The Property Management Market is gaining traction, as property management solutions and associated services empower property managers and allied individuals to manage and maintain property related operations efficiently and cost-effectively. Property management solutions are instrumental in offering heterogeneous features, such as lease and account management, repair and maintenance, and asset management. Property management software helps property managers and owners to simplify property management processes by eliminating communication gaps; automating management tasks including finances, management of property documents, and contracts; and facilitating rent collection processes.
The global property management market size is expected to grow from USD 14.47 billion in 2018 to USD 22.04 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 8.8% during the forecast period. Rise in real estate infrastructure, demand for smart building projects, and availability of the SaaS model for property management are expected to boost the growth of the overall property management market.
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Reservation management segment to record the highest growth rate during the forecast period
The reservation management solution is deployed for the fast activation and management of property and facility spaces. The solution enables enterprises to optimize their resources in real time across the entire property and facility portfolio. It helps in booking and managing vacation properties, hotel rooms, and conference rooms and halls. Moreover, it provides a uniform platform for booking meeting spaces, equipment, and related services. Moreover, it enables employees to check the availability of rooms in real time for avoiding conflicts in booking meeting room/hall. Enterprises leverage the benefits of the solution to centrally manage and optimize the booking of meeting rooms and related services in real time across sites and buildings, countries, and regions.
Cloud deployment segment to grow at a higher CAGR during the forecast period
Cloud deployments involve on-demand solutions provided as Software-as-a-Service (SaaS) solutions by property management software vendors. Clients can access these solutions through the internet using mobile apps and web-based tools, any anytime, from any place, and on demand via the pay-per-use technique. As a result, the cloud segment is expected to grow at a higher rate during the forecast period. Cloud-based platforms offer a centralized way to manage the real estate infrastructure and asset life cycle. This has led to an increase in the number of cloud-based solution providers, such as SAP, Oracle, Accruent, and Planon. Property managers and property management firms opt for the cloud-based solutions to store their key data, such as rental information, financial reports, and property contract documents, to streamline and automate their management operations, save time, and reduce costs.
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Major players in the global property management market include IBM (US), Hitachi Vantara (US), JLL (US), Oracle (US), SAP (Germany), Trimble (US), RealPage (US), AppFolio (US), Yardi (US), MCS Solutions (Belgium), and ARCHIBUS (US). The other players include FSI (UK), Planon (Netherlands), Accruent (US), Entrata (US), iOFFICE (US), Indus Systems (US), Total Management (US), Rentec Direct (US), PMX Dynamics (Canada), Hemlane (US), Property Boulevard (US), OfficeSpace (US), CIC (US), Archidata (Canada), and Buildium (US).
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