The adoption of cloud computing solutions and software-as-a-service (SaaS) platform and increase in the development of smart real estate infrastructure drive the growth of the global property management software market.
NEW CASTLE, Del., June 25, 2024 /PRNewswire/ — Allied Market Research published a report, titled, “Property Management Software Market by Solution (Rental and Tenant Management, Property Sale and Purchase Solution, Accounting and Cash Flow Management Software, Marketing and Advertising, Legal and Insurance Consultancy, and Others), Deployment Model (On-Premises and Cloud Based), and Property Type (Residential, Commercial, Industrial, and Special Purpose): Global Opportunity Analysis and Industry Forecast, 2024-2033″. According to the report, the property management software market was valued at $3.2 billion in 2023 and is estimated to reach $7.8 billion by 2033, growing at a CAGR of 8.9% from 2024 to 2033.
Drivers, Restraints, and Opportunities
The property management software market is expected to witness notable growth owing to the adoption of cloud computing solutions and software-as-a-service (SaaS) platform, increase in the development of smart real estate infrastructure, and growth in dependency on one platform approach. Moreover, a rise in consumer demand for sustainable living and working space is expected to provide lucrative opportunities for the growth of the market during the forecast period. On the contrary, lack of awareness regarding optimal software solutions limits the growth of the property management software market.
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Report coverage & details:
Report Coverage
Details
Forecast Period
2024–2032
Base Year
2023
Market Size In 2023
$3.2 Billion
Market Size In 2032
$7.8 Billion
CAGR
8.9 %
No. of Pages in Report
279
Segments Covered
Solution, Deployment Model, Property Type, and Region
Drivers
Adoption Of Cloud Computing Solutions and Software-As-A-Service (SaaS) Platform
Increase In the Development of Smart Real Estate Infrastructure
Growth In Dependency on One Platform Approach
Opportunities
Rise In Consumer Demand for Sustainable Living and Working Space
Restraints
Lack Of Awareness Regarding Optimal Software Solutions
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The marketing and advertising segment is expected to lead the market
By solution, the marketing and advertising segment accounted for more than one-fourth of the global property management software market share in 2023 and is expected to remain dominant during the forecast period, owing to increase in the use of digital marketing channels, including social media, search engine optimization (SEO), and content marketing, to reach and engage target audiences effectively. Property management software providers are leveraging these platforms to showcase their solutions, share industry insights, and provide valuable resources to potential users. However, the accounting and cash flow management software segment is expected to witness the highest growth of 12.0% in the upcoming years, owing to increase in the adoption of cloud-based solutions, which offer greater accessibility, scalability, and real-time collaboration capabilities. Cloud-based platforms enable property managers to access financial data from anywhere, streamline workflows, and ensure data security and compliance. Moreover, the integration of artificial intelligence (AI) and machine learning technologies, which automate repetitive tasks such as data entry, invoice processing, and expense categorization, thereby reducing manual errors and improving efficiency.
The cloud segment dominated the market in 2023
By deployment model, the cloud segment accounted for more than three-fourths of the global property management software market share in 2023 and is expected to witness the fastest growth rate in the upcoming years, owing to increase in the adoption of mobile-friendly solutions, allowing property managers to access their software and manage their properties from anywhere with an internet connection. This mobile accessibility enhances flexibility and productivity, enabling real-time decision-making and communication. Moreover, the integration of artificial intelligence (AI) and machine learning (ML) technologies into cloud-based platforms, enables advanced functionalities such as predictive maintenance, automated tenant screening, and personalized customer service through chatbots.
The commercial segment dominated the market in 2023
By property type, the commercial segment accounted for nearly one-third of the property management software market share in 2023 and is expected to remain dominant by 2032, owing to rise in demand for integrated solutions that cater to the unique needs of commercial property managers and tenants. This includes features such as lease management tools, tenant tracking functionalities, and financial reporting capabilities tailored specifically for commercial properties. However, the residential segment is expected to display the fastest CAGR of 10.7% throughout the forecast period, owing to increase in demand for tenant-centric features and functionalities that enhance the residential tenant experience. This includes self-service portals for online rent payments, maintenance requests, and lease renewals, as well as communication tools such as messaging and notifications to facilitate seamless interactions between property managers and tenants.
Asia-Pacific is expected to witness the highest growth rate in 2032
Region-wise, the property management software market was dominated by North America in 2023 and is expected to retain its position during the forecast period, owing to the integration of advanced technologies such as artificial intelligence (AI) and machine learning (ML) into property management software, enabling predictive analytics, automated workflows, and personalized tenant experiences. These AI-powered features empower property managers to make data-driven decisions, optimize processes, and deliver enhanced services to tenants, ultimately driving operational efficiency and revenue growth. However, Asia-Pacific is expected to witness significant growth during the forecast period, owing to rise in the adoption of SaaS platforms across various industries such as educational facilities, industrial units, retail supermarkets, and IT hubs. Additionally, there is a growing emphasis on localization and customization in property management software for the Asia-Pacific market, with providers offering features and functionalities tailored to the specific requirements and preferences of local property managers and landlords.
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Leading Market Players-
IQware Inc.Microsoft CorporationOracle CorporationPropertyMe Pty. Ltd.REI Master Pty. Ltd.AppFolio, Inc.Yardi Systems, Inc.Entrata, Inc.Alibaba Group HoldingConsole Australia Pty. Ltd.
The report analyzes these key players in the global property management software market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report helps determine the business performance, operating segments, developments, and product portfolios of every market player.
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