Property management software aims to automate and streamline the real estate business. In addition to keeping track of building goals and timetables, the Software’s features assist in organizing, maintaining, and monitoring real assets and properties. Among the most frequent users of Software are property managers, co-living and co-working operators, HOAs, and facility management companies.
The market worth of property management software in 2021 was USD 1.64 billion, and it will be worth USD 2.70 billion by 2030, growing at a 5.73% CAGR during the forecast period.
The market will see an increase in demand for Property Management Software due to rising demand for web-based services, such as Software as a Service (SaaS), by suppliers of property management software (PMS). SaaS-enabled PMS makes it easier to manage daily tasks, including tenant and lease tracking, building maintenance, and accounting.
Market Dynamics
Drivers
The market is growing significantly due to the growing need for web-supported services and Software as a Service (SaaS) from suppliers of property management software (PMS). SaaS-enabled property management software helps handle daily tasks like accounting, building repairs, and tenant and lease follow-up, among others. The Software offers a central location to view all properties and facilitates the management of additional property-related procedures, such as tending to renters’ needs and repairs projects.
Restraints
If a business unintentionally chooses the incorrect system for operating, it takes a lot of effort to fix it. Furthermore, the training process is very expensive and time-consuming.
Opportunity
The improvement of Saas technology has received significant funding from international governments over the past few years, opening up a wealth of options for the market.
Market Segmentation
By Deployment
On the basis of deployment, the market is segmented into cloud and on-premises.
The cloud segment led the entire market with the largest share of Over 58.00% in 2021. This is due to a variety of end users, including property managers, housing associations, and corporate occupiers, among others, adopting cloud deployment at an increasing rate. Small, medium-sized, and large businesses are moving toward cloud-based property management solutions due to factors including scalability, usability, cost effectiveness, and fewer tenant conflicts. Additionally, cloud-based PMS software enables seamless data integration and backup capabilities, both of which aid in reducing data loss.
By Application
On the basis of application, the property management software market is segmented into commercial and residential.
In 2021 the residential sector ruled the market with the largest share of more than 66.00%. This expansion is due to the rising real estate investment. The residential component is divided into single-family homes, multi-family homes/apartments, and others. On the other hand, the commercial segment will increase at a rapid rate during the projection period. One of the key elements influencing the category is the expanding commercial sector around the world.
By end-user
On the basis of application, the property management software market is segmented into housing associations, property managers & agents, property investors, and others.
In 2021, the property managers & agents segment led the entire market with the largest share of 36.0%. This is due to the rise in industrial buildings and real estate projects around the world. Additionally, PMS aids brokers and property managers in keeping track of all properties and required maintenance tasks. Thus, the market is expanding due to the rising trend of workplace mobility.
Regional Insights
North America was the largest market, with a revenue share of more than 62.5% in 2021. This is due to the existence of major players in this market. Due to an increase in hotel rooms nationwide, the U.S. currently dominates the regional market for North America. In 2021, Europe had the second-largest market share.
From 2022 to 2030, the market in Asia Pacific will experience the quickest CAGR growth. The growth is due to the existence of numerous businesses and residential structures, as well as the high level of digitalization in the area.
Key Players
- Honeywell
- Yardi Systems Inc.
- IBM Corporation
- Oracle Corporation
- AppFolio Inc.
- Total Management
- Jones Lang LaSalle IP Inc
- Buildium LLC
- Trimble Inc.
- Console Australia Pty Ltd
- CORELOGIC
- IQware Inc.
- Entrata Inc.
- InnQuest Software
- MRI Software LLC
- RealPage Inc.
The market worth of property management software in 2021 was USD 1.64 billion, and it will be worth USD 2.70 billion by 2030, growing at a 5.73% CAGR during the forecast period. The market is expanding due to increasing demand for web-based services, such as Software as a Service (SaaS), by providers of property management software.
