New York, USA, Nov. 01, 2021 (GLOBE NEWSWIRE) -- According to the report published by Research Dive, the global lease management market is expected to generate a revenue of $6,252.3 million by 2027, growing rapidly at a CAGR of 6.7% during the forecast period 2021-2027. The inclusive report provides a brief overview of the current scenario of the market including significant aspects of the market such as growth factors, challenges, restraints and various opportunities during the forecast period. The report also provides all the market figures making it easier and helpful for the new participants to understand the market.
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Dynamics of the Lease Management Market
Drivers: Increasing adoption of software as a service model among numerous organizations across the globe is expected to drive the growth of the market. In addition, surging demand for smart building projects is expected to bolster the growth of the global lease management market during the forecast period.
Restraints: Extortionate cost for implementing lease management software is expected to impede the growth of the market during the forecast period.
Opportunities: Persistent technological advancements in the lease management software is expected to create ample opportunities for the growth of the market during the forecast period.
COVID-19 Impact on the Lease Management Market
The outbreak of COVID-19 has had a positive impact on the growth of the global lease management market, owing to the prevalence of lockdowns in various countries across the globe. Lockdowns shut down all commercial buildings and offices, enabling companies to carry out their operations from home. Hence, increasing prevalence of work from culture significantly increased the demand for lease management software which favored a smooth flow of working in the organization.
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Segments of the Lease Management Market
The report has divided the lease management software market into various segments based on component, deployment mode, enterprise size, end-use industry, region.
Component: Service Sub-segment to be Most Profitable
The service sub-segment generated a revenue of $2,268.7 million in 2019, and hence is expected to grow exponentially during the forecast period. Immaculate business insights and end to end optimized solutions provided by the service component is expected to bolster the growth of the sub-segment during the forecast period.
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Deployment Mode: On-Premise Sub-segment to be Most Beneficial
The on-premise sub-segment generated a revenue of $2,002.9 million in 2019, and hence is predicted to surge rapidly during the forecast period. It provides a great deal of security control over external services within the organization whilst managing the costs. This factor is expected to stimulate the growth of the lease management market sub-segment during the forecast period.
Enterprise Size: Large Enterprise Size Sub-segment to Have the Highest Growth Rate
The large enterprise sub-segment is expected to grow exponentially with a CAGR of 5.8% during the forecast period. Rising adoption of lease management by large organizations for a seamless flow of operational work is expected to bolster the growth of the sub-segment during the forecast period.
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End-Use Industry: Manufacturing Sub-segment to have the Fastest Growth Rate
The manufacturing sub-segment is expected to surge at a rapid pace with a CAGR of 6.3% during the forecast period. The lease management software is extensively used in the manufacturing industry so as to effectively monitor transactions contract among dealers. This factor is expected to stimulate the growth of the lease management market sub-segment during the forecast period.
Region: North America Region to have the Highest Growth Rate
The North American region is expected to grow progressively with a CAGR of 5.9% during the forecast period. Massive investment by companies to develop advanced lease management software in this region is expected to drive the growth of the regional market. In addition, immense presence of prominent players of the market in this region is further expected to bolster the growth of the regional lease management market during the forecast period.
Key Players of the Lease Management Market
1. LeaseAccelerator, Inc
2. CoStar Realty Information, Inc
3. Trimble, Inc
4. Oracle Corporation
5. IBM
6. NAKISA,
7. AppFolio, Inc
8. RealPage, Inc
9. SAP
For instance, in January 2021, MRI Software, am innovative real estate technology, acquired AMTdirect, a dominant provider of lease administration and lease accounting services, in order to maximize MRI’s presence in the global lease management market.
The report also summarizes many important aspects including financial performance of the key players, SWOT analysis, product portfolio, and latest strategic developments. Click Here to Get Absolute Top Companies Development Strategies Summary Report.
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