The global Property Management Software market gathered revenue around USD 2.1 Billion in 2020 and market is set to grow USD 4.1 Billion by the end of 2027 and is estimated to expand at a modest CAGR of 4.0% during the prediction period 2021 to 2027.
Growth Factors:
The increasing preference of owners and property managers for scalability is one of the key factors expected to boost the market growth. Also, factors such as rising infrastructure development, coupled with the need to maintain property-related documents for seamless functioning are anticipated to be one of the strongest growth boosters.
The demand for Property Management Software (PMS) has increased in the past few years for hotels and residential suites. Availability of internet bandwidth and virtual storage are a few of the factors influencing the demand in the hotel industry and residential sector. Also, the PMS in the residential suites has grown into a strategic position owing to developments in information and communications technology. Therefore, automation serves a wide array of PMS functions, including lease, notices, vacancy, invoice preparation, and circulars for the residential sector. PMS eliminates repetitive tasks, allows better communication, and standardizes hotel management.
Escalating demand for outsourcing services is another prominent factor positively affecting the growth. In recent years, several market players are focusing on offering technologically advanced PMS solutions such as cloud-based and AR-based solutions, which are quite tough to be managed in-house, as it involves a huge cost for recruiting a technically advanced workforce and spending on their training for the software. To overcome these challenges, numerous organizations outsource these services to PMS service providers. Moreover, an increase in outsourcing activities in Asia counties such as India and the Philippines from the Middle East and Western countries appears to be a significant contribution to regional market growth.
This research report purposes at stressing the most lucrative growth prospects. The aim of the research report is to provide an inclusive valuation of the Property Management Software market and it encompasses thoughtful visions, actualities, industry-validated market findings, historic data, and prognoses by means of appropriate set of assumptions and practice. Global Property Management Software market report aids in comprehending market structure and dynamics by recognizing and scrutinizing the market sectors and predicted the global market outlook.
Report Coverage
Report Scope | Details |
Market Size | USD 4.1 Billion by 2027 |
Growth Rate | CAGR of 4.0% From 2021 to 2027 |
Base Year | 2020 |
Forecast Period | 2021 to 2027 |
Historic Data | 2017 to 2020 |
Report coverage | Growth Factors, Revenue Status, Competitive Landscape, and Future Trends |
Segments Covered | Deployment, application, end-user And Region |
Regional Scope | North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA) |
Companies Mentioned | AppFolio, Inc.; Console Australia Pty Ltd.; CORELOGIC; Entrata Inc.; MRI Software LLC; RealPage, Inc.; Yardi Systems Inc. |
COVID-19 Impact Assessment on Market Landscape
The report comprises the scrutiny of COVID-19 lock-down impact on the income of market leaders, disrupters and followers. Since lock down was instigated differently in diverse regions and nations, influence of same is also dissimilar across various industry verticals. The research report offers present short-term and long-term influence on the market to assist market participants across value chain makers to formulate the framework for short term and long-lasting tactics for recovery and by region.
Property Management Software market Report empowers readers with all-inclusive market intelligence and offers a granular outline of the market they are operational in. Further this research study delivers exceptional combination of tangible perceptions and qualitative scrutiny to aid companies accomplishes sustainable growth. This report employs industry-leading research practices and tools to assemble all-inclusive market studies, intermingled with pertinent data. Additionally, this report also emphases on the competitive examination of crucial players by analyzing their product portfolio, pricing, gross margins, financial position, growth approaches, and regional occurrence.
Regional analysis:
North America dominated the property management software market and accounted for the largest revenue share of 65.1% in 2020. This is attributable to the presence of prominent players in the region, including AppFolio, Inc.; Entrata, Inc.; MRI Software LLC; and Yardi Systems Inc. The U.S. dominates the region in the current scenario, owing to an increasing number of hotel spaces in the country. Europe accounted for the second-largest market share in 2020. The growth can be attributed to the rising presence of a large number of commercial and residential buildings, along with a high degree of digitalization in the region.
In Asia Pacific, the market for property management software is expected to emerge as the fastest-growing region, registering a CAGR of 6.2% from 2021 to 2027. This is attributable to the rapidly evolving infrastructure, coupled with accessibility for the collection and maintenance of property information and escalating demand for improved data administration in the region. Furthermore, factors such as increasing population, government regulations, rising cloud-based solutions, and outsourcing services are key factors supporting market growth in the region. Besides, technological advancements such as Artificial Intelligence (AI), data analytics, machine learning, and voice commands to improve the capability of property management software are expected to increase the adoption of property management software in the region.
Competitive Rivalry
Foremost players in the market are attentive on adopting corporation strategies to enhance their market share. Some of the prominent tactics undertaken by leading market participants in order to sustain the fierce market completion include collaborations, acquisitions, substantial spending in R&D and the improvement of new-fangled products or reforms among others.
Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.
Some of the prominent players in the Property Management Software Market include: AppFolio, Inc.; Console Australia Pty Ltd.; CORELOGIC; Entrata Inc.; MRI Software LLC; RealPage, Inc.; Yardi Systems Inc.
Unravelling the Critical Segments
This research report offers market revenue, sales volume, production assessment and prognoses by classifying it on the basis of various aspects including product type, application/end-user, and region. Further, this research study investigates market size, production, consumption and its development trends at global, regional, and country level for period 2017 to 2027 and covers subsequent region in its scope:
By Geography
North America
Europe
Asia Pacific
Latin America
Middle East & Africa (MEA)
Highlights of the Report:
Research Methodology
In the study, a unique research methodology is utilized to conduct extensive research on the growth of the Property Management Software market, and reach conclusions on the future growth parameters of the market. This research methodology is a combination of primary and secondary research, which helps analysts ensure the accuracy and reliability of the conclusions.
Secondary resources referred to by analysts during the production of the Property Management Software market study are as follows - statistics from government organizations, trade journals, white papers, and internal and external proprietary databases. Analysts have also interviewed senior managers, product portfolio managers, CEOs, VPs, marketing/product managers, and market intelligence managers, all of whom have contributed to the development of this report as a primary resource.
Comprehensive information acquired from primary and secondary resources acts as a validation from companies in the market, and makes the projections on the growth prospects of the Property Management Software markets more accurate and reliable.
Secondary Research
It involves company databases such as Hoover's: This assists us recognize financial information, structure of the market participants and industry competitive landscape.
The secondary research sources referred in the process are as follows:
Primary Research
Primary research includes face-to face interviews, online surveys, and telephonic interviews.
Industry participants involved in this research study include:
Key Points Covered in Property Management Software market Study: