WASHINGTON, Aug. 31, 2022 (GLOBE NEWSWIRE) -- Vantage Market Research's recent analysis of the Global Property Management Market finds that the increased need for a SaaS model and growing trend of workplace mobility are anticipated to augment the growth of the Global Property Management Market during the forecast period.
The Global Property Management Market revenue is expected to reach a value USD 29.1 Billion in 2028.
The Global Market revenue was valued at USD 17.3 Billion in 2021 and is expected to grow to exhibit a Compound Annual Growth Rate (CAGR) of 9.5% during the forecast period; states Vantage Market Research, in a report, titled "Property Management Market Size, Share & Trends Analysis Report by Component (Solution, Services), by Solution (Lease Accounting & Real Estate Management, Asset Maintenance Management, Workspace & Relocation Management, Reservation Management), by Service (Deployment & Integration, Consulting, Support & Maintenance, Service Level Agreement Management), by Deployment Mode (Cloud, On-Premises), by End Users (Property Managers, Housing Associations), by Application (Commercial, Residential), by Commercial Application (Construction & Real Estate, Government, Retail, Hospitality, Others (Education & Industrial), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)".
Key Industry Findings & Insights from the report:
- The global Property Management Market was valued USD 17.3 Billion in 2021 and is all set to surpass USD 29.1 Billion by 2028, exhibiting a CAGR of 9.5% during the forecast period 2022-2028.
- In terms of revenue, the application segment held the largest revenue share of in 2021 and is estimated to maintain its dominance for the forecast period.
- In terms of revenue, the product segment held the second largest market share of in 2021 and is estimated to grow rapidly during the forecast period.
- The growth can be attributed to rapid urbanization, technological advancement, an increase in investment by developing countries.
- Asia Pacific captured the lion share in 2021 and is projected to retain its position over the forecast period. This can be attributed to the existence of a significant number of Property Management industry companies and the high adoption rate owing to government measures that stimulate this industry in this region. The growth is primarily due to the increasing collaborations.
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Market Dynamics:
Driver:
Rising Need for SaaS Model of Property Management Market to Drive the Market Growth
The arrival of cloud technology is one of the critical breakthroughs in the software business. Cloud technology has dramatically affected how software applications are run and delivered to clients, enabling software developers to focus more on the technology part of software while outsourcing the management part to cloud service providers. Moreover, the SaaS software allows users to pay per usage and cancel services anytime. The SaaS software also allows the huge multifamily Property Management Market organizations to integrate numerous types of software across the portfolio without difficulty. Furthermore, SaaS platforms are letting property managers integrate their Property Management Market solutions with superior payment solutions for easy and seamless transactions and, as a result, propelling the market growth.
Increasing Development of Workplace Mobility to Stimulate Market Growth
Most of the population prefers to work from home rather than from a local office, head office, or worldwide branch of an organization and, as a result, need mobility with regards to access to office resources & data in the current condition. Furthermore, organizations are employing the current generation of youngsters who are technology-savvy and believe in the usage of multiple technological devices at their place of work. Also, to keep the flow and speed of work uninterrupted and manage such a workforce, many organizations are looking for solutions like workplace management, project management, and other integrated facility management. Furthermore, such solutions facilitate related property managers and real estate agents to keep track of all the properties they manage and the maintenance work necessary for them. Therefore, the rise in the trend of workplace mobility is expected to fuel the Property Management Market expansion.
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Segment Analysis:
- Component
- Solution
- Services
- Solution
- Lease Accounting & Real Estate Management
- Asset Maintenance Management
- Workspace & Relocation Management
- Reservation Management
- Service
- Deployment & Integration
- Consulting
- Support & Maintenance
- Service Level Agreement Management
- Deployment Mode
- Cloud
- On-Premises
- End Users
- Property Managers
- Housing Associations
- Application
- Commercial
- Residential
- Commercial Application
- Construction & Real Estate
- Government
- Retail
- Hospitality
- Others (Education & Industrial)
- Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
The report on Property Management Market highlights:
- Assessment of the market
- Premium Insights
- Competitive Landscape
- Historic Data, Estimates, and Forecast
- Company Profiles
- Global and Regional Dynamics
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Regional Analysis:
North America Dominated the Global Property Management Market
North America dominated the Global Property Management Market in 2021 and is likely to continue the same trend during the forecast period. This is attributed to the presence of top market players in this region. Furthermore, the United States dominates the North America regional market in the current scenario because of the increased number of hotel spaces in the area. This, in turn, is expected to propel the Property Management Market expansion.
List of Prominent Players in Property Management Market:
- IBM (US)
- Hitachi Vantara (US)
- JLL (US)
- Oracle (US)
- SAP (Germany)
- Trimble (US)
- RealPage (US)
- AppFolio (US)
- Yardi (US)
- MCS Solutions (Belgium)
- ARCHIBUS (US)
- FSI (UK)
- Planon (Netherlands)
- Accruent (US)
- Entrata (US)
- iOFFICE (US)
- Indus Systems (US)
- Total Management (US)
- Rentec Direct (US)
- PMX Dynamics (Canada)
- Hemlane (US)
- Property Boulevard (US)
- OfficeSpace (US)
- CIC (US)
- Archidata (Canada)
- Buildium (US)
Browse market data Tables and Figures spread through 141 Pages and in-depth TOC on "Property Management Market Size, Share & Trends Analysis Report by Component (Solution, Services), by Solution (Lease Accounting & Real Estate Management, Asset Maintenance Management, Workspace & Relocation Management, Reservation Management), by Service (Deployment & Integration, Consulting, Support & Maintenance, Service Level Agreement Management), by Deployment Mode (Cloud, On-Premises), by End Users (Property Managers, Housing Associations), by Application (Commercial, Residential), by Commercial Application (Construction & Real Estate, Government, Retail, Hospitality, Others (Education & Industrial)), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)".
Recent Developments:
April 2021: Tribe Property Technology Inc. acquired KEY Property Management Market 's leasing portfolio of approximately 75 service contracts, facilitating the company's development of its leasing services in British Columbia. In addition, Tribe simplifies the community living for homeowners with technology services, which bring convenience and security to assets. From rental market assessment to marketing, contracts, digital transparency and reporting, tenant verification, and online payment processing, Tribe offers a one-stop shop for housing management.
Key Questions Answered in The Report:
- Which region will show the fastest and highest growth in the near future?
- Which are the top five players and their weakness and strength of the Market?
- What will be the future innovation in the upcoming six years?
- Which application and product will lead the largest share of the Market?
- What are the growth drivers, restraints and challenges of the industry?
- What will be the CAGR and size of the Property Management Market for the base year and forecast period?
This market titled “Property Management Market” will cover exclusive information in terms of Regional Analysis, Forecast, and Quantitative Data – Units, Key Market Trends, and various others as mentioned below:
| Parameter | Details |
| Market Size Provided for Years | 2016-2028 |
| Base Year | 2021 |
| Historic Years | 2016-2020 |
| Forecast Years | 2022-2028 |
| Segments Covered | • Component • Solution • Services • Solution • Lease Accounting & Real Estate Management • Asset Maintenance Management • Workspace & Relocation Management • Reservation Management • Service • Deployment & Integration • Consulting • Support & Maintenance • Service Level Agreement Management • Deployment Mode • Cloud • On-Premises • End Users • Property Managers • Housing Associations • Application • Commercial • Residential • Commercial Application • Construction & Real Estate • Government • Retail • Hospitality • Others (Education & Industrial) • Region • North America • Europe • Asia Pacific • Latin America • Middle East & Africa |
| Region & Counties Covered | • North America • U.S. • Canada • Mexico • Europe • U.K • France • Germany • Italy • Spain • Rest Of Europe • Asia Pacific • China • Japan • India • South Korea • South East Asia • Rest Of Asia Pacific • Latin America • Brazil • Argentina • Rest Of Latin America • Middle East & Africa • GCC countries • South Africa • Rest Of Middle East & Africa |
| Companies Covered | • IBM (US) • Hitachi Vantara (US) • JLL (US) • Oracle (US) • SAP (Germany) • Trimble (US) • RealPage (US) • AppFolio (US) • Yardi (US) • MCS Solutions (Belgium) • ARCHIBUS (US) • FSI (UK) • Planon (Netherlands) • Accruent (US) • Entrata (US) • iOFFICE (US) • Indus Systems (US) • Total Management (US) • Rentec Direct (US) • PMX Dynamics (Canada) • Hemlane (US) • Property Boulevard (US) • OfficeSpace (US) • CIC (US) • Archidata (Canada) • Buildium (US) |
| Report Coverage | Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis |
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