Pune, India, Oct. 21, 2022 (GLOBE NEWSWIRE) -- The global property management market Size was valued at USD 17.69 billion in 2021. The market is projected to grow from USD 19.33 billion in 2022 to USD 37.25 billion by 2029, exhibiting a CAGR of 9.8% during the forecast period. This information is provided by Fortune Business Insights, in its report titled, “Property Management Market, 2022-2026.”
KEY INDUSTRY DEVELOPMENTS:
March 2021 – Planon partnered with AddOnn to combine AddOnn’s SaaS solution with Planon’s software platform for building & service digitization to offer end-to-end solutions to end-users across the globe.
April 2021 - Trimble, Inc. bolstered the availability of Trimble Quadri BIM collaboration software for civil projects, including roads, bridges, and railways.
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Expanding Penetration of Artificial Intelligence to Usher in Innovation
The influence of the COVID-19 outbreak prompted companies to seek smart and artificial intelligence-based technologies across advanced and emerging economies. With employees resuming work from the office, building managers are grappling with challenges to designing plans that help keep up with tenants’ demands. It is worth noting that governments and other stakeholders have upped investments in real estate assets across emerging economies. Moreover, real estate demand could gain an uptick in the ensuing period. Savills India claims real estate demand to surge by 15-18 million square feet by 2025.
Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2022 to 2029 |
| Forecast Period 2022 to 2029 CAGR | 9.8% |
| 2029 Value Projection | USD 37.25 Billion |
| Base Year | 2021 |
| Property Management Market Size in 2021 | USD 17.69 billion |
| Historical Data for | 2018 to 2020 |
| No. of Pages | 160 |
| Segments covered | Component, Deployment, Application, Geography |
| Property Management Market Growth Drivers | Rising Footfall of Software-as-a-Service Platform to Foster Growth Potentials |
| Budget Constraints to Reflect Broader Range of Risk |
Drivers and Restraints
Rising Footfall of Software-as-a-Service Platform to Foster Growth Potentials
The property management market share will observe a significant gain during the forecast period on the heels of the increasing footprint of subscription-based SaaS solutions. Major companies have increased their investments in SaaS component to help companies integrate advanced technologies. Besides, real estate organizations have upped investments in state-of-the-art property management solutions to integrate multi-vendor platforms into existing systems. It is worth mentioning that the trend for mobility management will bode well for the industry growth. Advanced solutions will be sought to keep track of properties.
Meanwhile, lack of funds could dent the prospect of bolstering the industry growth during the assessment period.
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Segments:
Software Component to Gain Uptick with Rising Demand for Cost-effective Solutions
In terms of component, the market is segmented into services and software. The software segment could contribute notably toward the global market in the wake of rising demand for increased efficiency. Moreover, landlords and property owners have also sought cost-effective solutions, auguring well for the industry growth.
Cloud-based Deployment Model to Remain Dominant Due to Improved Security
Based on deployment, the market is segregated into on-premises and cloud. The cloud component will account for a notable share of the global market in the wake of the demand for increased security across developing and developed countries. The software also leverages landlords and property managers to store all documents at a reduced cost in a single platform.
Residential Sector to Exhibit Profound Demand with Rising Need for Asset Management System
With respect to application, the market is fragmented into residential and commercial. The residential segment will expand at a significant CAGR owing to the rising footfall of asset management software. Demand for asset management systems will be pronounced to keep up with the increasing number of residential properties.
Property Managers to Boost Investment to Adopt Automated Software Solution
On the basis of the end-user, the market is segmented into housing associations, real estate agents, property managers, and others (property investors, third party agents). The property manager application will grow on the back of surging investments in automated software solutions to streamline operations.
On the geographical ground, the market covers Europe, North America, Asia Pacific, Latin America, and the Middle East & Africa.
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Regional Insights:
North America held the maximum market share in 2021. The expansion of e-commerce in North America is predicted to offer property managers and real estate players several possibilities to invest in asset management software/services. External investment in the region's real estate market is likely to increase significantly in the coming years.
Asia Pacific is likely to perceive prompt growth during the forecast period owing to the rising cyber jeopardy in the region in comparison with North America and Europe.
Regional Analysis:
Flourishing E-Commerce Industry to Spur Market Opportunities in North America
The market in North America generated a revenue of USD 4.31 billion in 2018 and is predicted to grow rapidly during the forecast period owing to the surge in E-commerce. The rising investment by key players in Property Management will augment healthy growth of the market in the region. Asia Pacific is likely to grow significantly during the forecast period owing to the increasing middle-class population in China, India, and Indonesia. The booming logistics, retail and hotel industry will contribute positively to the growth of the market in the region. The growth in E-commerce and technological advancements will enable speedy growth of the market in Asia Pacific. Europe is predicted to witness steady growth during the forecast period. The growth in the region is attributed to the growing focus of regional players towards advanced software.
Competitive Landscape:
Launch of Payments Platform by ManageCasa to Create Business Opportunities
ManageCasa, leading software management company announced the partnership with Stripe, a global leader in online payment processing to launch a new digital payments solution for the property management industry. This software will enable landlords and property managers to automate rent payments, other income charges and expense payments, and enjoy a fully-automated bookkeeping experience from end to end. The introduction of the innovative software can be a vital factor in bolstering the healthy growth of the market owing to the timely automated payments and other reminders, aiding in fully-automated process for payments. Furthermore, the CEO of ManageCasa, said in a statement, “Sending and receiving payments has always been a challenge in our industry, often requiring lots of time and effort on the part of both property managers and tenants to meet in person to get rent and bills paid, “sending and receiving payments has always been a challenge in our industry, often requiring lots of time and effort on the part of both property managers and tenants to meet in person to get rent and bills paid. He further added, “we're thrilled to provide an online solution that will allow payments to change hands securely in just a few clicks."
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List of the Key Companies Operating in the Property Management Market are:
- AppFolio, Inc.
- Archibus, Inc.
- CORELOGIC
- Entrata, Inc.
- iOFFICE
- ManageCasa
Table of Content
- Introduction
- Definition, By Segment
- Research Methodology/Approach
- Data Sources
- Executive Summary
- Market Dynamics
- Macro and Micro Economic Indicators
- Drivers, Restraints, Opportunities and Trends
- Impact of COVID-19
- Short-term Impact
- Long-term Impact
- Competition Landscape
- Business Strategies Adopted by Key Players
- Consolidated SWOT Analysis of Key Players
- Global Property Management Key Players Market Share Insights and Analysis, 2021
- Global Property Management Market Size Estimates and Forecasts, By Segments, 2018-2029
- Key Findings
- By Component (USD)
- Software
- Services
- Consulting
- Support and Maintenance
- By Deployment (USD)
- Cloud
- On-Premises
- By Application (USD)
- Residential
- Commercial
- Retail
- Government
- Construction and Real Estate
- Others
- By End-User (USD)
- Property Managers
- Housing Associations
- Real Estate Agents
- Others
- By Region (USD)
- North America
- Latin America
- Europe
- Middle East & Africa
- Asia Pacific
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