Burlingame, Oct. 16, 2024 (GLOBE NEWSWIRE) -- The global Real Estate Property Management Market, valued at 22.56 billion dollars in 2024, is on a trajectory of rapid expansion, with projections indicating it will soar to 37.38 billion dollars by 2031, as per a recent report by Coherent Market Insights. The demand for residential and commercial real estate is increasing. This is generating the need for professional property managers to handle tenant relations, facility maintenance and other aspects of real estate operations.
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Market Dynamics
The growing housing industry acts as a key driver for the growth of the real estate property management market. According to the United Nations, by 2030, nearly 2.5 billion people are expected to migrate to urban centers owing to rapid urbanization. This rising urban population will fuel the demand for housing, thereby propelling the real estate property management market growth during the forecast period. Additionally, increasing disposable income is also expected to contribute to the market growth. As income levels rise globally, more people are able to afford their own homes or spaces for rent, expanding the need for property management services.
Market Trends
The green building trend is gaining significant traction worldwide. Green buildings are designed, constructed, and operated to conserve natural resources while providing healthier and more productive spaces for their occupants.
Real Estate Property Management Market Report Coverage
| Report Coverage | Details |
| Market Revenue in 2024 | $22.56 billion |
| Estimated Value by 2031 | $37.78 billion |
| Growth Rate | Poised to grow at a CAGR of 7.6% |
| Historical Data | 2019–2023 |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Million/Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Property Type, By Deployment, By End User |
| Geographies Covered | North America, Europe, Asia Pacific, and Rest of World |
| Growth Drivers | • Growing demand for professional property management services • Increasing number of real estate investors |
| Restraints & Challenges | • Economic instability and market volatility • Complex regulatory environment |
They incorporate features like energy-efficient systems, water conservation practices, renewable materials, and indoor environmental quality for occupants. The green building trend is expected to positively influence the property management market during the forecast period.
Technology is transforming the property management industry, and advanced proptech solutions are becoming increasingly popular. Technologies like IoT, AI, ML, cloud, and big data are enabling efficient monitoring and management of properties remotely.
Tools like online rental platforms, smart locking systems, predictive maintenance, virtual tours, and digital leasing are streamlining operations and delivering enhanced experiences for customers. The adoption of emerging technologies is expected to define future growth trajectories in the real estate property management market.
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Market Opportunities
The increasing adoption of advanced software solutions to efficiently manage real estate property portfolios is expected to drive the growth of the property management software segment. Property management software allows property managers to effectively track rent payments, handle maintenance requests, perform financial reporting, and collaborate with tenants. Key software providers are focusing on developing AI-powered solutions to automate repetitive tasks and provide personalized experiences to tenants and owners. For example, companies are incorporating machine learning capabilities for predictive maintenance and automated lease expiry notifications.
The cloud-based property management segment is anticipated to witness significant growth over the forecast period. Migration to cloud-based solutions eliminates the need for expensive on-premise infrastructure and provides flexible subscription models. Property managers, especially small to medium-sized businesses, are adopting Software-as-a-Service (SaaS) due to advantages such as easy setup, scalability, remote access, and lower upfront costs. Major players are also offering AI-powered cloud services for sophisticated tasks like predictive analytics. For instance, real estate technology companies provide AI/ML models in their cloud platforms to generate insights from property usage patterns.
Key Market Takeaways:
The global real estate property management market is anticipated to witness a CAGR of 7.6% during the forecast period 2024-2031, owing to the growing need for centralized property administration solutions.
On the basis of component, the solution segment is expected to hold a dominant position. Due to the rising adoption of property management software and platforms.
On the basis of deployment, the cloud segment is expected to hold a dominant position over the forecast period. Due to benefits such as scalability, mobility, and lower costs.
Based on application, the residential segment holds the majority share currently. But commercial is likely to witness faster growth.
On the basis of end-users, property managers/agents account for the maximum share. Due to bulk management needs of their client properties.
By region, North America is expected to hold a dominant position over the forecast period. Due to advanced real estate infrastructure and presence of major software providers.
Key players operating in the real estate property management market include Oracle, SAP, IBM, These players are focusing on mergers, partnerships, and product upgradations.
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Real Estate Property Management Industry News
In April 2022, Entrata declared its entry into Canada. The premier operating system provider for the multifamily sector, Entrata, announced its entry into the Canadian property management market.
In March 2022, Reapit is planning to increase the size of its portfolio by purchasing Console, a significant proptech business. Reapit announced the acquisition of Console Group Pty Ltd. with the support of private equity company Accel-KKR (AKKR).
Detailed Segmentation-
By Property Type Insights (Revenue, USD Bn, 2019 - 2031)
- Apartments/Condos
- Office Buildings
- Retail Spaces
- Warehouses/Logistics
- Others (Hospitality, Healthcare, etc.)
By Deployment Insights (Revenue, USD Bn, 2019 - 2031)
- On-Premises
- Cloud-Based
By End User Insights (Revenue, USD Bn, 2019 - 2031)
- Property Owners
- Property Management Companies
- Real Estate Investors
By Regional Insights (Revenue, USD Bn 2019 - 2031)
- North America
- U.S.
- Canada
- Latin America
- Brazil
- Argentina
- Mexico
- Rest of Latin America
- Europe
- Germany
- U.K.
- Spain
- France
- Italy
- Russia
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- Australia
- South Korea
- ASEAN
- Rest of Asia Pacific
- Middle East
- GCC Countries
- Israel
- Rest of Middle East
- Africa
- South Africa
- North Africa
- Central Africa
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Coherent Market Insights is a global market intelligence and consulting organization that provides syndicated research reports, customized research reports, and consulting services. We are known for our actionable insights and authentic reports in various domains including aerospace and defense, agriculture, food and beverages, automotive, chemicals and materials, and virtually all domains and an exhaustive list of sub-domains under the sun. We create value for clients through our highly reliable and accurate reports. We are also committed in playing a leading role in offering insights in various sectors post-COVID-19 and continue to deliver measurable, sustainable results for our clients.
