LONODN, March 16, 2022 (GLOBE NEWSWIRE) -- According to The Business Research Company’s research report on the property management software market, the increasing investments in smart cities is expected to propel the growth of the property management software market during the forecast period. Governments around the world are investing in the creation of smart cities. Smart city technologies use information and communication technologies to efficiently manage and operate urban services, thus creating demand for efficient management of properties. The European Union is actively promoting smart city initiatives, with funds for research and sustainability targets for member states. The concept of smart cities is becoming more popular in developing nations too.
For instance, more than 1,000 smart city pilot projects are either ready for or are under construction globally and around 500 of these projects are in China. Hence, the investment in smart cites is expected drive the growth of the market.
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The global property management software market size is expected to grow from $1.69 billion in 2021 to $1.76 billion in 2022 at a compound annual growth rate (CAGR) of 4.39%. The growth in the market is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The global property management software market share is expected to reach $2.18 billion in 2026 at a CAGR of 5.40%.
Artificial intelligence (AI) enabled applications in the property management software market is a key trend gaining popularity in the market. Artificial intelligence enabled applications assist real estate companies in marketing campaigns, managing property portfolios, leasing, accounting, operations, and many other functions. For instance, in September 2019, LetHub, a Canada-based real estate startup, developed a River chatbot that automatically responds to customer questions and saves around 75% of staff time. Furthermore, in November 2021, Facilio Inc, a real estate portfolio management platform, announced the launch of its linked computerized maintenance management system (CMMS) solution, which helps businesses streamline operations, reduce costs, and keep up with changing client demands.
Major players in the property management software market are AppFolio, Inc., Console Australia Pty Ltd, CORELOGIC, Entrata, Inc., InnQuest Software, IQware Inc., RealPage, Inc., Yardi Systems Inc, Buildium, Innago, Spacewell (MCS Solutions Pvt Ltd), ManageCasa, Planon, Jones Lang LaSalle IP, Inc., Tenant Cloud and Rent Manager.
The global property management software industry analysis is segmented by deployment into cloud, on-premise; by application into residential, commercial; by end-user into housing associations, property managers/agents, property investors, others.
North America was the largest region in the property management software market in 2021. Asia-Pacific is expected to be the fastest-growing region in the global property management software market during the forecast period. The regions covered in the global property management market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Property Management Software Global Market Report 2022 – Market Size, Trends, And Global Forecast 2022-2026 is one of a series of new reports from The Business Research Company that provide property management software market overviews, property management software market analyze and forecast market size and growth for the whole market, property management software market segments and geographies, property management software market trends, property management software market drivers, property management software market restraints, property management software market leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies.
The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
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