Property Management Software Market Worth $ 2.59 Bn by 2030. Rise in Demand for SaaS to Propel the Market Growth.

New York, United States, May 30, 2022 (GLOBE NEWSWIRE) -- A property management (PMS) is a software application that is used in the hospital accommodations and commercial, residential rental properties. Property management software allows the landlords to work in a more efficient way in managing their properties and increasing the value of their investments frequently. The major factors bolstering the growth of the Global Property Management Software Market are the continuous increase in demand for SaaS (Software as a Service) and the advent of other property management software platforms such as simplifyem, onesite realpage, yardi voyager, hemlane, etc. In terms of application, the ‘Residential’ segment continued to dominate the market with the highest share of approximately 70.23 %. Based on region, North America held the maximum share of nearly 65.58% of the total market. However, the Asia-Pacific region held the fastest growth rate with a decent CAGR value of around 7.17%.

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The report published by Strategic Market Research on Property Management Software Market is classified based on:

Based on Deployment:

· On-premises

· Cloud

Based on Applications

Residential

· Multi-family Housing Apartments

· Single-family Housing Apartments

· Others

Commercial

· Office Spaces

· Hotels

· Retail Spaces

· Others

Based on End-User:

· Property Managers and Agents

· Property Investors

· Housing Association

· Others

Regions:

North America

• USA
• Canada
• Mexico
• Rest of North America

Europe

• Germany
• Russia
• Switzerland
• France
• U.K
• Finland
• Turkey
• Netherlands 
• Belgium
• Spain
• Italy
• Rest of Europe

Asia Pacific

• China
• India
• Thailand
• Japan
• Indonesia
• South Korea
• Singapore
• Malaysia
• Philippines
• Australia
• New Zealand
• Rest of APAC

LAMEA

• Brazil
• Uruguay
• Saudi Arabia
• Argentina
• Rest of LAMEA
  
  

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Some of the vital factors proliferating the Market Growth:

• The rising demand for web-based services like the Software as a Service (SaaS) technology is enhancing the market growth globally. SaaS-enabled PMS (Property Management Systems) helps in managing the daily operations efficiently like building maintenance, lease tracking, tenant, accounting, etc. As per DevSquad, 38% of the companies say that they are running their organization entirely based on SaaS technology, whereas around 80% of the businesses across the globe are planning to convert their systems entirely into SaaS by 2025. On the other hand, the SMEs are investing a hefty sum of money in SaaS, which is estimated to reach a whopping amount of USD 500 Bn by 2023.
  
  
• The increasing demand for management software to address consumers’ is shifting the priority of home buyers, and the rising need for improved customer support is driving the market.
  
  

In terms of Deployment, the ‘Cloud’ segment dominated the market with maximum share.

In terms of Deployment, the market is segregated into On-premises and Cloud. The ‘Cloud’ segment dominated the market with the maximum share of around 61.13 %. The Cloud-based property management software provides a seamless data integration along with an excellent backup facility which helps in the prevention of any kind of data loss. Along with that, the growing adoption of cloud deployment among the various end-users like property managers, housing associations, and corporate occupiers are driving the growth of this segment. As per DevSquad, 70% of CIOs are attracted to the cloud-based SaaS for its scalability and agility. Around 38% of companies adopt these cloud-based systems to enhance the disaster recovery. Almost 37% of the companies adopt cloud-based systems to improve their flexibility.

Based on Applications, the Residential segment held the largest proportion of the share in the market. 

In terms of Applications, the market has been ramified into Residential (Multi-family Housing Apartments, Single-family Housing Apartments and Others) and Commercial (Office Spaces, Hotels, Retail Spaces, and Others). The Residential segment dominated the market comprehensively with a share of approximately 70.23% in 2020 and is likely to continue its dominance throughout the forecasted period. This is because of the rise in investments in real estate companies to launch new residential projects all around the world. A new research study was conducted where it was found that the value of public residential construction spending in the USA in 2021 was over USD 9 Bn, which is slightly less as compared to the previous year. 

By End-User, the ‘Property Managers and Agents’ segment held the maximum proportion of the market share in 2020 

In terms of End-User, the market has been ramified into Property Managers and Agents, Property Investors, Housing Associations, and Others. The ‘Property Managers and Agents' held the maximum share of the market in 2020 of almost 37.12%. A significant rise in the real estate developments & commercial properties across the globe are driving the overall growth of this segment. Moreover, the PMS helps the property managers & agents to keep an accurate track of all the existing properties along with all the necessary maintenance works that are associated with them.

North America continued to be the market leader throughout the forecasted period.

Based on Region, ‘’North America” dominated the market in all respect with a share of almost 65.58% of the total market in 2020 and is expected to continue its era of dominance during the estimated time frame. United States dominate the region comprehensively due to an increasing number of hotels all across the country. According to gaytravel.com, out of the top 5 hotels in the USA, Marriott International has the largest hotel chain, with more than around 1,400,693 guest rooms available. Also, in the United States alone, there are around 54,200 hotel properties offering more than 5 million guest rooms.  

However, the Asia Pacific region held the fastest growth rate registering a CAGR of around 7.17% from 2020 to 2030. The continuous rise in the demand for improved data administration and the rapidly evolving infrastructure, coupled with 360-degree accessibility for the collection & maintenance of property information, are augmenting the overall growth of the market in this region. 

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List of key players prevailing in the Property Management Software Market worldwide:

• Oracle Corporation
• Honeywell
• Yardi Systems Inc.
• AppFolio Inc.
• IBM Corporation
• CORELOGIC
• Total Management
• Jones Lang LaSalle IP Inc
• Console Australia Pty Ltd
• Trimble Inc.
• Entrata Inc.
• InnQuest Software
• IQware Inc.
• MRI Software LLC
• RealPage Inc.
• Yardi Systems Inc.
• Buildium LLC
  
  

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Recent Developments:

• On Dec 15th, 2021, Oracle Corporation declared that its recently launched OPERA Cloud Property Management Software System is on the verge of getting implemented in almost all the hotels worldwide. Hotels around the globe are widely using the Oracle Hospitality OPERA Cloud property management software system (PMS) to improvise the quality of their operations further & deliver excellent results. Over the last six months, Oracle has witnessed a whopping 300% hike in the customers using OPERA Cloud software & hence it has become one of the latest trends in property management systems worldwide.
  
  
• On May 19th, 2021, Honeywell SAP successfully launched its Connected Buildings Solution Software to help the operators in making wise decisions as far as their Real Estate businesses are concerned. This software system streamlined the various operational & business data for the property managers and owners in order to support their better decision-making and reach their sustainability goals efficiently in a shorter span of time. A new solution, known as the Honeywell Forge Real Estate Operations through IT convergence, further enhanced the quality of Honeywell Forge enterprise performance management software & was developed solely on the SAP Business Technology Platform. It is also regarded as one of the best property management software for small businesses across the globe.
  
  

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