Rising Demand for a Full-Stack Approach to Property Management Drives the Market
New York, US, June 23, 2022 (GLOBE NEWSWIRE) — According to a comprehensive research report by Market Research Future (MRFR), “Property Management Market Analysis by Component (Solution, Services), By Deployment, By Application (Residential, Commercial), By End-user (Property Manager/Agent, Housing Association) By Region – Forecast till 2025” valuation is poised to reach USD 21.4 Billion by 2025, registering an 7.3% CAGR throughout the forecast period (2018–2025).
Property Management Market Overview
The property management market is growing rapidly, witnessing increasing demand. Property management is a very aggressive and constantly changing space. Trends in residential property management, specifically facility management, have a significant impact on the real estate sector. Moreover, trends such as huge technological advances and new product launches will have a lasting impact on the property management industry.
Property Management Market Report Scope:
|Market Size||USD 21.4 Billion|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Component, Deployment, Application and Region|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Re-Leased Software Company Ltd., Skyline Property Management, Rosmiman Software Corporation, Buildium, MRI Software LLC, Yardi Systems, Inc., IBM, AppFolio, Inc., Oracle, Trimble Inc., SAP, RealPage, Inc., Spacewell, Accruent, and Chetu Inc.|
|Key Market Opportunities||The integration of BIM solutions with property management solutions is expected to enhance the property life cycle, and thus, makes it easier for market players to ensure energy efficiency and productivity.|
|Key Market Drivers||The property management market is driven by the growing need among end users to efficiently manage the real estate business.|
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The recent COVID 19 pandemic surged the market demand, creating the need for digitization in commercial and residential transactions. The rise of so many digital capabilities brought the need for property management. Real estate companies were being transformed into tech companies. These trends would contribute to the market development years after the pandemic.
Property management refers to the oversight of real estate by a third party. Property management solutions and services streamline administrative tasks for property managers and encourage on-time payments and their finance staff. Implementing them allows real-time remote management of properties and facilities.
It allows property managers to take care of day-to-day real estate operations, from screening tenants to arranging for repairs & maintenance. With safety and wellness taking center stage, organizations are investing more than ever in maintaining the health & well-being of their employees. Property management helps organizations maintain the upkeep of premises, integrating all complex and demanding management activities.
Over the past few years, the increasing uptake of property management in healthcare, education & academics, community centers, municipality centers, and sports training centers has influenced the market growth. Besides, technological advances in property management software as a service and platform escalate market growth. The increasing number of solution providers positively impacts the property management industry’s growth.
An increase in the efficiency and productivity that occurred due to the implementation of property management boosts the growth of the market. On the other hand, the lack of awareness of the advantages of FM software is a major factor impeding market growth. Nevertheless, the implementation of property management in various commercial sectors such as academic institutions and sports training centers would support the growth of the market.
Property Management Market Segments
The report is segmented into components, deployments, applications, end-users, and regions. The component segment comprises solutions (lease accounting & real estate management, asset maintenance management, workspace & relocation management, reservation management, others) and services (deployment & integration, consulting, support & maintenance, service level agreement management, others)
The deployment segment comprises on-cloud and on-premises. The application segment comprises commercial (construction & real estate, government, retail, hospitality, others), residential, and others (education and industrial). The end-user segment comprises property managers, housing associations, and others. Further, the region segment is sub-segmented into the Asia Pacific, Americas, Europe, and rest-of-the-world.
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Property Management Market Regional Analysis
North America dominates the global property management market. The largest market share attributes to the rising adoption of property management solutions and services in residential and commercial spaces. Besides, large technological advances and the early adoption of advanced technology drive regional market growth. The US and Canada are prominent markets in the region.
The growing integration of property management software in enterprises and government & public sectors boosts the market size. Furthermore, the presence of a number of key players and well-developed technology foster the region’s market shares. Augmenting demand for advanced property management software from the increasing number of health and wellness centers drives the regional market.
Europe stands second in the global property management market. The market growth is driven by well-spread awareness about the benefits of property management solutions. Additionally, the availability of advanced technologies and increasing spending on property management positively impact industry growth. The considerable adoption in the increasing number of education & academics, healthcare, community centers, municipality centers, and sports training centers fosters the growth of the regional market.
The property management market in the Asia Pacific region is rapidly emerging as a profitable market globally. Factors such as the increasing uptake of these solutions & services for maintaining and upkeep a growing number of wellness centers and health clubs propel the market value. India and China are prominent markets for property management in this region.
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Property Management Market Competitive Analysis
Dominant Key Players on Property Management Market Covered are:
- Re-Leased Software Company Ltd.
- Skyline Property Management
- Rosmiman Software Corporation
- MRI Software LLC
- Yardi Systems Inc.
- AppFolio Inc.
- Trimble Inc.
- RealPage Inc.
- Chetu Inc.
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The property management market appears highly competitive and fragmented with the presence of several matured & small key players. These players form a competitive landscape incorporating strategic initiatives such as partnership, acquisition, expansion, product & technology launch, and collaboration.
For instance, on June 14, 2022, Aliaswire, a leading technology provider, launched a new multi-payer capability for Property Management, an addition to its DirectBiller platform for property management. DirectBiller solutions enable property managers to offer clients custom-branded billing and payment experiences.
The new multi-payer feature allows users in the same facility to log in separately to make payments for rent, dues, service fees, security deposits, and more. In addition, other key features in DirectBiller for Property Management include support for multiple properties, consolidated payments on one site, and payment control.
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