New York, USA, Dec. 21, 2022 (GLOBE NEWSWIRE) -- According to the newly published Research Dive report, the global lease management market is anticipated to rise at a stable CAGR of 6.9%, thereby garnering a revenue of $8,990.6 million in the 2022-2031 timeframe. This comprehensive Research Dive report presents a brief outlook of the current framework of the lease management market including its priority features like growth drivers, growth opportunities, restraints, and hindrances during the forecast timeframe of 2022-2031. The report also contains all the crucial market figures to help new entrants understand the market easily.
Dynamics of the Market
Drivers: In recent years, there has been a growth in the use of lease management software for daily, weekly, and monthly monitoring of business performance; which is expected to become the primary growth driver of the lease management market in the forecast period. Additionally, the use of SaaS models by various businesses for cost-effective remote access is anticipated to push the market forward.
Opportunities: Technological developments such as the Internet of Things (IoT) are predicted to offer numerous growth opportunities for the market in the forecast period. Moreover, the growing use of lease management services for business performance analysis is expected to help the market register substantial growth in the coming period.
Restraints: However, according to market analysts, the high cost of installation might become a restraint in the growth of the lease management market.
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Impact of Covid-19 on the Market
The Covid-19 pandemic disrupted the routine lifestyle of people across the globe and the subsequent lockdowns adversely impacted the industrial processes across all sectors. The lease management market, however, was positively impacted by the pandemic. Since many companies shifted to virtual office mode due to lockdowns, there was a growth in the use of cloud-based services. This growing adoption of such cloud-based lease management software helped the market grow despite the pandemic.
Segments of the Market
The Research Dive report has fragmented the lease management market across different segments such as component, deployment, enterprise size, end-use industry, and region.
Component: Solution Sub-segment to be the Most Dominant
By component, the solution sub-segment is expected to be the most dominant one by 2031. The effective record-keeping facility offered by the solution sub-type of lease management software is predicted to help in the growth of this sub-segment.
Deployment: Cloud Sub-segment to be the Most Lucrative
By deployment, the cloud sub-segment is predicted to have the highest market share by 2031. The growing shift from on-premises lease management to cloud-based services is predicted to boost the growth of this sub-segment.
Enterprise Size: Large Sub-segment to Have the Largest Market Share
By enterprise size, the large sub-segment is expected to be the most dominant one by 2031. Lease management software and services work perfectly for large enterprises as they help in the seamless flow of activities. This growth in the adoption of lease management software by large enterprises is predicted to help in the growth of this sub-segment.
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End-Use Industry: Manufacturing Sub-segment to Garner the Highest Revenue
By end-use industry, the manufacturing sub-segment is predicted to garner the highest revenue by 2031. The growing use of lease management software by manufacturing companies for keeping a close eye on every transaction is predicted to boost the growth of this sub-segment.
Market in the Europe Region to be Most Profitable
By regional analysis, the lease management market in Europe region is anticipated to be the most dominant by 2031. The growing number of businesses across the region and increasing adoption of lease management services to introduce operational flow in the companies are predicted to be the main growth drivers of the market in this region.
Prominent Market Players
Some prominent players in the lease management market are
- Lease Accelerator Inc.
- Nakisa
- IBM
- CoStar Group
- RealPage, Inc.
- Innolux Corporation
- FORTUNE Media IP Limited
- Oracle Corporation
- SAP
- Trimble Inc.
These players are introducing and coming up with new technological advancements and innovations to gain primacy in the market.
For instance, in January 2022, MRI Software, a leading investment management software company, announced the acquisition of LeaseEagle, an Australian lease management solutions provider. This acquisition will help MRI Software to increase its foothold in the market substantially in the coming period and address the demands of the market in a much more comprehensive way.
Finally, this comprehensive report also summarizes many crucial facets of the global market including product portfolio, latest strategic developments, financial performance of the key players, and SWOT analysis.
Broader Insights Pertaining for the Specific Segments or Regions of the Lease Management Market
More about Lease Management Market:
- Implementing the Right Lease Management Software can Benefit your Company, Here’s how
- What is the Importance of Lease Management and How to Improve the Practices?
- Global Lease Management Market Predicted to Witness Striking Growth with the Acquisitions Like that of Trimble by MRI Software
