Property Management Market: Global Industry Analysis and Forecast (2023-2029)

Property Management Market was valued at US$ 18.22 Bn in 2022. The Property Management Market size is estimated to grow at a CAGR of 8.94% over the forecast period.
Property Management Market Overview:
Property management refers to services and solutions that are provided to real estate. It empowers the property managers by using IT solutions and other techniques. It operates very efficiently and is very cost-effective. This property management also helps owners in saving time during operation like- collecting rents, negotiating with the tenants, negotiating tenants, handling repair and maintenance issues, etc.To know about the Research Methodology:-Request Free Sample Report

The report explores the Property Management Market's segments (Component, deployment, Application, End User). Data has been provided by market participants, and regions (North America, Asia Pacific, Europe, Middle East & Africa, and South America). The MMR market report provides a thorough analysis of the rapid advances that are currently taking place across all industry sectors. Facts and figures, illustrations, and presentations are used to provide key data analysis for the historical period from 2017 to 2020. The report investigates the Property Management Market’s drivers, limitations, prospects, and barriers. This MMR report includes investor recommendations based on a thorough examination of the Property Management Market's contemporary competitive scenario.
Property Management Market Dynamics:
The management of present or potential tenants is referred to as property management. Land administrations and plans are also included. Among the services offered by property management are consulting, deployment, joining, support, and maintenance. Arrangements for asset management, lease accounting, real estate, reservation management, and other similar tasks are also provided. It entails managing private property, a capital resource that includes elements like the processes, personnel, and structures needed to manage the acquired property.

Landowners can save time with property management. Landlords are relieved of the burden of dealing with rent collection, rental advertising, tenant negotiations, tenant complaints, and repair and maintenance difficulties.

Market Drivers:

Many workers now want to do so from home. The requirement for flexible access to office resources and data is influenced by this. Additionally, companies are embracing virtual workspaces to drastically cut down on the amount of physical infrastructure they require, giving them more flexibility and effective use of office space. Many firms want for integrated facilities management solutions for workplace, mobility, and other issues. Due to this, property managers may continue working quickly and efficiently despite having a large crew. These options can be used by related real estate agents and property managers to keep track of all the properties they oversee and the necessary routine maintenance. As a result, the asset management industry is benefiting from the growing trend of employee mobility.

The rising use of the software as a service (SaaS) model for property management is what is driving market growth. Additional factors that would be advantageous for the sector include rising demand for outsourced services and a tendency toward job mobility. The overall market for property management systems has grown in recent years due to an increased desire among property managers to effectively manage property portfolios. However, the market is being propelled by the introduction of SaaS-based solutions, growing demand for them, and increased global investment in various technologies. Additionally, property management systems help users keep track of, control, and assess a variety of aspects of both residential and commercial structures. The market potential for property management is increased by elements like tenant rent, document, asset management, and financial accounting.

Property owners and managers favor adopting property management software in large part because of the transparency it provides. All sizes and types of properties can be easily managed and controlled by the software. In order to fulfill legal requirements, property management suppliers also offer legal executives. This is especially important for the management of properties that are far away. Additionally, with the aid of a centralized property management software, property owners and managers are placing a strong emphasis on gathering and maintaining property information for improved data administration and accessibility. During the forecast period, this is anticipated to fuel demand for real estate property management software.

Increased use of machine learning and artificial intelligence (AI) in property management enables the monitoring of current information about residents and location. Realistic assessments and insightful data are provided to users by AI-based property management software. Buyers can take a virtual tour of several houses thanks to augmented reality (AR) and virtual reality (VR) technology used in the property management sector. The use of property management software in the real estate sector is increasing as a result.

Market Restraints:

Real estate industry becomes more international, there will be more potential dangers. Country or city risk, including political risk and the potential for benefits being seized, will be given top priority on the list. Rising real estate investment may come with a variety of dynamic hazards in developing nations. Additionally, real estate brokers choose to work with regional developers owing to a lack of funding, which poses some operational concerns like sluggish building sites and unethical business practices. This might prevent property management from increasing its market share.

Market Opportunities:

The market for property management software is very fragmented. Vendors are working hard to increase their market presence and successfully embrace growth prospects. A few of the variables anticipated to boost investment in commercial real estate property management software and drive the global market include the influence of technology, cybersecurity risk management, capital flow, talent evolution, and PropTech.

Players in the real estate management software market are putting more and more emphasis on providing software that is tailored to the demands of end customers. Additionally, some businesses are releasing new, cost-effective mobile application software with cutting-edge functions like integrated analytics. To Progress in the property management software market in the future, a number of companies are implementing strategies including acquisitions and collaborations to broaden their product range.

Market Challenges:

The development of the property management business would be significantly hampered by the absence of a robust IT infrastructure in developing and underdeveloped economies. Further impeding the expansion of the property management sector in such nations is a shortage of qualified or skilled experts. Budget restrictions for technological solutions would also slow the growth pace of the property management business.

Covid19 Impact:

The COVID-19 outbreak has caused significant disruption in the majority of businesses worldwide. While some industries saw a decline in their sales and output, others saw unpleasant consequences including limitations on movement and firm closures. Additionally, the real estate sector simultaneously saw growth and decline. Keeping guests and renters safe while rigorously adhering to laws and regulations was the primary concern of real estate property owners, managers, and businesses in the early stages of the pandemic.

The drop in real estate property sales is caused by these variables. Even still, many offices, colleges, and institutions remained closed, and companies started embracing the well-known worldwide practice of working from home. The chance to propose and employ automation techniques, such as intelligent and AI-enabled property management software, was given to property managers in contrast. An AI-enabled tool's job is to wirelessly collect data and reply to leads automatically. This will minimize operational risks while improving customer service.
Property Management Market Segment Analysis:
Based on Application, Commercial segment is dominating the market with highest CAGR during the forecast period. Construction and real estate, government, retail and hospitals are attributed to the rising need of property management in this commercial segment.Based on the Deployment, Cloud segment is dominating the market with highest CAGR during the forecast period. Developing nations are calling for more security, the cloud component will hold a sizable portion of the worldwide market. The software also makes use of property managers and landlords to keep all papers on a single platform at a lower cost.

Based on the Component, Solution segment is dominating the market with highest CAGR during the forecast period. In light of the growing desire for greater efficiency, the solution segment may significantly impact the market. Additionally, landlords and property owners have looked for affordable alternatives, which is encouraging for the industry's growth.

Based on the End User, Property managers segment is dominating the market with highest CAGR of during the forecast period. On the strength of escalating investments in automated technology solutions to streamline operations, the property manager application will expand.
Property Management Market Regional Insights:
The North America region dominated the market with highest share in 2022. The North America region is expected to witness significant growth at a CAGR of XX% through the forecast period. Active vendors should expect the most growth prospects in North America during the projection period. Property managers and owners are anticipated to use property management software more frequently, which will lead to a high demand for system integration services including design, development, and deployment. The demand for property management software in high-growth nations like the U.S. and Canada is also being fuelled by digitization. Due to the increase in hotel rooms in the nation, the U.S. now controls the majority of the North American market. The region's market is expanding as a result of the infrastructure's quick development and the rising demand for better data management.

Europe claimed the second-largest market share. The area's high degree of digitalization and the sizeable presence of both residential and business structures are probably contributing factors to the rise.

Because of the increasing middle-class populations in China, India, and Indonesia, the Asia Pacific market is anticipated to be robust. Notably, there has been a paradigm shift in the logistics, retail, and hospitality industries. In fact, the booming growth of the housing sector bodes well for big businesses preparing to expand their portfolios.

The objective of the report is to present a comprehensive analysis of the Property Management 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 have 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 help in understanding the Property Management Market dynamic, structure by analyzing the market segments and projecting the Property Management Market size. Clear representation of competitive analysis of key players by Vehicle type, price, financial position, product portfolio, growth strategies, and regional presence in the Property Management Market make the report investor’s guide.
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Property Management Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2018 to 2022
Market Size in 2022:
US$ 18.22 Bn.


Forecast Period 2023 to 2029 CAGR:
8.94%
Market Size in 2029:
US$ 33.18 Bn.


 Segments Covered:
by Component
Solution
Lease accounting and real estate management
Asset maintenance management
Workspace and Relocation management
Reservation management
Services
Deployment and integration
Consulting
Support and maintenance
Service level agreement management


by Deployment
Cloud
On-Premises


by End User
Property managers
Housing associations


by Application
Commercial
Construction and real estate
Government
Retail
Hospitality
Others (Education and industrial)
Residential



Property Management Market by Region
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina Rest of South America)
Property Management Market Key Players are:
1. IBM
2. Hitachi Vantara
3. JLL
4. Oracle
5. SAP
6. Trimble
7. RealPage
8. AppFolio
9. Yardi
10.MCS Solutions
11.ARCHIBUS
12.FSI
13.Planon
14.Accruent
15.Entrata
16.iOFFICE
17.Indus Systems
18.Total Management
19.Rentec Direct
20.PMX Dynamics
21.Hemlane
22.OfficeSpace
23.CIC
24.Archidata
25.Buildium

Frequently Asked Questions:

1] What segments are covered in the Global Property Management Market report?
Ans. The segments covered in the Property Management Market report are based on Component, Deployment, Application, End User.

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

3] What is the market size of the Property Management Market by 2029?
Ans. The market size of the Property Management Market by 2029 is expected to reach US$ 33.18 Bn.

4] What is the forecast period for the Property Management Market?
Ans. The forecast period for the Property Management Market is 2023-2029.

5] What was the market size of the Property Management Market in 2022?
Ans. The market size of the Property Management Market in 2022 was valued at US$ 18.22 Bn.