According to the report found on Market Research Future (MRFR), the global property management market was valued at USD 21.4 Billion and is anticipated to surge at a CAGR of over 7.3% over the forecast period (2018-2025).
Increasing demand to efficiently manage the property portfolios among property managers is driving the overall market of property management systems. Moreover, growing demand for SaaS-based solutions and increasing investment in various technologies by property managers is driving the market. Property management solution is a software tool that helps the users in managing, monitoring, and analyzing various aspects of commercial or residential properties. These aspects include document and lease, tenant’s rent, asset management, and financial accounting. Property management solutions can be deployed on-premise or on cloud. The solution can also be integrated with the existing legacy software like Enterprise Resource Planning (ERP) and Customer Relationship Management (CRM) to provide more comprehensive insights to the end-users.
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The prominent players operating in the property management market are Skyline property management, Re-Leased Software Company Ltd., Rosmiman Software Corporation, MRI Software LLC, Buildium, Yardi Systems, Inc., AppFolio, Inc., IBM, Oracle, SAP, Trimble Inc., RealPage, Inc., Accruent, Spacewell, and Chetu Inc.
Vendors operating in the market offer comprehensive property management solutions with advanced features like predictive analytics. For instance, IBM uses the capabilities of Watson analytics to provide insights about various trends like rent value, paying trend of tenants or business among others. A number of property managers and property management companies have been deploying these advanced property management solutions to improve and streamline their business operations. For instance, Liberty Management Inc., a property management firm providing its services in the San Antonio area in Texas, US, has been in partnership with AppFolio for eight years. AppFolio provides property management software to the company.
Property management software can be cloud-based or on-premise. The software is a solution that provides efficient management for properties. Property management software mainly offers online maintenance requests & tracking, financial reporting, accounting capabilities, online document storage & sharing, electronic lease agreements, and integrated banking and various other applications.
The adoption of property management is specifically increasing among property managers due to the flexibility it offers to them. Also, with the entry of various property management providers in the market, property managers have numerous vendors to evaluate before selecting the one, which in turn is intensifying competition in the market. Also, with the introduction of more affordable and comprehensive solutions in the market, the popularity of property management solutions has increased. All these developments have helped the market to grow at a significant pace in recent years and this trend is expected to continue in the upcoming years as well.
Drivers and Restraints:
The conventional route taken to manage properties using Microsoft Excel, Notepad, or other spreadsheets is time-consuming, tiring and also prone to human error as the data is manually entered. This encourages the adoption of property management software owing to the various benefits offered by it. Property management software is highly convenient, enables quick responses to complaints and grievances, and also avoids delay in services.
Moreover, the property management software is gaining immense popularity as the core property management software providers are now emphasizing on improving software solutions along with establishing the appropriate framework to attain objectives of the property owner. In addition, the market is thriving on account of the maximization of income and capital by investors and even developers.
The global market for property management is segmented on the basis of component, end-user and application.
By component, the global market is segmented into software and service.
Based on deployment, the market has been segmented into on-premise and cloud-based solution. The cloud-based property management solution held the larger share in the year 2018 and is expected to remain so in the forecast period. Cloud-based property management solution is affordable, scalable, and flexible thereby making the solution widely popular among small and mid-sized property managers.
By end-user, the market is segmented into housing association, property managers/agents, corporate occupiers and property investors.
By Application-wise, the market is segmented into commercial, residential, single family housing and others. Among these, the commercial segment is projected to capture the largest market size during the forecast period. Commercial properties are required to manage various departments, like maintenance, human resources, accounting and payroll, as well as business operations. Hence, to manage these departments along with their business operations, property managers have to adopt on-premises property management software solutions.
The regional segments of global property management market are Asia Pacific (APAC), North America, Europe, Latin America and Rest of the World. Among these, North America is predicted to claim the largest market size in 2018, on the other hand, APAC is presumed to surge at the highest CAGR in the global property management market. The APAC region is noting accelerated adoption of new and innovative technologies in real estate projects. Also, APAC has turned out to be a highly lucrative market for the vendors of property management solutions and associated services.
October 2018 – Aqua Intelligence has RECENTLY launched its Property Management System, which uses the blockchain technology in order to reduce operating costs along with customer response times. This, in turn, lets requests to be resolved in a more efficient manner. The system helps connect the data across the whole chain, making each part of hotel management more effective and more accessible.
Table of Content:
1. EXECUTIVE SUMMARY
1.1. Market Attractiveness Analysis
1.1.1. Global Property Management Market, By Component
1.1.2. Global Property Management Market, By Deployment
1.1.3. Global Property Management Market, By End-User
1.1.4. Global Property Management Market, By Application
1.1.5. Global Property Management Market, By Region
2. MARKET INTRODUCTION
2.2. Scope of The Study
2.3. Market Structure
3. RESEARCH METHODOLOGY
3.1. Research Process
3.2. Primary Research
3.3. Secondary Research
3.4. Market Size Estimation
3.5. Forecast Model
3.6. List of Assumptions
4. MARKET DYNAMICS
Continued. . .
List of Table:
TABLE 1 LIST OF ASSUMPTIONS
TABLE 2 GLOBAL PROPERTY MANAGEMENT MARKET, BY COMPONENT, 2018–2025 (USD MILLION)
TABLE 3 GLOBAL PROPERTY MANAGEMENT MARKET, BY DEPLOYMENT, 2018–2025 (USD MILLION)
TABLE 3 GLOBAL PROPERTY MANAGEMENT MARKET, BY END-USER, 2018–2025 (USD MILLION)
TABLE 4 GLOBAL PROPERTY MANAGEMENT MARKET, BY APPLICATION, 2018–2025 (USD MILLION)
TABLE 5 GLOBAL PROPERTY MANAGEMENT MARKET, BY REGION, 2018–2025 (USD MILLION)
Continued. . .
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