The adoption of cloud computing solutions and
software-as-a-service (SaaS) platform and increase in the
development of smart real estate infrastructure drive the
growth of the global property management software market.
NEW CASTLE, Del., June 25, 2024 /PRNewswire/ -- Allied Market
Research published a report, titled, "Property Management Software
Market by Solution (Rental and Tenant Management, Property
Sale and Purchase Solution, Accounting and Cash Flow Management
Software, Marketing and Advertising, Legal and Insurance
Consultancy, and Others), Deployment Model (On-Premises
and Cloud Based), and Property Type (Residential,
Commercial, Industrial, and Special Purpose): Global Opportunity
Analysis and Industry Forecast, 2024-2033". According to the
report, the property management software market was valued at
$3.2 billion in 2023 and is
estimated to reach $7.8 billion by
2033, growing at a CAGR of 8.9% from 2024 to 2033.
Drivers, Restraints, and Opportunities
The property management software market is expected to witness
notable growth owing to the adoption of cloud computing solutions
and software-as-a-service (SaaS) platform, increase in the
development of smart real estate infrastructure, and growth in
dependency on one platform approach. Moreover, a rise in consumer
demand for sustainable living and working space is expected to
provide lucrative opportunities for the growth of the market
during the forecast period. On the contrary, lack of awareness
regarding optimal software solutions limits the growth of the
property management software market.
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Report coverage & details:
Report
Coverage
|
Details
|
Forecast
Period
|
2024–2032
|
Base Year
|
2023
|
Market Size In
2023
|
$3.2 Billion
|
Market Size In
2032
|
$7.8 Billion
|
CAGR
|
8.9 %
|
No. of Pages in
Report
|
279
|
Segments
Covered
|
Solution, Deployment
Model, Property Type, and Region
|
Drivers
|
Adoption Of Cloud
Computing Solutions and Software-As-A-Service (SaaS)
Platform
Increase In the
Development of Smart Real Estate Infrastructure
Growth In Dependency on
One Platform Approach
|
Opportunities
|
Rise In Consumer Demand
for Sustainable Living and Working Space
|
Restraints
|
Lack Of Awareness
Regarding Optimal Software Solutions
|
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Tables, and Figures) at:
https://www.alliedmarketresearch.com/property-management-software-market/purchase-options
The marketing and advertising segment is expected to lead the
market
By solution, the marketing and advertising segment accounted for
more than one-fourth of the global property management software
market share in 2023 and is expected to remain dominant during the
forecast period, owing to increase in the use of digital marketing
channels, including social media, search engine optimization (SEO),
and content marketing, to reach and engage target audiences
effectively. Property management software providers are leveraging
these platforms to showcase their solutions, share industry
insights, and provide valuable resources to potential users.
However, the accounting and cash flow management software segment
is expected to witness the highest growth of 12.0% in the upcoming
years, owing to increase in the adoption of cloud-based
solutions, which offer greater accessibility, scalability, and
real-time collaboration capabilities. Cloud-based platforms enable
property managers to access financial data from anywhere,
streamline workflows, and ensure data security and compliance.
Moreover, the integration of artificial intelligence (AI) and
machine learning technologies, which automate repetitive tasks such
as data entry, invoice processing, and expense categorization,
thereby reducing manual errors and improving efficiency.
The cloud segment dominated the market in 2023
By deployment model, the cloud segment accounted for more than
three-fourths of the global property management software market
share in 2023 and is expected to witness the fastest growth rate in
the upcoming years, owing to increase in the adoption of
mobile-friendly solutions, allowing property managers to access
their software and manage their properties from anywhere with an
internet connection. This mobile accessibility enhances flexibility
and productivity, enabling real-time decision-making and
communication. Moreover, the integration of artificial intelligence
(AI) and machine learning (ML) technologies into cloud-based
platforms, enables advanced functionalities such as predictive
maintenance, automated tenant screening, and personalized customer
service through chatbots.
The commercial segment dominated the market in 2023
By property type, the commercial segment accounted for nearly
one-third of the property management software market share in 2023
and is expected to remain dominant by 2032, owing to rise in demand
for integrated solutions that cater to the unique needs of
commercial property managers and tenants. This includes features
such as lease management tools, tenant tracking functionalities,
and financial reporting capabilities tailored specifically for
commercial properties. However, the residential segment is expected
to display the fastest CAGR of 10.7% throughout the forecast
period, owing to increase in demand for tenant-centric
features and functionalities that enhance the residential tenant
experience. This includes self-service portals for online rent
payments, maintenance requests, and lease renewals, as well as
communication tools such as messaging and notifications to
facilitate seamless interactions between property managers and
tenants.
Asia-Pacific is expected to
witness the highest growth rate in 2032
Region-wise, the property management software market was
dominated by North America in 2023
and is expected to retain its position during the forecast period,
owing to the integration of advanced technologies such as
artificial intelligence (AI) and machine learning (ML) into
property management software, enabling predictive analytics,
automated workflows, and personalized tenant experiences. These
AI-powered features empower property managers to make data-driven
decisions, optimize processes, and deliver enhanced services to
tenants, ultimately driving operational efficiency and revenue
growth. However, Asia-Pacific is
expected to witness significant growth during the forecast period,
owing to rise in the adoption of SaaS platforms across various
industries such as educational facilities, industrial units, retail
supermarkets, and IT hubs. Additionally, there is a growing
emphasis on localization and customization in property management
software for the Asia-Pacific
market, with providers offering features and functionalities
tailored to the specific requirements and preferences of local
property managers and landlords.
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Leading Market Players-
- IQware Inc.
- Microsoft Corporation
- Oracle Corporation
- PropertyMe Pty. Ltd.
- REI Master Pty. Ltd.
- AppFolio, Inc.
- Yardi Systems, Inc.
- Entrata, Inc.
- Alibaba Group Holding
- Console Australia Pty. Ltd.
The report analyzes these key players in the global property
management software market. These players have adopted various
strategies such as expansion, new product launches, partnerships,
and others to increase their market penetration and strengthen
their position in the industry. The report helps determine the
business performance, operating segments, developments, and product
portfolios of every market player.
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