USD 3.04 billion
Report ID: SQMIG45E2206 | Region: Global | Published Date: February, 2024 | Pages: 165 | Tables: 89 | Figures: 76
Property Management Software Market size was valued at USD 3.04 billion in 2021 and is poised to grow from USD 3.21 billion in 2022 to USD 5.24 billion by 2030, growing at a CAGR of 5.6% in the forecast period (2023-2030).
Due to increasing demand for web-based services, such as Software as a Service (SaaS) by providers of property management software, the market is anticipated to experience a slight increase in demand for Property Management Software (PMS). The management of daily activities, such as tenant and lease tracking, building maintenance, and accounting, is facilitated by SaaS-enabled PMS. The software offers a centralized location to examine all the properties and also allows for the management of other property-related responsibilities, such as taking care of tenant needs and maintenance chores. Among other things, it principally provides integrated banking, accounting, financial reporting, electronic lease agreements, online maintenance requests and tracking, and online document storage and sharing. PMS systems have recently switched from manual to automation management techniques. The automated property management system has enhanced the property management software, reducing human errors and enabling property managers to properly distribute work assignments to prevent service interruptions. The amount of time it takes to reply to complaints and concerns from renters or owners is decreased with the use of an automatic PMS.
US Property Management Software Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 3.04 billion
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Property Management Software Market is segmented on the basis of deployment, application, end-user and region. Based on deployment, the Property Management Software Market is segmented into cloud and on-Premises segments. On the basis of application, the Property Management Software Market is segregated into residential and commercial segments. Based on the end-user, the Property Management Software Market is segmented into housing associations, property managers/ agents, property investors and other sub segments. Based on region, the global property management software market is segmented into North America, Europe, Asia-Pacific, South America, and MEA.
Property Management Software Market Analysis by Deployment
Based on the Global Property Management Software Market, Cloud Segment has dominated the market. Over 58% of total revenue in 2021 came from the cloud segment, which is predicted to maintain its dominance throughout the forecast period. This is due to a variety of end users, including property managers, housing associations, and corporate occupiers, among others, adopting cloud deployment at an increasing rate. Small, medium-sized, and large businesses are moving toward cloud-based property management solutions due to factors including scalability, usability, cost effectiveness, and less tenant conflicts. Additionally, cloud-based PMS software enables seamless data integration and backup capabilities, both of which aid in reducing data loss.
Property Management Software Market Analysis by Application
Based on the Global Property Management Software Market, Residential Segment has dominated the market.More than 66% of the market was accounted for by the residential segment in 2021, and it is anticipated that this segment will continue to dominate during the forecast period. This expansion can be attributable to rising real estate investment. The residential component is further divided into single-family homes, multi-family homes/apartments, and others. On the other hand, the commercial segment is anticipated to increase at the quickest rate during the projection period. One of the key elements influencing the category is the expanding commercial sector around the world. Among other factors, the increasing demand for cyber risk management, rising disposable income, and evolving consumption technologies are anticipated to fuel investments in the business sector, propelling the expansion of the PMS market.
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Based on the Global Property Management Software Market, the North America region has dominated the market. The highest revenue share in 2021—more than 62.5%—came from North America. This is explained by the presence of important players in the region. Due to an increase in hotel rooms nationwide, the U.S. currently dominates the regional market for North America. In 2021, Europe had the second-largest market share. The existence of numerous business and residential structures, as well as the high level of digitalization in the area, can be credited with the expansion. From 2022 to 2028, the market in Asia Pacific is anticipated to experience the quickest CAGR growth.
This development can be attributed to the area's fast changing infrastructure, accessibility for the gathering and upkeep of property information, and rising desire for better data management. In addition, factors including expanding government regulations, cloud-based solutions, and outsourced services are important drivers of market expansion in the area. Additionally, it is anticipated that the usage of PMS in the region will expand as a result of technical developments like Artificial Intelligence (AI), data analytics, machine learning, and voice commands to enhance PMS capabilities.
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Property Management Software Market Driver
Property Management Software Market Restraint
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The company's solutions for managing properties including residential, commercial, and hotels are advantageous to owners and property managers. Due to its powerful SaaS solutions, the company has become a major player in the market for candidate screening, revenue management, and utility management. To offer property managers and brokers cutting-edge and efficient solutions, these businesses are focusing their efforts on the commercial segment of the industry.
Property Management Software Market Top Players Company Profiles
Property Management Software Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analysis, the global property management software market is segmented based on deployment, applications, ed-user and regions. Mobility management, workspace management, and other integrated facility management solutions are in high demand among businesses. This enables property managers to manage a large workforce while maintaining the pace and speed of work. To keep track of all the properties they manage and all the periodic maintenance that has to be done on them, associated real estate agents and property managers may utilize these solutions. As a result, the assets management industry reaps the rewards of the growing trend of employee mobility.
|Market size value in 2021
|USD 3.04 billion
|Market size value in 2030
|USD 5.24 billion
|Forecast Unit (Value)
|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)
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Parent Market Analysis
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MARKET DYNAMICS & OUTLOOK
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For the Global 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 Global 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.
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