Pune, India, May 30, 2023 (GLOBE NEWSWIRE) -- According to Fortune Business Insights, global property management software market was valued at USD 20.14 billion in 2022 and is projected to grow from USD 22.05 billion in 2023 to USD 42.89 billion by 2030, exhibiting a CAGR of 10% during the forecast period. High Adoption of SaaS-based Software to Boost the Property Management Software Market Growth. Fortune Business Insights™ displays this information in a report titled, Property Management Software Market Forecast, 2023-2030.
The demand for property management software is rising among end-users to cater to the changing real estate preferences of their customers. Moreover, there is a growing need to improve customer support and counselling, which will further boost the property management software market growth. The real estate sector is an ever-expanding one as there has been a strong expansion in the network of reputed hotel and tourism brands. Many market players are heavily investing in research and development programs, further boosting the market expansion.
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Key Industry Development:
Trimble, Inc. increased the availability of ‘Trimble Quadri BIM collaboration software’ for civil projects. Quadri software offers data environment for 3D project models to facilitate collaboration across infrastructural projects.
Key Takeaways
- The increasing demand for property management software to address consumers’ real estate preferences and growing need for improved consumer handling and support are driving the market expansion.
- Smart Property Software Adopted by Residential Property Managers Boosted Market Growth Amid Coronavirus Pandemic
- Evolving Trend of Workforce Mobility to Strengthen Growth
- By Deployment Analysis: Cloud Segment to Aid Market Growth Owing to High Convenience and Security
- Property Management Software Market Size in North America was USD 7.32 Billion in 2022
Discover the Leading Players Featured in the Report:
“Companies leading the Property Management Software Market are AppFolio, Inc. (U.S.), Archibus, Inc. (U.S.), Yardi Systems, Inc. (U.S.), CORELOGIC (U.S.), Entrata, Inc. (U.S.), ManageCasa (U.S.), MRI Software LLC (U.S.), IBM Corporation (U.S.), SAP SE (Germany), MAISONETTE (U.A.E.)”
| Report Coverage | Details |
| Forecast Period | 2023 to 2030 |
| Forecast Period 2023 to 2030 CAGR | 10% |
| 2030 Value Projection | USD 42.89 Billion |
| Base Year | 2022 |
| Property Management Software Market Size in 2022 | USD 20.14 Billion |
| Historical Data for | 2019 to 2021 |
| No. of Pages | 160 |
| Segments covered | Deployment, Application, End-user and Geography |
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Drivers and Restraints:
High Adoption of SaaS-based Software to Boost Market Growth
Software-as-a-Service (SaaS) and cloud computing technologies have gained significant momentum among end-users, becoming one of the most sought-after delivery methods. Subscription-based SaaS solutions can help businesses of all sizes succeed, which is why many companies are using them to streamline their operations. These factors will help the property management software market share grow.
However, budgetary constraints can increase the scope of risks in the real estate sector, restricting the market growth.
Segments:
By Deployment
- Cloud
- On-premises
By Application
- Residential
- Commercial
- Retail
- Government
- Construction and Real Estate
- Others
By End-User
- Property Managers
- Housing Associations
- Real Estate Agents
- Others
By Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
Regional Insights:
Growing E-Commerce Penetration to Boost the North America Market Progress
North America accounted for the largest market share in 2021 as the region’s e-commerce sector is growing at a notable pace. This factor may present real estate developers and property managers with many opportunities to invest in asset management solutions. This will help the regional market grow.
Europe is expected to record a significant growth rate during the forecast period as the region is constantly updating its digital strategies and infrastructure. This has increased the adoption of predictive analytics and business intelligence, boosting the market growth.
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Competitive Landscape:
Companies to Develop Customized Solutions for Owners and Managers
Leading market players, such as Entrata, Inc., are offering various software solutions and data analytics services too many real estate companies to help owners and managers efficiently manage their properties. Many of these organizations are focusing on the commercial sector to the real estate business to offer modern solutions, further boosting the market growth.
FAQ’s
How big is the property management software market?
Property Management Software Market size was USD 20.14 billion in 2022.
How fast is the property management software market growing?
The Property Management Software Market will exhibit a CAGR of 10% during the forecast period, 2023-2030
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