The Lease management market size is expected to grow from USD 4.4 billion in 2020 to USD 5.9 billion by 2025, at a CAGR of 5.9% during the forecast period. The demand for lease management is driven by the Increasing demand for SaaS model for effective management of lease, Increasing demand for smart building projects to efficiently manage lease, and Emerging technologies, such as IoT, AI, and mobility, for real-time data analysis.
The solution segment to hold a larger market size during the forecast period
The solution segment is projected to contribute majorly to the lease management market among the types, while the services segment is projected to witness a higher growth rate during the forecast period. This growth these segments are supported by the rising installations of new lease managements that require underlying servers for enabling proper facility functionality along with growing need for upgrades and maintenance of existing solutions
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SMEs segment to grow with higher market size during forecast epriod
The Small and Medium size enterprises (SMEs) segment is expected to grow with higher rate contributing to the market. This growth of SMEs is supported by the implementation of the lease management solution, along with services, is expected to result in better risk mitigation, reduced administrative overhead, reduced cost of compliance, favorable business outcomes, and improved business efficiency for SMEs.
The major players in the lease management market are Accruent (US), IBM (US), Oracle (US), RealPage (US), SAP (Germany), Trimble (US), AppFolio (US), Odessa (US), CoStar Group (US), Nakisa (Canada), LeaseAccelerator (US), LeaseQuery (Singapore), Spacebase (US), RAAMP (US). These players have adopted various growth strategies, including new product launches, partnerships, agreements, mergers and acquisitions, and business expansions. New product launches and partnerships were the two major strategies adopted by these players to achieve a strong foothold in the lease management market.
SAP was founded in 1972 and is headquartered in Walldorf, Germany. The company is a leading provider of software and related services, and a global leadin g vendor of enterprise applications. SAP has a workforce count of 100,330 employees in more than 170 countries, as of 2019. It offers software and services related to various applications, including IoT, digital supply chain, cloud and data platforms, customer engagement and commerce, procurement, networks, Enterprise Resource Planning (ERP), and analytics.
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Oracle was founded in 1977 and is headquartered in California, US. The company provides products and services that address all aspects of corporate Information Technology (IT) environments, including application, platform, and infrastructure. Its businesses include cloud and on-premises software, hardware, and services. Its cloud and on-premises software business consist of three segments, including cloud software and on-premises software, which includes Software as a Service (SaaS) and Platform as a Service (PaaS) offerings, cloud Infrastructure as a Service (IaaS), and software license updates and product support. In February 2019, Oracle announced to update its E-business suite that provides support for IFRS16 and ASC842 accounting standards changes for equipment leases. The new capability would help users in managing the new lease accounting and disclosures, including the Lease Analysis Report, Lease Detail Report, Portfolio Detail Report, and Portfolio Summary Report.
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