USD 3.04 billion
Property Management Software Market Size, Share, Growth Analysis, By Deployment (Cloud, On-premises), By Solution (Software, Services), By Application (Residential, Commercial), By End-use (Housing Associations, Property Managers/ Agents), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG45E2206 |
Region:
Global |
Published Date: September, 2024
Pages:
165
|Tables:
63
|Figures:
75
Property Management Software Market Insights
Global Property Management Software Market size was valued at USD 5.4 billion in 2022 and is poised to grow from USD 5.88 billion in 2023 to USD 11.54 billion by 2031, growing at a CAGR of 8.8% during the forecast period (2024-2031).
Property management system (PMS) is a management software for commercial and residential rental properties as well as hospitality establishments. Manufacturing, local government as well as other sectors can also use PMS. There will be an accelerated trend towards the use of the software in property management over the forecast period. The pandemic has helped build startups who render all sorts of services related to real estate management. Hence, to meet the demand of vast clients as well as to oblige by the local measures, property management firms will have to upscale and use technology.
With PMS everything from taking a virtual tour of the villas to submitting a rental application to paying rent can be completed in a matter of minutes. The virtual tour of properties and leasing process seems to really cater to the new generation of renters. Property management software will benefit managing many aspects such as marketing available property or maintaining good relationships with tenants. Moreover, the property management software market will experience a prominent growth due to certain factors such as rise in adoption of cloud computing solutions and software-as-a-service (SaaS) platform, high increase in the development of smart real estate infrastructure and increase in dependency on one platform approach. In addition, the rise in consumer demand for sustainable living and working space drives the growth of the market. On the contrary, lack of awareness regarding optimal software solutions hampers the growth of the property management software market.
US Property Management Software Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Cloud
Fastest Growth
Cloud
Growth Rate
5.6% CAGR
Global Property Management Software Market ($ Bn)
Country Share for North America Region (%)
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Property Management Software Market Segmental Analysis
Global Property Management Software Market is segmented by Deployment, Solution, Application, End-use, and region. Based on Deployment, the market is segmented into Cloud, On-premises. Based on Solution, the market is segmented into Software, and Services. Based on Application, the market is segmented into Residential, and Commercial. Based on End-use, the market is segmented into Housing Associations, Property Managers/ Agents, Property Investors, and Others. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & and Africa.
Property Management Software Market Analysis by Deployment
The cloud segment accounted for the largest revenue share in 2023, owing to the wider adoption of cloud deployment by various end-users such as housing associations, corporate occupiers, and property managers. Small, medium, and large enterprises are shifting toward cloud-based property management solutions, as they are more effective owing to cost-efficiency, simplicity, scalability, and fewer tenant disputes. In addition, using cloud-based PMS software, property managers can make a backup, which helps prevent data loss. Moreover, the software has seamless data integration. Moreover, it also saves direct costs covered in automating a manual and labor-intensive procedure, along with the indirect cost of money recovery by the managers.
The on-premises deployment segment is likely to emerge as a significant growth contributor over the foreseeable years. The leading driving force behind this growth is the increasing concern for data security and privacy. When using on-premises solutions, companies can ensure that their data is stored and managed in their infrastructure, maintaining direct control over it. For property managers, who deal with highly sensitive tenant data, as well as financial and legal records, such a policy is critical for discrete regular operations. This approach to managing data also implies that companies can develop more stringent security protocols and minimize the risks of data leaks connected with cloud-based solutions.
Property Management Software Market Analysis by Application
The residential sector is expected to be the leading market segment due to several factors such as urbanization, lifestyle preferences, and real estate investment. Urban lifestyles have led to masses of people moving in search of jobs, education, and leisure. As opposed to the traditional way of purchasing land and constructing core houses, the populations in the cities repay their creditors and continue to reside in rental houses. Accessibility to housing units has also been boosted because of ongoing construction projects. Moreover, as a result of a modern societal bias against long-term commitments, a new trend is emerging in the form of rental housing and refusing to permanently purchase a home. The residential market section is split into many segments, such as multifamily housing or apartments, single-family housing, and so on.
The commercial segment is expected to grow at the fastest CAGR over the forecast period. The growing commercial sector across the globe is one of the major factors propelling the market demand. The rising cyber risk management, growing disposable income, changing consumption technologies, among others, are other factors expected to fuel investments in the commercial sector, thus, driving the PMS market growth. Moreover, the commercial segment includes various sub-segments, namely retail spaces, office spaces, hotels, and others. PMS has become a part of hotel management in the hospitality sector, which helps in managing the interface of numerous departments throughout the hotel to manage the estate or land effectively.
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Property Management Software Market Regional Insights
North America dominated the market for property management software in 2023, with the highest revenue share. The high speed of the internet, advanced cloud-related information storage and transmission, and availability of high-tech software and hardware components in the region have provided a perfect background for the promotion and implementation of PMS. North American companies and manufacturers have also been at the forefront of developing and applying the state-of-the-art technologies, which has resulted in the dominance of the region in the studied market. The concentration of population in urban localities has been integral in the formation of large residential houses, business premises, and mixed land use.
Asia Pacific It is expected that the Asia Pacific region will demonstrate the fastest CAGR in the property management software PMS market through 2023. Asia Pacific region is characterized by a dynamic real estate industry, which is experiencing the increasing use of cutting-edge technologies, and PMS is no exception. The governments of several countries situated in the region of are pursuing various initiatives and investing in smart cities to improve urban infrastructure and living standards. Primarily, the given projects revolve around property management due to excessive property in the form of large-scale buildings, shopping centers, etc., thus attracting the technology to manage the property effectively. PMS plays a paramount role in the management of smart cities as it provides tools for energy management, property management, and tenant services.
Global Property Management Software Market By Geography
- Largest
- Fastest
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Property Management Software Market Dynamics
Property Management Software Market Driver
Increase in Demand for SaaS
- There are several variables that have been contributing to the rapid expansion of the software as a service market, including the increased utilization of hybrid & public cloud-based solutions, tool integration & centralized data-driven analytics. Software as a Service has had substantial implications for the property management software market due to its affordable accessibility & scalability, less IT complexity & greater deployment rates.
Exponential Growth of the Real Estate Industry
- The real estate domain is one of the fastest-growing sectors globally, expected to generate US$ 5.89 Trillion by 2030. Some key contributors to the growth are population expansion, urbanization, and growing investment in the residential and commercial corpus. With the increase in volume, property managers are scouting for software solutions to manage multiple properties with complex data.
Restraints
High Cost Associated with PMS
- The key constraint is associated with the cost of implementing property management software. The software may require several types of investments from licenses to implementation, maintenance, and training or subscription. The total cost of ownership may also include additional investment in the hardware and system to store the software and its implementation, support, and training costs. Thus, for small to medium-sized property management companies or individual property owners who have limited budgets, the implementation costs of property management software may be too high.
Data Security Concern
- Property management software involves both sensitive information and important data such as tenant data, various financial records, and property characteristics. Many companies prefer not to use cloud-based software because of the fear of data security and privacy breaches, let alone the necessity to comply with GDPR or CCPA. These privacy concerns related to software vendor can be a major setback for the market growth if the service providers fail to implement proper safety means.
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Property Management Software Market Competitive Landscape
Property management software providers, backed by a large number of technical and financial resources, are expected to gain a dominant position in the industry, as they can respond to the market needs. Notably, the competitive condition in this market will become highly intensified, as more technological innovations, product extensions and varying strategies will be characteristic of the leading vendors. The growing demand for the smart networking systems is expected to affect the property management software market share in the anticipated period. The industry has developed due to the rise of the smart real estate infrastructure development, and the application of the cloud computing solutions and software-as-a-service platform.
Property Management Software Market Top Players Company Profiles
- AppFolio, Inc. (US)
- Console Australia Pty Ltd (Australia)
- CoreLogic (US)
- Entrata, Inc. (US)
- MRI Software LLC (US)
- REI Master (US)
- Yardi Systems Inc. (US)
- Zillow Group, Inc. (US)
- ManageCasa (US)
- SAP (Germany)
- ResMan (US)
- Buildium LLC (US)
- Procore Technologies (US)
- TenantCloud (US)
- Rentec Direct (US)
- Rentlytics (US)
- TenantSquare (US)
- Propertyware (US)
- SimpleRent (US)
- VTS (US)
- Landlord Studio (UK)
Property Management Software Market Recent Developments
- July 2024, PropertyGuru, a Singapore-based company, released Proptisfy, an AI-driven property management solution. This software is designed to improve efficiency and change the way real estate operations are managed in the industry.
- May 2024, Hemlane unleashed a free version of its property management software for landlords. The software provides landlords with screening tools, rental accounting, AI-driven listing, and essential equipment to manage properties properly.
- March 2024, Planon released a real estate management solution for SAP S/4HANA, an SAP Endorsed App. This solution allows real estate management to be connected with cloud ERP by SAP, which helps to run building operations smartly and sustainably.
Property Management Software Key Market Trends
- Integration of Disruptive Technologies: A key growth opportunity for the PMS market is the integration with emerging technologies to provide innovative solutions and gain a competitive edge. Integration with AI & ML, the Internet of Things and predictive analytics facilitates usage of technology in new ways. With the help of these technologies, property management software can offer their customers more advanced facilities and, thus, attract more buyers and develop the market.
- Growing Demand for Smart Buildings: Smart cities is one of the most promising trends in the real estate market. Smart buildings are claimed to be one of the major components within a smart city. Implementing contemporary ICT technologies is supposed to guarantee satisfying the needs of customers and support innovations in public services and urban structure. As a response, the implementation of digitalization into the smart city project and smart building and properties, in particular, leads to the market demand for property management software.
Property Management Software Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, the property management software market is projected to witness substantial growth, with the increasing complexity of real estate operations and the growing demand for more advanced management solutions being the key drivers. The current market trends suggest that industry leaders are in the process of developing innovative products that are designed to take systemic specifics of property managers and investors into close consideration. With the emerging industry-wide tendency toward digitization, the adoption rate of property management solutions is expected to increase, driving the market’s growth in the sector. According to industry trends, SaaS programs will demonstrate particularly strong growth, as the adoption of cloud technologies is increasing across all industries.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 5.4 billion |
| Market size value in 2031 | USD 11.54 billion |
| Growth Rate | 8.8% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Property Management Software Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Property Management Software Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Property Management Software Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Property Management Software Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Property Management Software Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Property Management Software Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Property Management Software Market Report Snapshots
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