New York, Jan. 31, 2024 (GLOBE NEWSWIRE) -- The global property management software market size is expected to expand at ~6% CAGR from 2023 to 2033. The market is anticipated to garner a revenue of USD 5 billion by the end of 2033, up from a revenue of ~USD 3 billion in the year 2022.The growth can be attributed to the growing adoption of SaaS solutions. One of the fastest-growing industries is SaaS solutions which are becoming more and more popular as they provide companies with lower upfront costs, adaptable and scalable architecture, effective use of IT resources, and frequent upgrades.
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For instance, SaaS is widely used in the healthcare sector, and its model has a great adoption rate of more than 15% annually. These factors have a significant impact on the demand for property management software which helps consolidate all data on one platform to ensure that important KPIs, such as rent collection, maintenance requests, and tenant communications, are tracked in real-time, and makes sure that, as long as there is an internet connection, important data is accessible whenever and wherever needed.
Growing Population Across the Globe to Boost Market Growth
The population of the globe is predicted to rise by more than 1 billion people over the next 30 years, from around 7 billion to over 9 billion in 2050. As a result, there is a growing demand for housing which is the basic requirement for every human. Moreover, housing has become more necessary, particularly in urban areas where the supply of houses is often more limited. This has necessitated the usage of property management software which is created to simplify the management of rental properties and give property managers complete control over every aspect of their portfolio, especially those with single-family houses.
Property Management Software Market: Regional Overview
The market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Growing Number of Renters to Drive the Growth in the North America Region
The property management software market in North America region is estimated to garner the largest revenue by the end of 2033. Over 95 suburbs across the United States are now primarily home to renters since renting has become a desirable choice due to housing affordability challenges, economic uncertainties, and growing lifestyle changes. For instance, the number of rental units in the US in 2022 was estimated to be over 42 million. This has led to an increase in demand for property management solutions that cover tracking maintenance, online rent payments, and tenant screening to track lease agreements and manage tenant profiles. Additionally, it is anticipated that the number of households in the United States will increase by more than 12% over the next ten years, resulting in high demand for property management software to enhance the overall quality of the service.
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Growing Real Estate Market to Drive the Growth in the Europe Region
The Europe property management software market is estimated to garner the largest revenue by the end of 2033. The growth can be attributed to the growing real estate industry, which has led to an increase in the usage of property management software. One of the most well-liked real estate investment destinations worldwide is Europe, which offers several options for those looking to invest in office buildings and retail establishments. Moreover, Germany is a desirable location for European real estate investment because of a confluence of cheap interest rates, robust demand, restricted supply, stable economy, robust legal system, appealing standard of living, and advantageous tax structure. For instance, Europe's real estate market is expected to expand by over 3% between 2023 and 2028, reaching a market size of around USD 189 trillion in 2028.
Property Management Software Segmentation by Deployment Model
- On-Premises
- Cloud
The cloud segment is anticipated to hold the largest revenue by the end of 2033. The growth can be attributed to the growing real estate industry across the globe due to the growing need for office space and industrial buildings, middle-class expansion, infrastructural development, and the growth of startups and multinational organizations. For instance, the global real estate industry is expected to reach over USD 729 trillion in 2028, growing at a rate of around 3% between 2023 and 2028. The real estate industry has advanced significantly by leveraging cloud-based software and platforms.
Lately, a lot of real estate firms have moved to cloud-based property management software, since it is one of the most widely used and effective tools that allows users to access their information and programs from any location with an internet connection, and offers a more simplified and effective method of managing properties and their construction and real estate companies.
Property Management Software Segmentation by Application
- Residential
- Commercial
The commercial segment in property management software market is anticipated to hold the largest revenue by the end of 2033. The growth is largely attributed to the growing number of hospitals. Over the past few years, there has been a steady increase in the overall number of hospitals that offer medical care and amenities such as diagnosis, medical testing and sampling, and patient admissions, due to advancements in medical science, the growing burden of non-communicable diseases (NCDs), rising income levels, aging population, improving healthcare awareness, and growing health insurance penetration. Particularly, in the Kingdom of Saudi Arabia, there were more than 495 hospitals in 2021. This has driven the need for property management software in the healthcare industry as it is a safe platform designed to optimize and streamline healthcare operations for hospitals and clinics, and aids in providing work order management software that is easy to use and effective for healthcare institutions of all sizes.
A few of the well-known industry leaders in property management software market that are profiled by Research Nester are Yardi Systems, Inc., RealTimeRental, IBM Corporation, Oracle Corporation, Honeywell International Inc., AppFolio, Inc., Total Management, Buildium, LLC, Entrata, Inc., Trimble Inc., and other key market players.
Recent Development in the Property Management Software Market
- Yardi Systems, Inc., introduced a customer-centric relationship management solution RentCafe CRM IQ for multifamily operators to offer a frictionless experience for managing applicants, residents, and prospects, through every stage of the leasing and resident lifecycle.
- RealTimeRental (RTR) teamed up with Arbol Inc. to offer a parametric weather protection program for vacation rentals to protect their vacation against rainy weather.
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