Property Management Software Market: Global Industry Analysis and Key Trends (2023-2029)

Property Management Software Market size was valued at US$ 3.17 Bn. in 2022 and the total revenue is expected to grow at 4.82 % through 2023 to 2029, reaching nearly US$ 4.41 Bn.
Property Management Software Market Overview:
Property management software (PMS) is an application-based system that helps property managers automate back-office, financial, and administrative tasks. Financial reporting, establishing electronic agreements, storing and sharing documents online, and integrated banking are just a few of the duties it may accomplish. It also helps to reduce the amount of manual work needed for rent collection, maintenance and repair scheduling, and tenant and leaseholder tracking. This allows property managers, owners, and operators to streamline and automate property management tasks. It is extensively used to manage both residential and commercial properties as a result of this.To know about the Research Methodology :- Request Free Sample Report
Property Management Software Market Dynamics:
Property accounting, budget tracking, rent & vendor management, automated rent reminders for tenants & managers, insights into daily managerial chores, increased flexibility in account audits, and owner-tenant communication are just a few of the reasons why PMS are becoming increasingly popular. Aside from the increased possibility of remote access due to the widespread adoption of cloud computing, scalability, flawless accessibility, and automatic backups of critical data are just a few of the secondary reasons why end-user demand for PMS is skyrocketing.

Residential housing society managers, in particular, are required to screen all tenants before allowing them to enter. A background or credit check, as well as income verification, are usually part of the screening process. Most managers of such properties obtain a double-check on the answers provided in the application form in order to assure higher integrity. On this note, property management software compiles a comprehensive report on all applications that goes above and beyond what traditional techniques can provide. These programmes search databases and can sometimes perform all of the functions that a property manager can.

Many of these property management software providers are aware of existing legislation, which makes it easier for a property manager to search for anything that would be considered an unjustified invasion of privacy. Some PMS alert landlords if they reject any applicants based on their prior criminal backgrounds who are later approved as tenants by the courts. Some authorities in the United States, for example, do not allow bans based on prior criminal convictions. The producer of PMS software releases updates on a regular basis, ensuring that landlords are always up to date on legislation changes.

Other growth-inducing elements include technology breakthroughs such as integration with artificial intelligence (AI), machine learning (ML), virtual reality (VR), and cloud-computing solutions. These systems offer a consolidated and transparent platform for keeping electronic documents, maintaining tenant relations via messages and emails, and accepting online rent payments. Other factors, such as expanding infrastructural advances and broad use of software-as-a-service (SaaS)-based business models, as well as increasing consumer spending capacity, are expected to propel the industry forward.
Global Property Management Software Market Segment Analysis:
Based on the Deployment, the global Property Management Software market is sub-segmented into Cloud and On-Premises. The Cloud segment held the largest market share of 60.41% in 2022. This is attributed to more and more end users choosing cloud deployment, such as property managers, private landlords and corporate tenants. For a variety of reasons, including scalability, ease of use, cost-effectiveness, and less rental difficulties, small, medium, and large organizations are turning to cloud-based property management solutions. Cloud property management software also provides data backup and integration to reduce the risk of data loss. It also saves property managers the indirect and direct costs of automating labour-intensive processes.

The on-premise deployment segment is expected to grow at a highest CAGR of xx% in the global property management software market during the forecast period. This is due to the advantages of owning and controlling hardware, as well as a higher level of data security than cloud-based property management software. On-premise PMS also allows for customisation based on business or user requirements

Based on the Application, the global Property Management Software market is sub-segmented into Residential and Commercial. The Residential segment held the largest market share of 69.5% in 2022. This is due to an increase in real estate investments. Multi-family housing/apartments, single-family dwelling, and others make up the residential category. However, the commercial segment is expected to grow at a highest CAGR of xx% in the global property management software market during the forecast period. One of the primary reasons driving market demand is the rising commercial sector around the world. Other factors likely to fuel investments in the commercial sector, including increasing cyber risk management, growing disposable income, and changing consumer technologies, among others, are expected to drive the PMS market growth.

Based on the End-User, the global Property Management Software market is sub-segmented into Housing Associations, Property Managers/ Agents, Property Investors and Others. The Property Managers/ Agents segment held the largest market share of 37.2% in 2022. This is attributed to an increase in global commercial real estate and real estate development initiatives. Additionally, PMS can assist property managers and agents in keeping track of all properties and required upkeep. As a result, market growth is being driven by the shifting workplace mobility trend.

The housing associations segment held the largest market share of 31% in 2022 and is expected to witness significant growth over the forecast period. This is due to a number of issues that apartments and townships encounter, including racking tenants, receiving money, and negotiating lease agreements, to name a few. All of these issues, however, have compelled market participants to provide systems for tracking payments, inspections, and maintenance, as well as transparent and complete reporting.
Global Property Management Software Market Regional Insights:
North America held the largest market share of 35% in 2022 and it remain kept its leading position during the forecast period. This is due to the existence of well-known companies in the region, including AppFolio, Inc.; Entrata, Inc.; MRI Software Co., Ltd.; and Yardi Systems Inc. Under the current circumstances, the United States has a dominant position in the region because of the country’s more and more hotel space. Europe held the 2nd largest market share of xx% in 2022 and also it is expected to grow at a highest CAGR of 5.22% during the forecast period. The market is rising due to a substantial growth in the types of commercial properties accessible and the desire for using the PMS.

Asia Pacific is expected to grow at a highest CAGR of 9.7% in the global Property Management Software market during the forecast period. Some of the factors driving the market in this area are the rising usage of property management in both the residential and commercial sectors, as well as the vast construction of housing societies and business hubs, particularly in China and India.

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, PESTEL analysis with the potential impact of micro-economic factors of the market has been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The reports also helps in understanding the global Property Management Software Market dynamic, structure by analyzing the market segments and project the global Property Management Software Market size. Clear representation of competitive analysis of key players by product, 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


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2017 to 2022
Market Size in 2022:
US $ 3.17 Bn.


Forecast Period 2023 to 2029 CAGR:
4.82 %
Market Size in 2029:
US $ 4.41 Bn.


 Segments Covered:
by Deployment
Cloud
On-Premises


by Application
Residential
Multi-family Housing/ Apartments
Single-family Housing
Others
Commercial
Retail Spaces
Office Spaces
Hotels
Others


by End-User
Housing Associations
Property Managers/ Agents
Property Investors
Others



Global Property Management Software Market, by Region
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria, Turkey, Russia and Rest of Europe)
Asia Pacific (China, India, Japan, South Korea, Australia, ASEAN and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina, Columbia and Rest of South America)
Global Property Management Software Market, Key Players are
1.AppFolio, Inc.
2. Buildium
3. Console
4. CoreLogic
5. Entrata, Inc.
6. MRI Software LLC
7. RealPage, Inc.
8. Yardi Systems Inc.
9. London Computer Systems
10. Property Boulevard
11. Qube Global Software
12. TOPS Software
13. Entrata
14. Hemlane, Inc.
15. Kennedy Investments, L.L.C.
16. LeaseHawk
17. Nexus Systems, LLC.
Frequently Asked Questions:
1] What segments are covered in Property Management Software Market report?
Ans. The segments covered in Property Management Software Market report are based on Deployment, Application, and End-User.

2] Which region is expected to hold the highest share in the global Property Management Software Market?
Ans. North America is expected to hold the highest share in the global Property Management Software Market.

3] What is the market size of global Property Management Software Market by 2029?
Ans. The market size of global Property Management Software Market is expected to reach US $ 4.41 Bn. by 2029.

4] Who are the top key players in the global Property Management Software Market?
Ans. AppFolio, Inc., Buildium, Console, CoreLogic, Entrata, Inc., and MRI Software LLC are the top key players in the global Property Management Software Market.

5] What was the market size of global Property Management Software Market in 2022?
Ans. The market size of global Property Management Software Market in 2022 was US $ 3.17 Bn.