According to IMARC Group’s latest report, titled “Property Management Software Market: Global Industry Trends, Size, Share, Growth, Opportunity and Forecast 2023-2028”, the global property management software market size reached US$ 2.4 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 3.3 Billion by 2028, exhibiting a growth rate (CAGR) of 5.3% during 2023-2028.
Property management software is a vital tool that assists property managers in streamlining their operations. It is a comprehensive system designed to manage various aspects of property management including tenant tracking, leasing, maintenance coordination, and financial management. The primary advantage of using property management software is its ability to centralize all information, enabling property managers to efficiently track and analyze their portfolios. This centralization reduces manual workload and minimizes the likelihood of errors. By having all relevant data in one place, property managers can make informed decisions more quickly and with greater accuracy. Most property management software includes features like online rent payment, lease management, maintenance request tracking, and reporting tools. It helps in automating regular tasks such as rent collection and lease renewals, providing more time for managers to focus on strategic activities. The software often comes with varying levels of customization, allowing it to cater to the unique needs of different types and sizes of properties.
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Market Trends and Drivers:
Significant technological advancement represents one of the key factors driving the growth of the property management software market across the globe. Ongoing advancements in technology, such as the integration of artificial intelligence (AI) and machine learning (ML), are enhancing the functionalities of property management software, which is making it more appealing to users. In line with this, the emergence of cloud-based property management solutions is making the software more accessible and cost-effective, appealing to a wider range of property managers, including small to medium-sized enterprises. As the real estate sector expands, managing properties manually is becoming cumbersome. Property management software offers automation, which reduces time spent on administrative tasks, thereby driving its demand. In addition to this, the rise in urban population and the subsequent increase in residential and commercial properties are leading to a rise in demand for tools that manage these properties efficiently which is boosting the growth of the market. The increasing demand for transparency in transactions and operations among property owners, investors, and tenants, is contributing to the growth of the market.
Property management software provides a clear and transparent way of handling leases, maintenance, and financials, which is driving its adoption. Apart from this, ensuring compliance with various regulations and laws is an essential part of property management which is fueling the growth of the market. Software that helps manage these compliance requirements systematically is becoming increasingly essential, which is propelling the market growth. The market is also driven by the ability to integrate property management software with other tools like CRM systems, financial software, and building management systems which add versatility and efficiency. Moreover, the growing focus on sustainability is leading property managers to seek software solutions that help them monitor and reduce energy consumption, waste, and other environmental impacts which is creating a positive outlook for the market across the globe.
Property Management Software Market 2023-2028 Competitive Analysis and Segmentation:
Competitive Landscape With Key Players:
The competitive landscape of the property management software market has been studied in the report with the detailed profiles of the key players operating in the market.
Some of these key players include:
- Accruent LLC (Fortive Corporation)
- Appfolio Inc.
- Chetu Inc.
- Console Australia Pty Ltd
- Corelogic Inc.
- London Computer Systems Inc.
- MRI Software LLC
- Oracle Corporation
- Realpage Inc.
- Resman LLC
- Yardi Systems Inc.
Key Market Segmentation:
The report has segmented the global property management software market based on component, application and region.
Breakup by Component:
- Software
- On-Premises
- Cloud-Based
- Services
- System Integration
- Training and Support
- Consulting
Breakup by Application:
- Non-Residential
- Retail Spaces
- Office Spaces
- Hotels
- Others
- Residential
- Multi-Family Housing
- Single-Family Housing
- Others
Breakup by Region:
- North America
- Asia Pacific
- Europe
- Latin America
- Middle East and Africa
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Key Highlights of the Report:
- Market Performance (2017-2022)
- Market Outlook (2023-2028)
- Market Trends
- Market Drivers and Success Factors
- Impact of COVID-19
- Value Chain Analysis
- Comprehensive mapping of the competitive landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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