and expand their client base.

In 2021, North America held the highest revenue share of more than 60% in the global property management market share. This is due to the presence of major players in the region. The United States currently dominates the North America regional market due to an increasing number of hotel rooms in the country. In 2021, Europe held the second-largest share in the global property management market. The presence of a large number of commercial and residential buildings, as well as a high level of digitization in the region, can be credited to the region's growth.

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