Dublin, Jan. 12, 2022 (GLOBE NEWSWIRE) -- The "Global Property Management Software Market By Application, By Deployment Type, By End User, By Regional Outlook, COVID-19 Impact Analysis Report and Forecast, 2021 - 2027" report has been added to ResearchAndMarkets.com's offering.
The Global Property Management Software Market size is expected to reach $4.1 billion by 2027, rising at a market growth of 5.4% CAGR during the forecast period. The property management software solutions have shifted from manual to automatic management solutions, in the past few years.
The property management software system has been enhanced by the automatic property management solution which led to the decrease in human errors and empowering the property managers assign work assignments efficiently to eliminate interruptions in service. The advantage of an automatic PMS is that it reduces the time taken in responding to complaints and grievances of owners & tenants. Moreover, it makes property management procedures simpler by reducing communication gaps, storing & leasing documents and contracts, simplifying the rent collection processes, and tracking finances.
The market is estimated to witness an increase in the demand for Property Management Software (PMS) due to the rising demand for web-based services comprising Software as a Service (SaaS) by property management software providers. SaaS enabled PMS assists in the management of daily functions like building maintenance, accounting, and tenant & lease tracking. The software offers a centralized platform where a person can see all the properties altogether and also allows supervision of the other property-related functions like addressing the requirements of tenants and maintenance tasks. It also provides the facility of online document sharing & storage, financial reporting, account capabilities, integrated banking among other applications, electronic lease agreements, and online maintenance requests & tracking.
COVID-19 Impact Analysis
Due to the COVID-19 outbreak, there has been a major disturbance in most companies across the world. Whereas some industries experienced a reduction in their businesses and productions, while others faced harsh outcomes like movement restrictions and shutdown of businesses. Also, the real estate industry experienced both a rise and fall at once. In the early stages of the pandemic, the main concern of the real estate property owners, managers, and companies was to keep visitors and tenants safe and strictly following the government rules and regulations.
Therefore, these factors are responsible for the decline in real estate property sales. Still, various schools, colleges, and offices were remained closed and businesses have been adopting the worldwide famous trend of work from home. In contrast, property managers got an opportunity to propose and use automation tools like smart and AI-enabled property management software. The function of an AI-enabled tool is to collect the data through Wi-Fi and automatically respond to leads. This will help in enhancing customer service and lowering the operational risks.
Market Growth Factors:
Surging investments in real estate
The key factor that increased the investments in commercial real estate is the growth of the construction activities in this sector around the world. Several factors like capital flow, the evolution of talent, PropTech platforms, cyber risk management, and the influence of technology are projected to bolster the investments in commercial real estate. The main factor that boosts the real estate investment is efficient management of the property by a centralized administration, even from a remote location.
Integration of cloud-based technologies in property management
Cloud-based property management software focuses on the installation of actuators and sensors in the infrastructure facilities of luxury hotels. As the property management business grows with new services, the cloud helps in handling the bandwidth, extra storage, and computing demands. The software also helps the system to take care of the updates to operating systems and other software; hence, it will also reduce the wastage of time.
Market Restraining Factor:
Increase in cost and time for training
Some of the software is appropriate for small businesses whereas some are suitable for large businesses. A lot of time is required to learn the use of this software. In addition, the integration of this software consumes a lot of time because firstly, the time is spent on choosing ideal software, and secondly, the time is spent on learning it. Every kind of software has its features and learning various software will be a difficult task.
Application Outlook
Based on Application, the market is segmented into Residential and Commercial. The commercial Segment is further bifurcated across Retail Spaces, Office Spaces, Hotels and Others. The residential segment registered the largest revenue share in 2020 and will significantly expand during the forecast period. The propelling investment rate in real estate is boosting the growth of the segment. Single-family housing, multi-family housing, or apartments are sub-segments of the residential segment. The commercial segment is anticipated to witness substantial growth rate during the forecast period.
Deployment Type Outlook
Based on Deployment Type, the market is segmented into Cloud and On-premise. The on-premise deployment segment is anticipated to witness lucrative growth rate during the forecast period. Benefits like high-level data security than cloud-based property management software and control & ownership over hardware, are responsible for the augmentation of the segment. In addition, on-premise PMS can be personalized as per the user or business requirements. Thus, this segment is expected to witness a boost due to the above-mentioned benefits during the forecast period.
End User Outlook
Based on End User, the market is segmented into Property Managers/ Agents, Housing Associations, Property Investors and Others. The housing association segment obtained a significant revenue share in 2020 and is anticipated to continue this progress during the forecast period. Leasing agreements, racking tenants, and receiving payments are some of the challenges faced by townships and apartments due to which this segment is witnessing a sluggish growth. To overcome these challenges, the market players are proposing several solutions like inspections, tracking payments, transparent & comprehensive reporting, and maintenance.
Regional Outlook
Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa. North America emerged as the leading region in the global property management software market in 2020. The presence of well-known players like Yardi Systems Incorporation, Entrata Incorporation, MRI Software LLC, AppFolio Incorporation is responsible for the growth of this reason. According to the present scenario, U.S. is dominating the regional market due to the rise in the number of hotel spaces in the nation.
Cardinal Matrix - Property Management Software Market Competition Analysis
The major strategies followed by the market participants are Partnerships. Based on the Analysis presented in the Cardinal matrix; Oracle Corporation, SAP SE, and IBM Corporation are the forerunners in the Property Management Software Market. Companies such as MRI Software LLC, RealPage, Inc., and Yardi Systems, Inc. are some of the key innovators in the market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include SAP SE, Oracle Corporation, IBM Corporation, InnQuest Software, IQware, Inc., MRI Software LLC, RealPage, Inc., Yardi Systems, Inc., Jones Lang LaSalle IP, Inc., and HiRum Software solutions.
Key Topics Covered:
Chapter 1. Market Scope & Methodology
Chapter 2. Market Overview
2.1 Introduction
2.1.1 Overview
2.1.2 Market Composition and Scenario
2.2 Key Factors Impacting the Market
2.2.1 Market Drivers
2.2.2 Market Restraints
Chapter 3. Competition Analysis - Global
3.1 Cardinal Matrix
3.2 Recent Industry Wide Strategic Developments
3.2.1 Partnerships, Collaborations and Agreements
3.2.2 Product Launches and Product Expansions
3.2.3 Geographical Expansions
3.2.4 Acquisition and Mergers
3.3 Top Winning Strategies
3.3.1 Key Leading Strategies: Percentage Distribution (2017-2021)
3.3.2 Key Strategic Move: (Partnerships, Collaborations, and Agreements : 2017, May - 2021, Jun) Leading Players
Chapter 4. Global Property Management Software Market by Application
4.1 Global Property Management Software Residential Market by Region
4.2 Global Property Management Software Commercial Market by Region
4.3 Global Property Management Software Market by Commercial Type
4.3.1 Global Property Management Software Retail Spaces Market by Region
4.3.2 Global Property Management Software Office Spaces Market by Region
4.3.3 Global Property Management Software Hotels Market by Region
4.3.4 Global Other Commercial Type Property Management Software Market by Region
Chapter 5. Global Property Management Software Market by Deployment Type
5.1 Global Cloud Property Management Software Market by Region
5.2 Global On-premise Property Management Software Market by Region
Chapter 6. Global Property Management Software Market by End User
6.1 Global Property Managers/ Agents Property Management Software Market by Region
6.2 Global Housing Associations Property Management Software Market by Region
6.3 Global Property Investors Property Management Software Market by Region
6.4 Global Others Property Management Software Market by Region
Chapter 7. Global Property Management Software Market by Region
Chapter 8. Company Profiles
8.1 SAP SE
8.1.1 Company Overview
8.1.2 Financial Analysis
8.1.3 Segmental and Regional Analysis
8.1.4 Research & Development Expense
8.1.1 Recent strategies and developments:
8.1.1.1 Partnerships, Collaborations, and Agreements:
8.1.2 SWOT Analysis
8.2 Oracle Corporation
8.2.1 Company Overview
8.2.2 Financial Analysis
8.2.3 Segmental and Regional Analysis
8.2.4 Research & Development Expense
8.2.5 Recent strategies and developments:
8.2.5.1 Partnerships, Collaborations, and Agreements:
8.2.5.2 Acquisition and Mergers:
8.2.6 SWOT Analysis
8.3 IBM Corporation
8.3.5 Recent strategies and developments:
8.3.5.1 Partnerships, Collaborations, and Agreements:
8.3.5.2 Product Launches and Product Expansions:
8.4 InnQuest Software
8.4.1 Company Overview
8.4.2 Recent strategies and developments:
8.4.2.1 Partnerships, Collaborations, and Agreements:
8.4.2.2 Product Launches and Product Expansions:
8.5 IQware, Inc.
8.5.1 Company Overview
8.5.2 Recent strategies and developments:
8.5.2.1 Partnerships, Collaborations, and Agreements:
8.6 MRI Software LLC
8.6.1 Company Overview
8.6.2 Recent strategies and developments:
8.6.2.1 Partnerships, Collaborations, and Agreements:
8.6.2.2 Acquisition and Mergers:
8.7 RealPage, Inc.
8.7.1 Company Overview
8.7.2 Recent strategies and developments:
8.7.2.1 Partnerships, Collaborations, and Agreements:
8.7.2.2 Product Launches and Product Expansions:
8.7.2.3 Acquisition and Mergers:
8.8 Yardi Systems, Inc.
8.8.1 Company Overview
8.8.2 Recent strategies and developments:
8.8.2.1 Partnerships, Collaborations, and Agreements:
8.8.2.2 Product Launches and Product Expansions:
8.8.2.3 Acquisition and Mergers:
8.9 Jones Lang LaSalle IP, Inc.
8.9.1 Company Overview
8.9.2 Financial Analysis
8.9.3 Segmental Analysis
8.9.4 Recent strategies and developments:
8.9.4.1 Partnerships, Collaborations, and Agreements:
8.9.4.2 Product Launches and Product Expansions:
8.9.4.3 Geographical Expansions:
8.10. HiRUM Software Solutions
8.10.1 Company Overview
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