Pune, Dec. 08, 2024 (GLOBE NEWSWIRE) -- Lease Management Market Size Analysis:
“The Lease Management Market, valued at USD 5.01 billion in 2023, is anticipated to experience substantial growth, with projections indicating an increase to USD 8.44 billion by 2032, growing at a significant CAGR of 6.00% from 2024 to 2032.”
Growing demand for software solutions that simplify tracking, managing, and reporting on leases is driving the growth of the Lease Management Market.
With increasing pressure on organizations and property owners faced with reducing costs, greater operational efficiency, and new accounting standards such as IFRS 16 and ASC 842, comes the need for lease management software which has become an integral part of businesses today irrespective of the industry. The increasing complexity of managing several leases, particularly in larger firms and real estate, is driving the need for sophisticated lease management systems.
Aside from streamlining the process in a cost-effective and compliant manner, these software systems also provide enhanced functionalities such as automated lease tracking, document management, and reporting features that drive organizations to minimize operational overhead and associated risks of their leases. The other significant factor supporting the growth of the market is the rising need for such solutions across retail, real estate, healthcare, and manufacturing.
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Major Players Analysis Listed in this Report are:
- Accruent (Lucernex)
- CoStar Realty Information, Inc. (CoStar Suite)
- IBM Corporation (IBM TRIRIGA)
- Lease Accelerator (Lease Accelerator Software)
- MRI Software, LLC (MRI Lease Management)
- Odessa (Odessa Lease Management)
- Oracle (Oracle Lease and Finance Management)
- SAP (SAP Real Estate Management)
- RealPage, Inc. (RealPage Lease Management)
- Yardi Systems Inc. (Yardi Voyager)
- Nakisa Inc. (Nakisa Lease Administration)
- Cin7 (Cin7 Inventory Management)
- LeaseQuery (LeaseQuery Lease Accounting Software)
- eLease (eLease Lease Management Software)
- Asset Panda (Asset Panda Lease Management)
- WiredScore (WiredScore Certification Platform)
- Mapletree (Mapletree Lease Management System)
- ProLease (ProLease Software)
- NetSuit (NetSuite ERP)
- FAS Solutions (FAS Lease Accounting Software)
Lease Management Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | US$ 5.01 Billion |
| Market Size by 2032 | US$ 8.44 Billion |
| CAGR | CAGR of 6% From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Key Regional Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe [Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]). Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia Rest of Latin America) |
| Key Growth Drivers | • The rising need for effective lease management is fuelling the demand for SaaS lease management solutions, thereby driving the market. • The growth in the number of smart building projects across the globe is also resulting in an increased demand for lease management • Adoption of cloud-based lease management solutions |
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Increasing Demand for Cloud-Based Lease Management Solutions
The growing adoption of cloud-based solutions is a major trend in the lease management market is the rapid adoption of cloud-based solutions. Leasing management software hosted on cloud platforms provides advantages such as scalability, real-time data retrieval, and document storage in a secure manner which are essential for an organization with several leases to manage. In addition, cloud solutions offer businesses less expensive options than on-premise solutions, which help small and medium-sized enterprises (SMEs). As businesses increasingly embrace digital transformation, cloud-based lease management solutions are expected to grow in popularity, further propelling the market’s expansion.
Further, the development of Artificial Intelligence (AI) and machine learning is changing the process of lease management systems. They enable automation of the lease renewal processes, better forecasting of future scenarios, and therefore better decision-making based on data, such as past lease terms and performance.
North America dominated the Lease Management Market, accounting for 42% of the market share in 2023.
The increasing demand for lease management solutions in the region can be attributed to the ongoing digital transformation in businesses, as well as the region's strong regulatory environment. The adoption of cloud-based lease management solutions and compliance with stringent accounting standards, such as IFRS 16, are major factors contributing to the market's growth in North America.
The U.S., in particular, holds a significant share of the market, driven by the need for businesses to comply with the new accounting standards and manage large, complex lease portfolios. The presence of several key players offering advanced lease management software solutions, along with a strong focus on innovation and technological development, ensures North America's continued dominance in the market.
The Asia-Pacific region is projected to experience the highest growth rate in the lease management market over the forecast period. The rapid urbanization, infrastructure development, and increasing number of businesses in the region are contributing to the rising demand for lease management solutions. Countries like China, India, Japan, and South Korea are seeing an increase in both commercial real estate and the adoption of cloud-based lease management systems, as organizations seek efficient ways to manage their leases and ensure compliance with international standards.
Market Segmentation
By Component
In 2023, the software segment held the largest market share, accounting for over 68% of the total market. The growing demand for automated lease tracking and the need for compliance with changing accounting standards are driving the popularity of lease management software. These software solutions offer centralized platforms for managing lease documents, payment schedules, and renewal processes, making them a critical tool for businesses across industries. The increasing use of cloud-based software solutions is further driving the growth of this segment.
By Application
In 2023, the commercial application segment held the largest market share, accounting for approximately 39% of the total revenue. Commercial organizations, particularly in the retail, manufacturing, and healthcare sectors, are increasingly adopting lease management solutions to efficiently manage their leased assets and ensure compliance with new accounting standards. The need to optimize lease portfolios and reduce operational costs in large organizations is a significant factor driving the growth of this segment.
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Lease Management Market Segmentation:
By Component
- Software
- Services
By Deployment Mode
- On-premise
- Cloud
By Organization Size
- Large Enterprise
- Small and Medium Size Enterprise
By Application
- Industrial
- Residential
- Commercial
By End-Use
- Retail
- Education
- Government
- Manufacturing
- Others
Recent Developments
- In 2023, LeaseQuery, a prominent player in the lease management software market, launched a new solution focused on helping businesses comply with IFRS 16 and ASC 842 lease accounting standards. The platform offers enhanced reporting features and improved lease tracking capabilities.
- In 2023, IBM introduced its AI-powered lease management solution designed to streamline lease negotiations, automate compliance checks, and enhance the reporting process for businesses in the real estate sector.
Table of Contents – Major Key Points
1. Introduction
2. Executive Summary
3. Research Methodology
4. Market Dynamics Impact Analysis
5. Statistical Insights and Trends Reporting
6. Competitive Landscape
7. Lease Management Market Segmentation, By Component
8. Lease Management Market Segmentation, By Deployment Mode
9. Lease Management Market Segmentation, By Organization Size
10. Lease Management Market Segmentation, By Application
11. Lease Management Market Segmentation, By End-Use
12. Regional Analysis
13. Company Profiles
14. Use Cases and Best Practices
15. Conclusion
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