New York, USA, May 31, 2021 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, the global lease management market is projected to register a revenue of $6,252.3 million by 2027 at a CAGR of 6.7%, increasing from $3,721.6 million in 2019. The inclusive report provides a brief overview of the current scenario of the market including significant aspects of the market from growth factors, challenges, restraints and various opportunities during the forecast period. The report also provides all the market figures making it easier and helpful for the new participants to understand the market.
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Dynamics of the Market
Lease management software is mainly used to regularly track the business performance. With the help of Software as a Service, users can access various platforms in the internet. The process requires a browser and the software is hosted on cloud. Increasing instillation of SaaS model by the organizations and industries for secure remote operations is expected to enhance the growth of the market.
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The high-maintenance cost of the lease management software is expected to restrain the growth of the market during the forecast period.
Segments of the Market
The report has divided the market into different segments based on component, deployment mode, enterprise size, end-use industry, and regional analysis.
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Deployment Mode: On-Premise Sub-Segment is Expected to be the Most Profitable
On-premises sub-segment recorded a revenue of $2,002.9 million in 2019 and is further expected to grow with a CAGR of 5.4% during the forecast period. The lease management application provides higher level of security over external services in a most cost-effective manner on premises or within the organization. This is the factor behind the growth of the segment.
Enterprise Size: Large Enterprise Sub-Segment is Predicted to be the Most Lucrative
Large enterprise sub-segment reached $2,199.3 million in 2019 and is further projected to sustain the development with a CAGR of 5.8% during the analysis period. Large organization use the lease management software for effective operations. This is the factor behind the growth of the segment during the forecast period.
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End-Use Industry: Manufacturing Sub-Segment is Expected to be the Most Lucrative
Manufacturing sub-segment garnered a revenue of $1,137.3 million in 2019 which is further predicted to grow with a CAGR of 6.3% by the end of 2027. The manufacturing industry mostly works on lease and contract. For effective management of business, these manufacturers depend on lease management software. This is the main factor enhancing the growth of the market segment.
Region: North America Expected to Dominate the Market
North America region market reached a revenue of $1,219.6 million in 2019 and is further forecasted to continue to hold the leading position by recording a CAGR of 5.9% during the forecast period. Most of the leading companies of the industry are headquartered in the North American countries. This is expected to be the main attributor behind the growth of the regional market in coming year.
Key Players of the Market and Strategies
1. LeaseAccelerator, Inc.
2. NAKISA,
3. CoStar Realty Information Inc.,
4. AppFolio, Inc.
5. Trimble Inc.
6. RealPage, Inc.
7. Oracle Corporation
8. SAP
9. IBM
For example, in July 2019, LeaseAccelerator, the forerunner in Enterprise Lease Accounting Software-as-a-Service (SaaS), announced the acquisition of Guardian Global Systems, an Australian-based provider of Real Estate Administration SaaS to commercial and government organizations. This acquisition will help LeaseAccelerator to extend its portfolio with a new and advanced solution to help real estate leaders manage the complexities of owned and leased property contracts, building, and land.
Covid-19 Impact Analysis
The coronavirus pandemic has impacted the market to a marginal extent. With the communal transmission of the pandemic, the governments across the nation imposed lockdown and restrictions in meeting people in any circumstances. This situation compelled all the organizations and industries to continue their operations from home. The lease management software comes with all the facility management data which helps the organizations to perform their operations virtually without any disturbance. The new culture of ‘work from home’ has been proved to be the biggest growth enhancing factor for the global lease management market during the pandemic.
The report also summarizes many important aspects including financial performance of the key players, SWOT analysis, product portfolio, and latest strategic developments. Click Here to Get Absolute Top Companies Development Strategies Summary Report.
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