The size of the global property management software market, estimated at USD 20.14 billion in 2022, is expected to increase by USD 42.89 billion by 2030, with a CAGR of 10% from USD 22.05 billion in 2023.
The market is expanding as a result of the growing need for better customer handling and support as well as the rising demand for property management software to address consumers' real estate preferences. For instance, Yardi Systems, Inc. unveiled Rent Relief by Yardi in February 2021. This launch will help households and landlords manage payments quickly and easily. Similar to this, Planon and AddOnn partnered in March 2021 to combine AddOnn's SaaS solution with Planon's software platform for building and service digitization in order to provide a complete solution to clients around the world.
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Information about the report:
- Forecast Timeframe: 2023–2030
- The starting year is 2022.
- Market Size in 2022: USD 20.14 billion
- The market size in 2030 will be USD 42.89 billion.
- CAGR: 10%
- Segments Included: according to deployment type, application, enterprise type, sector, and geographic region
Analyses of the worldwide Property Management Software Market are conducted across regions, end-user industries, and material types. The study includes a thorough examination of segments and their sub-segments with the aid of tabular and graphic depictions. The segmentation can help investors and market participants create plans based on the report's list of the segments with the highest revenue growth rates.
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Instead of working from offices, corporate headquarters, or a global branch of an organization, many employees now choose to do so. This makes flexible access to office resources and data more necessary. Additionally, companies are using virtual workplaces to reduce the amount of physical infrastructure they need to run their operations down to the absolute minimum. This gives them more flexibility and makes better use of their office space.
Mobility management, workplace management, and other integrated facility management solutions are in high demand among businesses. Due to their ability to manage a large workforce, property managers can continue working quickly. The associated real estate agents and property managers can use these solutions to keep track of all the properties they manage and the regular maintenance that needs to be done on them. The growing trend of employee mobility is thus advantageous for the asset management industry.
By Deployment Type Analysis, The property management software market is divided into cloud and on-premises deployments. During the forecast period, it is anticipated that the cloud segment will hold the largest market share and experience the highest CAGR. Property managers and landlords can store all documents, including legal contracts, lease agreements, and contractor SLAs (Service Level Agreements), on a single platform for a low-cost thanks to cloud-based solutions. Another advantage of cloud-based software is improved security.
According to application analysis, the market is categorized into commercial and residential. The residential sector is anticipated to hold the largest market share. The growth of this market is being driven by the need for property management software to manage residential properties like homes, single and multi-story apartments, and bungalows. The need for residential construction is anticipated to rise with the population.
By End-User Analysis, Property managers, housing associations, real estate agents, and others (third-party agents, property investors) make up the majority of the market for property management software.
During the forecast period, it is anticipated that the property managers segment will grow quickly. Property managers have a variety of balancing tasks to complete as part of their daily tasks. Executing corporate tasks manually takes time and can be intimidating. Examples include monitoring, paying rent, and receiving maintenance requests. In order to manage numerous business operations simultaneously, property managers are increasingly in need of automated software.
By Region, Geographically, the market is segmented into five major regions, North America, Europe, Asia Pacific, the Middle East Africa, and South America.
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