The global property management market is projected to register a CAGR of 8.0% during the forecast period, reaching USD 36.4 billion by 2028 from an estimated USD 24.7 billion in 2023. Major factors to boost market growth include the increasing demand for SaaS-based property management solutions, the evolving trend of workplace mobility and remote accessibility, and the rising demand for smart building projects and better co-worker spaces.
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By services, managed services to register for the higher CAGR during the forecast period.
The services segment of the property management market is growing rapidly. The managed services are vital in properly functioning property management solutions. The property management industry is experiencing a growing demand for managed services, as property owners and managers seek to improve efficiency, reduce costs, and gain access to expertise. Managed services can help property owners and managers reduce costs by eliminating the need to hire and train in-house staff, invest in technology infrastructure, and manage complex operational processes. Managed service providers often offer economies of scale and expertise that can lead to significant cost savings.
By solution, Facility Management segment to register for the largest market size during the forecast period.
By solutions, the facility management solution segment is expected to register the largest market size during the forecast period. Facility management solutions offered in the property management market are comprehensive and multifaceted, designed to optimize various properties’ operational efficiency and functionality. These solutions encompass various services, including maintenance, security, space utilization, and sustainability initiatives. Moreover, sustainability initiatives have gained prominence, incorporating energy-efficient systems, waste management, and eco-friendly practices to reduce environmental impact while cutting costs.
Unique Features in the Property Management Market
All-inclusive property management systems combine several features like accounting, maintenance, communication, and lease administration into one seamless system. Operations are streamlined, and total efficiency is raised because to this integration.
In order to monitor and manage many areas of building operations, such as energy usage, security, and maintenance, property management is making use of smart building technology, such as IoT devices and sensors. Both sustainability and operating expenses are improved by this.
Predictive analytics techniques are being used by property managers to foresee repair requirements. Property managers may plan proactive maintenance to minimise downtime and tenant interruptions by analysing sensor data and historical records.
Online rent collecting tools and digital payment solutions are starting to become typical features. Tenants may now pay conveniently, and property managers gain from less administrative work and improved financial procedures.
In order to give potential tenants an immersive property experience, property management companies are including augmented reality (AR) applications and virtual tour capabilities. This makes it easier to view and make decisions on properties remotely.
Major Highlights of the Property Management Market
In order to give potential tenants an immersive property experience, property management companies are including augmented reality (AR) applications and virtual tour capabilities. This makes it easier to view and make decisions on properties remotely.
The development of proptech, or property technology, solutions was a major factor in the transformation of the property management industry. Proptech businesses developed cutting-edge systems and technologies that addressed every facet of property management, from upkeep to leasing.
Tenant experience has become a top priority for property managers as they realise how important it is to offer services that are convenient and technologically advanced. Tenant portals, digital communication systems, and online maintenance requests became typical features.
Property managers may now remotely monitor and control building systems thanks to the growing integration of smart building technologies. Energy efficiency, security, and maintenance optimisation have all benefited from IoT devices, sensors, and automation.
To make well-informed decisions, property managers employed business intelligence and data analytics technologies. The real estate market was analysed, trends were forecasted, and property values were determined using data-driven intuition.
Top Key Companies in the Property Management Market
Some leading players in the property management market include IBM (US), Oracle (US), AppFolio (US), SAP (Germany), Trimble (US), Hitachi Vantara (US), Yardi (US), RealPage (US), SYNDICO SAL (Lebanon), Entrata (US), London Computer Systems (US), Zumper (US), DockMaster (US), Dockwa (US), Avail (US), Property Matrix (US), CoStar Group (US), HappyCo (US), JLL (US), MCS Solution (Belgium), Planon (Netherlands), Accruent (US), RentRedi (US), TurboTenant (US), Hemlane (US), Smart Property Systems (US), Innago (US), breezeway (US), Livly (US), DoorLoop (US), Mynd (US), Eptura (US), and Hive (US). These players have adopted various organic and inorganic growth strategies, such as new product launches, partnerships and collaborations, and mergers and acquisitions, to expand their presence in the property management market.
IBM
IBM, a global leader in technology and consulting services, has a multifaceted presence within the property management market, offering innovative solutions that revolutionize how properties are managed and optimized. Their software solutions integrate seamlessly with existing property management systems, empowering stakeholders with actionable insights to make informed decisions, streamline operations, and enhance the tenant experience. In the property management market, IBM provides the TRIRIGA and Maximo software tools. TRIRIGA features space, real estate, and facilities management. These features enable customers to increase the space utilization and accelerate workplace configuration. They also help real estate facility providers generate higher returns from real estate transactions by avoiding lease penalties and overpayments. IBM Maximo is an Enterprise Asset Management (EAM) software for managing physical assets on a common platform. It provides property management solutions that are integrated with the Watson IoT platform.
Oracle
Oracle Corporation, a global leader in technology, has a significant presence in the property management market, offering a suite of solutions tailored to address the industry’s intricate needs. Within property management, Oracle’s offerings primarily revolve around its robust and comprehensive Oracle Real Estate Management and Oracle Property Manager software solutions. These platforms empower businesses and property managers to streamline operations, optimize lease and property management, and enhance overall efficiency. The Oracle Real Estate Management solution is designed to handle lease administration, space management, and financial compliance, providing tools for efficient lease negotiation, tracking critical dates, and ensuring regulatory adherence. Complementing this, Oracle Property Manager aids in managing property portfolios, enabling users to oversee leases, tenant information, rent collection, and maintenance tasks effectively.
AppFolio
AppFolio stands as a prominent player in the property management sector, renowned for its comprehensive software solutions tailored to real estate professionals. At the heart of its offerings lies the AppFolio Property Manager, a robust platform designed to streamline and optimize property management operations. This cloud-based software caters to a wide spectrum of real estate portfolios, spanning residential, commercial, student housing, and homeowner association (HOA) management. AppFolio Property Manager integrates diverse functionalities, encompassing accounting, leasing, marketing, and maintenance, all within a unified interface. This platform empowers users to oversee financial transactions, handle tenant communications, market vacancies, and manage maintenance requests seamlessly. The software’s user-friendly interface and mobile accessibility offer convenience and flexibility, enabling real-time access to critical data and tasks from any location.
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