Global Property Management Software Market size was valued at US$ XX Bn in 2019 and expected to reach US$ XX Bn by 2019 at a CAGR of 4.3 % during the forecast period.
The global Property Management Software market report is a comprehensive analysis of the industry, market, and key players. The report has covered the market by demand and supply-side by segments. The global Property Management Software report also provides trends by market segments, technology, and investment with a competitive landscape.
Overview of Property Management Software:
Property management software is a type of management system software that is designed to simplify the management of personal possessions and equipment, as well as maintenance, legalities, and people, all in one place. One of the primary drivers of market growth is the large volume of data related to property management and the growing desire for correct documentation.
Residential property, commercial property management, and real estate investment firms and real estate investment trusts (REITs) need such property management software solutions.
Global Property Management Software Market Dynamics:
Rising scalability preferences among property managers and owners, the prevalence of improved infrastructure, the increasing need to keep important documents for smooth operation, and the growing real estate sector are some of the factors that are likely to accelerate the growth of the property management software market during the forecast period. On the other hand, rising levels of investment and use of cloud-based services are expected to increase the number of opportunities for the property management software market to grow throughout the forecast period.
These services offered a consolidated and transparent platform for keeping electronic documents, maintaining tenant relations through messages and emails, and accepting online rent payments. Other reasons, such as growing infrastructural advances and broad acceptance of software-as-a-service (SaaS)-based business models, as well as consumers' increasing spending capacities, are expected to contribute to the growth of the software-as-a-service (SaaS) industry.
Features of Real Estate Property Management Software:
The following functions and capabilities are included in most property management software:
• Portal for online applications
• Tenant screening
• Contracts of Lease
• Postings of vacancies
• Rent collection and delinquency tracking are two of the most important aspects of the rental process.
• Requests for maintenance and cycle management
• Tools for communicating with a tenant or a property owner
• Portals for the owner/administrator and the tenants
• Storage for leases, insurance, eviction letters, and other important documents
• Dashboard for reporting
• Management of insurance
• Accounting software
• talents in marketing
Global Property Management Software Market Segmentation:
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Based on the deployment, the property management software market is segmented into cloud and on-premises. In 2019, the cloud sector had the highest revenue share of 58.34 %, and this trend is likely to continue over the projected year. This is due to the increasing adoption of cloud deployment among various end-users, such as property managers, housing associations, and other corporate occupiers.
Benefits offered by Cloud-based PMS Software:
Scalability, ease of use, cost-effectiveness, and fewer tenant disputes are all motivating small, medium, and large businesses to switch to cloud-based property management solutions. In addition, cloud-based PMS software provides backup and seamless data integration, reducing the risk of data loss.
• RMS is a cloud-based property management software that is meant to help hotel operators improve operational efficiency while also improving the visitor experience.
• Hotelogix is a cloud-based hotel management solution that streamlines operations and room inventory distribution for small and mid-sized hotels.
• Stayflexi is property management software that assists hospitality organizations with a variety of administrative tasks such as housekeeping, inventory management, payment processing, and more.
Over the projected period, the on-premise deployment sector is likely to rise significantly. This is due to the accompanying advantages, which include hardware ownership and management, as well as a higher level of data protection than cloud-based PMS software. On-premise PMS also allows for customization based on business or user requirements. The above-mentioned advantages of on-premises deployment are expected to contribute to the segment's growth over the projection period.
Global Property Management Software Market Regional Insights:
In 2019, the United States has the greatest market share of 35.12 %, with a forecasted growth rate of 6.2%. Factors such as the presence of several significant market competitors, a strong focus on flexibility in property management, lower administrative costs, and rising demand for software-as-a-service (SaaS) for PMS are propelling the North American market forward.
Europe has a considerable market share and is forecast to increase at a CAGR of 5.2 per cent over the forecast period. The market is growing due to a significant increase in the types of commercial properties available and the desire for using the PMS.
Due to different digital transformations and the growth of IT startups, Asia Pacific is expected to see a high CAGR in the near future. Furthermore, technical advancements aligned with digitalization are projected to boost the regional market growth.
Trends in the Asia Pacific:
In the Asia Pacific, the need for property management software is increasing due to an increase in outsourcing activities for back-end communication. Furthermore, increasing the trustworthiness of search engines for property searches aids regional growth. Another trend that is causing market growth is the analysis of search queries and the display of properties based on desire. However, in regional markets, a lack of standardization is a crucial factor in growth.
In September 2020, Yardi® was recently honoured for its premier real estate technology by a group of major Asia Pacific REITs. For all types and sizes of real estate firms, Yardi® creates and supports industry-leading investment and property management software.
5G Technology and Smart Home Trend:
With the advent of 5G, mobile connectivity and digital workflows improved significantly. Uninterrupted and fast mobile connectivity is expected to catalyze a new generation of technology advancements aimed at increasing security, smarter and more sustainable maintenance, and real-time data insights to help people.
Intelligent solutions for better utilization of building resources and greater facility surveillance are being created as a result of IoT-driven innovations. Sensors in basic house utilities are expected to aid in facility management, as well as preventative repairs and maintenance.
The objective of the report is to present a comprehensive analysis of the Global Property Management Software Market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.
Porter, svor, pestel analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analysed, which will give a clear futuristic view of the industry to the decision-makers.
The report also helps in understanding the Global Property Management Software Market dynamics, structure by analyzing the market segments and project the global Property Management Software market size. Clear representation of competitive analysis of key players By Deployment, price, financial position, product portfolio, growth strategies, and regional presence in the Global Property Management Software Market make the report investor’s guide.
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Global Property Management Software Market Scope: Inquire before buying
Global Property Management Software Market, by Region
• North America
• Europe
• Asia Pacific
• Middle East & Africa
• South America
Global Property Management Software Market Key Players
• AppFolio, Inc.
• Buildium
• Console
• CoreLogic
• Entrata, Inc.
• MRI Software LLC
• RealPage, Inc.
• Yardi Systems Inc.
• London Computer Systems
• Property Boulevard
• Qube Global Software
• TOPS Software
• Entrata
• Hemlane, Inc.
• Kennedy Investments, L.L.C.
• LeaseHawk
• Nexus Systems, LLC.
• Other Key Players
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