Newark, NJ, Nov. 02, 2021 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the global lease management market is expected to grow from USD 4.22 billion in 2020 and to reach USD 6.88 billion by 2028, growing at a CAGR of 6.3% during the forecast period 2021-2028.
The lease management market has been witnessing significant growth in the past years. This growth is attributed to the increasing demand for smart building projects to manage leases efficiently, and further the growing need for efficient lease management is propelling the demand for SaaS lease management solution, the COVID-19 epidemic is a consequence of increased demand for workplace plasticity solutions. The lease management integrates all the amenity management data that aid the company to work remotely without any interference in the operational work. Also, the developing trend of WFH is prophesied to be the most significant propelling factor for the lease management market during the pandemic.
Lease management, also recognized as lease administration, includes the organization & execution of the everyday tasks of an institution's lease portfolio. Lease management provides document management, reporting, coordinating among stakeholders, and a myriad of administrative tasks. Lease management needs to extract essential information from the lease agreement document into a Lease Abstract, which summarizes essential terms of a leasehold accord of real estate.
The global lease management market is expected to witness significant growth, owing to the rising adoption of the SaaS model with organizations for remote access in a cost-friendly manner. Additionally, the demand for smart building projects is prophesied to be a propelling factor for the global market in the expected period. Further, the emerging technologies like mobility, IoT, and AI, for real-time data analysis. Additionally, the research & development activities and workplace mobility are also propelling the market growth. Moreover, the lesser awareness, the cost involved in setting up lease administration software & keeping the cost of this software is very high are expected to restrain the market in the prophesied period. Further, due to the higher price, the SME & start-up organizations cannot adopt this software which is expected to be the most significant impediment for the market in the forecast period. Besides, the increased requirement for real-time data analysis by leveraging developing technologies such as artificial intelligence (AI), the cloud, and the internet of things (IoT) is expected to generate different growth opportunities for the market vendors.
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Key players operating in global lease management market include On-Site, IBM, Visual Lease, AppFolio, Penske, Juniper Square, ARCHIBUS, ARGUS Enterprise, Brokermint, ProLease, Yardi, and CoStar. To gain a significant market shares in the global lease management market.
Cloud deployment segment dominated the market and held the largest market share of 54.33% in the year 2020
On the basis of deployment, the global lease management market is segmented into on-premises and cloud. Cloud deployment segment dominated the market and held the largest market share of 54.33% in the year 2020. This growth is accredited to the moving customers’ preference from conventional on-premises lease administration to network-based leasing services.
Software segment dominated the market and held the largest market share of 56.28% in the year 2020
On the basis of platform, the global lease management market is segmented into services & solution. Software segment dominated the market and held the largest market share of 56.28% in the year 2020. This growth is attributed to the increasing demand for lease administration platforms to efficiently manage leases and provide consumer account support.
Large organization size segment dominated the market and held the largest market share of 57.23% in the year 2020
On the basis of organization size, the global lease management market is segmented into large organizations and small and medium organizations. Large organization size segment dominated the market and held the largest market share of 57.23% in the year 2020. This growth is attributed to the growing adoption of lease administration through large enterprises.
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Corporates segment dominated the market and held the largest market share of 41.23% in the year 2020
On the basis of end use, the global lease management market is segmented into corporates, housing, and property managers. Corporates segment dominated the market and held the largest market share of 41.23% in the year 2020. This growth is attributed to the various departments like human resources, accounting and payroll, maintenance, and business operations.
Regional Segment of Lease Management Market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
On the basis of geography, the global lease management market is classified into North America, Europe, Asia-Pacific, Middle East & Africa, and South America. North America region holds the largest market share in the year 2020. This growth is attributed to the presence of many companies over the region & an increase in the investment through the majority of the businesses to set up the operational flow in the region. The market in the Asia Pacific is expected to witness significant accretion in the expanding IT infrastructures over organizations, increasing industrialization, and the rising quantity of innovative city projects.
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About the report:
The global lease management market is analysed on the basis of value (USD Billion). All the segments have been analysed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insights of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, and competitors’ position grid analysis.
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