Global Property Management Software Market

Global Property Management Software Market Size, Share, Growth Analysis, By Deployment(Cloud, On-Premises), By Application(Residential, Commercial), By End-User(Housing Associations, Property Managers/ Agents) - Industry Forecast 2024-2031

Report ID: SQMIG45E2206 | Region: Global | Published Date: April, 2024
Pages: 165 | Tables: 89 | Figures: 76

Global Property Management Software Market Insights

Property Management Software Market size was valued at USD 3.04 billion in 2019 and is poised to grow from USD 3.21 billion in 2023 to USD 5.24 billion by 2031, growing at a CAGR of 5.6% in the forecast period (2024-2031).

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.

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Property Management Software Market size was valued at USD 3.04 billion in 2019 and is poised to grow from USD 3.21 billion in 2023 to USD 5.24 billion by 2031, growing at a CAGR of 5.6% in the forecast period (2024-2031).

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. 'Yardi Systems, Inc.', 'RealPage, Inc.', 'MRI Software LLC', 'AppFolio, Inc.', 'Buildium LLC', 'Rent Manager', 'Entrata, Inc.', 'Propertyware, Inc.', 'ResMan LLC', 'Angus Systems Group Ltd.', 'TOPS Software LLC', 'Rentec Direct LLC', 'Hemlane', 'RentPost LLC', 'PropertyZar LLC', 'Palace', 'Re-Leased Limited', 'SimplifyEm Inc.', 'Innago Inc.', 'Greenhouse PM'

SaaS (Software-as-a-Service) and cloud computing integrated services) have become more and more common as preferred means of service delivery. SaaS subscription-based solutions are advantageous to companies of all sizes. SaaS solutions are being used more frequently by businesses to automate workflows and eliminate manual input, hence streamlining operations.

Instead of working from offices, corporate headquarters, or a global division of a firm, many employees now choose to do so. This makes flexible access to office resources and data more necessary. Businesses are also using virtual workspaces to reduce the amount of physical infrastructure they need, giving them more flexibility and efficient use of their office space.

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.

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