New York, USA, Nov. 02, 2020 (GLOBE NEWSWIRE) -- Lease management market is predicted to grow by generating a revenue of $6,252.3 million by 2027 at a CAGR of 6.7% in the forecast period.
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The lease management software are designed to meet the business requirement of asset based finance companies spanning the entire life cycle of the lease. Lease management software is required to automate documentation in a lesser time and make it easy for the user to access information, increasing the transparency of the data among stakeholders.
COVID-19 Impact on Lease Management Market
The pandemic has created a positive impact on the global lease management market. Due to the novel coronavirus outbreak, people prefer to work from home rather than on premises. Most of the organizations are adopting virtual workplaces for employees to keep physical distance among the employees. With the help of lease management, smooth workflow is assured and the property manager can keep a track on the essential data, which is predicted to drive the global market at the time of the pandemic. Due to cost factor the SMEs cannot afford lease management software, which is predicted to hinder the global lease management market.
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The demand for lease management is majorly driven by the increasing demand for smart building projects. In addition, adoption of AI and IoT for real time analysis of the data is predicted to drive the market in the estimated period. Increasing use of lease management software in the most effective manner to build the smart building with advanced features and design is predicted to drive the lease management market. The owners of the building are focusing more on smart building and the real estate is focusing more on tapping smart buildings to the consumers, which is predicted to boost the market in the estimated period. In addition, adoption of SaaS model by majority of companies for lease management is predicted to drive the global market in the forecast period.
The cost associated with installation of lease management software is very high due to which most of the small and medium enterprises cannot afford these services, which is predicted to hinder the market growth in the estimated period. Therefore the budget constraints for setting up of lease management software in organizations are predicted to be the biggest restraints for the overall global lease management market in the estimated period.
Solution sub-segment is predicted to grow by generating a revenue of $2,565.9 million by 2027 at a CAGR of 7.4% in the forecast period. Solution component reduces the complexity of the software development, maintenance, operation and also support the codes which can be reused over and again due to which the majority of the companies adopt the solution component vastly.
Cloud sub-segment is predicted to grow by generating a revenue of $3,200.0 million by 2027 at a CAGR of 8.1% in the forecast period. Cloud computing uses remote resources, saving organizations cost of servers and other equipment which is predicted to drive the sub-segment market in the estimated period.
Small and medium enterprise size sub-segment is predicted to grow by generating a revenue of $2,807.3 million by 2027 at a CAGR of 7.9% in the forecast period. Small and medium enterprises are also responsible for driving innovation and competition in many economic factors. Small and medium enterprise create more new jobs than large firms. With the help of lease management the operations in the small and medium enterprises will be on track and proper monitoring can be done, which is predicted to boost the sub- segment market in the estimated period.
Retail sub-segment is predicted to grow by generating a revenue of $876.6 million by 2027 at a CAGR of 7.7% in the forecast period. The lease management software helps in tracking the work flow in the most efficient manner as the retail industry deals with small amount of goods which is very difficult in tracking, which is predicted to boost the retail sub segment market in the forecast period.
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Asia-Pacific region market is predicted to grow by generating a revenue of $1,785.0 million by 2027 at a CAGR of 7.4% in the forecast period. Increasing availability of the skilled labor, lower investment cost in setting up of new company and increasing demand of lease management software in various industries for monitoring the operational flow is predicted to be major driving factors for the global market in the estimated period.
Top Key Players
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
Porter’s Five Forces Analysis for Lease Management Market:
• Bargaining Power of Suppliers: The switching cost from one supplier to another is projected to be medium.
The bargaining power of suppliers is very moderate.
• Bargaining Power of Consumers: In this market, the consumers have large number of products available but the price among the prices are similar.
The bargaining power of consumers is moderate.
• The threat of New Entrants: Huge initial investments are essential to start a new lease management software’s organization.
The threat of new entrants is Low.
• The threat of Substitutes: This market has numerous alternatives of products; moreover, availability of products is also high due to which switching costs for clients is high.
The threat of substitutes is high.
• Competitive Rivalry in the Market: Many major players are following several strategies, and product differentiation among them.
The competitive rivalry in the industry is Moderate
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