New York, USA, Sept. 26, 2022 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, the global lease management market is envisioned to garner a revenue of $6,252.3 million and rise at a CAGR of 6.7% over the analysis timeframe from 2019 to 2027.
As per our analysts, with the growing demand for the software-as-a-service model in lease management, the lease management market is predicted to observe progressive growth during the forecast period. Moreover, the increasing demand for smart building projects is expected to fortify the growth of the market during the analysis timeframe. However, the lack of awareness and the higher investment cost required for implementing and maintaining this software may hinder the growth of the market throughout the estimated timeframe.
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Segments of the Lease Management Market
The report has divided the lease management market into segments based on component, deployment mode, enterprise size, end-use industry, and region.
Component: Services Sub-segment to be Most Productive
The services sub-segment is predicted to grow at a CAGR of 6.3% over the forecast period. The service component provides end-to-end optimized solutions to the organization to control data efficiently which is expected to foster the growth of the market sub-segment during the estimated timeframe.
Deployment Mode: On-Premise Sub-segment to be Most Profitable
The on-premise sub-segment is expected to grow at a CAGR of 5.4% during the analysis period. In on-premises deployment mode, the application provides higher security control over external services in a most cost-effective way which is predicted to upsurge the growth of the market sub-segment throughout the forecast period.
Enterprise Size: Large Enterprise Sub-segment to be Most Lucrative
The large enterprise sub-segment is expected to rise at a CAGR of 5.8% during the estimated timeframe. This is mainly because lease management helps large organizations with the smooth flow of operational work. Moreover, the growing adoption of lease management by large enterprises is expected to augment the growth of the market sub-segment over the forecast period.
End-Use Industry: Manufacturing Sub-segment to be Most Beneficial
The manufacturing sub-segment is expected to rise at a CAGR of 6.3% throughout the estimated timeframe. The lease management software is widely used in manufacturing units to monitor all transactions and is predicted to uplift the growth of the market sub-segment during the analysis period.
Region: North America Region to Have Wide Growth Opportunities
The North America region of the lease management market is expected to grow at a CAGR of 5.9% over the forecast timeframe. The strong presence of a large number of companies in this region and increasing investment by the majority of the companies to set up operational flow within the region are predicted to drive the regional growth of the market during the estimated period.
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Covid-19 Impact on the Lease Management Market
Though the outbreak of the Covid-19 pandemic has devastated several other industries, it has had a positive impact on the lease management market. This is mainly because most people preferred to do work from home due to the risk of getting infected by the virus. This has enhanced the demand for lease management software that helped in integrating all facility management data and allowed organizations to work remotely without any interruption. All these factors have inclined the growth of the market during the period of crisis.
Key Players of the Lease Management Market
The major players of the lease management market include
- Trimble Inc.
- RealPage, Inc.
- AppFolio, Inc.
- Oracle Corporation
- CoStar Realty Information Inc.
- SAP
- NAKISA
- IBM
- LeaseAccelerator, Inc., and many more.
These players are widely working on the development of new business strategies and tactics such as mergers and acquisitions, partnerships and collaborations, and product development to attain a leading position in the global industry. – Inquire here to get access to the Key Companies Development Strategic Report
For instance, in November 2020, Nakisa, a global leader in organizational design and lease accounting software and services, announced its acquisition of IMNAT Software Inc., a cloud-based real estate management solution. With this acquisition, IMNAT Software's technology complemented and extended Nakisa's existing lease accounting product line and addressed the increasing demand for global corporate real estate management solutions.
Further, the report also summarizes other important aspects including SWOT analysis, the financial performance of the key players, product portfolio, and the latest strategic development.
More about Lease Management Market:
- Lease Management Industry to Gain Traction in the Coming Years Due to Growing Adoption of Lease Management Software
- What is the Importance of Lease Management and How to Improve the Practices?
