Dublin, Dec. 05, 2024 (GLOBE NEWSWIRE) -- The "Property Management Software Global Market Opportunities and Strategies to 2033" report has been added to ResearchAndMarkets.com's offering.
The global property management software market reached a value of nearly $5.53 billion in 2023, having grown at a compound annual growth rate (CAGR) of 8.94% since 2018. The market is expected to grow from $5.53 billion in 2023 to $8.91 billion in 2028 at a rate of 9.99%. The market is then expected to grow at a CAGR of 9.41% from 2028 and reach $13.97 billion in 2033.
Going forward, increasing tenant expectations, increasing globalization and trade, growing hospitality industry, strong economic growth in emerging markets, rising real estate investments and increasing government initiatives will drive the growth. Factor that could hinder the growth of the property management software market in the future include integration challenges.
The property management software market is segmented by deployment into cloud and on-premises. The cloud market was the largest segment of the property management software market segmented by deployment, accounting for 64.2% or $3.55 billion of the total in 2023. Going forward, the cloud segment is expected to be the fastest growing segment in the property management software market segmented by deployment, at a CAGR of 10.89% during 2023-2028.
The property management software market is segmented by application into residential and commercial. The residential market was the largest segment of the property management software market segmented by application, accounting for 67.4% or $3.73 billion of the total in 2023. Going forward, the residential segment is expected to be the fastest growing segment in the property management software market segmented by application, at a CAGR of 10.50% during 2023-2028.
The property management software market is segmented by end-user into housing associations, property managers/agents, property investors and other end-users. The property managers/agents market was the largest segment of the property management software market segmented by end-user, accounting for 41.7% or $2.3 billion of the total in 2023. Going forward, the housing associations segment is expected to be the fastest growing segment in the property management software market segmented by end-user, at a CAGR of 10.95% during 2023-2028.
North America was the largest region in the property management software market, accounting for 38% or $2.1 billion of the total in 2023. It was followed by Asia Pacific, Western Europe and then the other regions. Going forward, the fastest-growing regions in the property management software market will be Asia Pacific and Africa where growth will be at CAGRs of 14.09% and 13.41% respectively. These will be followed by Middle East and South America where the markets are expected to grow at CAGRs of 12.83% and 11.50% respectively.
The global property management software market is highly concentrated, with large players operating in the market. The top ten competitors in the market made up to 60.24% of the total market in 2023. The market concentration can be attributed to the presence of large number of players in different geographies.
Prominent players are acquiring the products and entering into partnerships with the other companies to consolidate their market positions across the globe, while others are distributing products. RealPage was the largest competitor with a 28.89% share of the market, followed by Yardi Systems Inc. with 11.74%, Entrata with 8.90%, CoreLogic Inc. with 4.15%, Zillow Group Inc. with 1.76%, Buildium with 1.25%, AppFolio Inc. with 1.13%, Apartments.com with 1.11%, ResMan with 0.76% and International Business Machines Corporation with 0.55%.
The top opportunities in the property management software market segmented by deployment will arise in the cloud segment, which will gain $2.4 billion of global annual sales by 2028. The top opportunities in the property management software market segmented by application will arise in the residential segment, which will gain $2.41 billion of global annual sales by 2028. The top opportunities in the property management software market segmented by end-user will arise in the property managers/agents segment, which will gain $1.45 billion of global annual sales by 2028. The property management software market size will gain the most in China at $715.87 million.
Market-trend-based strategies for the property management software market include focus on integrated communication tools for co-living operators, focus on next-generation property management ecosystems, focus on strategic partnerships and collaborations among market players and focus on development of advanced software to revolutionize multi-property booking management.
Player-adopted strategies in the property management software market include focus on strengthening business operations through strategic partnerships, enhancing business operations through strategic acquisitions and strengthening business operations through new product developments.
To take advantage of the opportunities, the analyst recommends the property management software companies to focus on innovating solutions for co-living spaces, focus on integrated ecosystem solutions, focus on enhancing central reservation systems for seamless multi-property management, expand in emerging markets, continue to focus on developed markets, focus on strategic partnerships for enhanced market penetration, provide competitively priced offerings, focus on leveraging online platforms, continue to use B2B promotions and focus on targeting housing associations for enhanced tenant engagement.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 284 |
| Forecast Period | 2023 - 2033 |
| Estimated Market Value (USD) in 2023 | $5.5 Billion |
| Forecasted Market Value (USD) by 2033 | $14 Billion |
| Compound Annual Growth Rate | 9.7% |
| Regions Covered | Global |
Major Market Trends
- Integrated Communication Tools for Co-Living Operators
- Focus on Next-Generation Property Management Ecosystems
- Strategic Partnerships and Collaborations Among Market Players
- Development of Advanced Software to Revolutionize Multi-Property Booking Management
Competitive Landscape and Company Profiles
- RealPage Inc
- Yardi Systems Inc
- Entrata Inc
- CoreLogic Inc.
- Zillow Group Inc
Key Mergers and Acquisitions
- Guesty Acquired Rentals United
- MEWS Acquired Frontdesk Anywhere
- IBS Software Acquired Above Property Services (APS)
- Priority Software Acquired Silverbyte
- RoomRaccoon Acquired IHotelligence
- Kigo Acquired HiRUM Software Solutions
- Guesty Acquired Kigo and Hirum Software Solutions
- Despegar Acquired Stays.Net
- Jonas Software Acquired Seekom
- Agilysys Acquired ResortSuite
- Property Vista Acquired LeadManaging
For more information about this report visit https://www.researchandmarkets.com/r/sad9xw
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