Property management software market to grow with skyrocketing popularity of web-based services, TMR study finds
- Rising adoption of digitalization across the globe is expected to help the global property management software market gain higher valuation US$2 billion by 2027
- Rising user demand for transparency in property management activities creates additional opportunities in the property management software market
ALBANY, NY, May 9, 2022 /PRNewswire/ — A study by Transparency Market Research (TMR) notes that the property management software market is expected to grow at a CAGR of 7% during the forecast period from 2019 to 2027. Additionally, the market is expected to gain a valuation of US$2 billion by 2027.
Maintaining and building relationships with tenants as well as attracting new tenants plays an important role in the success of any real estate business. Therefore, users are increasingly inclined to perform various tasks such as creating automated tenant emails and discovering connections with potential tenants using the latest AI software systems. Several market players are focusing on providing the best rental property management software with more convenience for consumers by connecting property management systems with mobile apps. These innovations result in the launch of mobile applications rich in conveniences.
Players operating in the property management software market are increasingly focusing on offering customized software according to the needs of end users. Also, several companies are launching innovative and cost-effective software with advanced features like inbuilt analytics. Additionally, companies use strategies such as partnerships and acquisitions to expand their product portfolios. These efforts are expected to contribute to the expansion of the property management software market in the near future.
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Property Management Software Market: Key Findings
- Increased consumer awareness of latest technological innovations has led to increased penetration of AI in the global property management software market. Additionally, the demand for AI is increasing worldwide due to the ability of this technology to offer relevant data and recognize patterns in that data. These factors are contributing to the growth of the global property management software market.
- Companies operating in the global property management software market are focusing on integrating ML with AI to provide users with reliable data, which can help them stay ahead in the real estate industry . Data management is one of the essential tasks of users. Considering the significance of this fact, leading vendors in the property management software market provide users with AI systems that can sort and search any type of data. One of the main benefits of property management software is its ability to save users time. These factors, in turn, propel the global property management software market.
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Property Management Software Market: Growth Boosters
- Rising use of web-based services including software as a service (SaaS) from property management software vendors is expected to drive the demand for property management software in coming years
- Rising demand for transparency in property management across the globe is driving sales in the global property management software market
Property Management Software Market: Regional Analysis
- North America is expected to maintain its leading position in the property management software market over the forecast period. This market growth can be attributed to many factors such as the existence of several key players in the region.
- The property management software market in Europe is expected to observe significant business prospects in the coming years, due to factors such as the increase in the number of commercial and residential buildings and digitalization in the region
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Property Management Software Market: Key Players
Some of the key players profiled in the report are:
- RealPage, Inc.
- AppFolio, Inc.
- Chetu, Inc.
- Alibaba Cloud
- Oracle Corporation
- Yardi Systems Inc.
- Eco Community Sdn Bhd
- ResMan (Nordic capital)
- MRI Software Inc.
- Rockend Pty. ltd.
- Service connection
- PropertyMe Pty. ltd
- Abacus credit management
- HiRUM software applications
- REI Master Pty. ltd.
Property Management Software Market Segmentation
- Integration system
- Training Support
- Retail spaces
- Office spaces
- Others (airports, seaports, etc.)
- Multi-Family Housing / Apartments
- Apartment buildings (low rise)
- Apartment towers (residential towers)
- Single-family housing
- Others (student residence, etc.)
- Housing Associations
- Real estate managers/agents
- Corporate occupants
- Real estate investors
Others (affordable housing and other specialties)
- North America
- Asia Pacific
- Middle East & Africa
- Latin America
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SOURCE Transparency Market Research