What is the global market size of Property Management Software Market?

Property Management Software Market size was valued at USD 3.04 billion in 2021 and is poised to grow from USD 3.21 billion in 2022 to USD 5.24 billion by 2030, growing at a CAGR of 5.6% in the forecast period (2023-2030).

Who are the key vendors in the Global Property Management Software Market?

The company's solutions for managing properties including residential, commercial, and hotels are advantageous to owners and property managers. Due to its powerful SaaS solutions, the company has become a major player in the market for candidate screening, revenue management, and utility management. To offer property managers and brokers cutting-edge and efficient solutions, these businesses are focusing their efforts on the commercial segment of the industry. 'Yardi Systems, Inc.', 'RealPage, Inc.', 'MRI Software LLC', 'AppFolio, Inc.', 'Buildium LLC', 'Rent Manager', 'Entrata, Inc.', 'Propertyware, Inc.', 'ResMan LLC', 'Angus Systems Group Ltd.', 'TOPS Software LLC', 'Rentec Direct LLC', 'Hemlane', 'RentPost LLC', 'PropertyZar LLC', 'Palace', 'Re-Leased Limited', 'SimplifyEm Inc.', 'Innago Inc.', 'Greenhouse PM'.

What is the key driver of Global Property Management Software Market?

SaaS (Software-as-a-Service) and cloud computing integrated services) have become more and more common as preferred means of service delivery. SaaS subscription-based solutions are advantageous to companies of all sizes. SaaS solutions are being used more frequently by businesses to automate workflows and eliminate manual input, hence streamlining operations.

What is the key market trend for Global Property Management Software Market?

Instead of working from offices, corporate headquarters, or a global division of a firm, many employees now choose to do so. This makes flexible access to office resources and data more necessary. Businesses are also using virtual workspaces to reduce the amount of physical infrastructure they need, giving them more flexibility and efficient use of their office space.

Which region accounted for the largest share in Global Property Management Software Market?

Based on the Global Property Management Software Market, the North America region has dominated the market. The highest revenue share in 2021—more than 62.5%—came from North America. This is explained by the presence of important players in the region. 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. The existence of numerous business and residential structures, as well as the high level of digitalization in the area, can be credited with the expansion. From 2022 to 2028, the market in Asia Pacific is anticipated to experience the quickest CAGR growth.

Property Management Software Market Size, Share, Growth Analysis, By Deployment(Cloud, On-Premises), By Solution(Software [Rental Listings Management, Applicant Management, Reporting & Analytics, Maintenance Activities Management), By Application(Residential [Multi-family Housing/ Apartments, Single-family Housing, Others], Commercial [Retail Spaces), By End-use(Housing Associations, Property Managers/ Agents, Property Investors, Others), By Region - Industry Forecast 2024-2031

Report ID: SQMIG45E2206 | Region: Global | Published Date: September, 2024
Pages: 165 | Tables: 63 | Figures: 75

Property Management Software Market Insights

Global Property Management Software Market size was valued at USD 5.4 billion in 2022 and is poised to grow from USD 5.88 billion in 2023 to USD 11.54 billion by 2031, growing at a CAGR of 8.8% during the forecast period (2024-2031).

Property management system (PMS) is a management software for commercial and residential rental properties as well as hospitality establishments. Manufacturing, local government as well as other sectors can also use PMS. There will be an accelerated trend towards the use of the software in property management over the forecast period. The pandemic has helped build startups who render all sorts of services related to real estate management. Hence, to meet the demand of vast clients as well as to oblige by the local measures, property management firms will have to upscale and use technology.

With PMS everything from taking a virtual tour of the villas to submitting a rental application to paying rent can be completed in a matter of minutes. The virtual tour of properties and leasing process seems to really cater to the new generation of renters. Property management software will benefit managing many aspects such as marketing available property or maintaining good relationships with tenants. Moreover, the property management software market will experience a prominent growth due to certain factors such as rise in adoption of cloud computing solutions and software-as-a-service (SaaS) platform, high increase in the development of smart real estate infrastructure and increase in dependency on one platform approach. In addition, the rise in consumer demand for sustainable living and working space drives the growth of the market. On the contrary, lack of awareness regarding optimal software solutions hampers the growth of the property management software market.

US Property Management Software Market is poised to grow at a sustainable CAGR for the next forecast year.

Property Management Software Market Report Snapshots

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Property management software providers, backed by a large number of technical and financial resources, are expected to gain a dominant position in the industry, as they can respond to the market needs. Notably, the competitive condition in this market will become highly intensified, as more technological innovations, product extensions and varying strategies will be characteristic of the leading vendors. The growing demand for the smart networking systems is expected to affect the property management software market share in the anticipated period. The industry has developed due to the rise of the smart real estate infrastructure development, and the application of the cloud computing solutions and software-as-a-service platform. 'AppFolio, Inc. (US) ', 'Console Australia Pty Ltd (Australia) ', 'CoreLogic (US) ', 'Entrata, Inc. (US) ', 'MRI Software LLC (US) ', 'REI Master (US) ', 'Yardi Systems Inc. (US) ', 'Zillow Group, Inc. (US) ', 'ManageCasa (US) ', 'SAP (Germany) ', 'ResMan (US) ', 'Buildium LLC (US) ', 'Procore Technologies (US) ', 'TenantCloud (US) ', 'Rentec Direct (US) ', 'Rentlytics (US) ', 'TenantSquare (US) ', 'Propertyware (US) ', 'SimpleRent (US) ', 'VTS (US) ', 'Landlord Studio (UK)'

There are several variables that have been contributing to the rapid expansion of the software as a service market, including the increased utilization of hybrid & public cloud-based solutions, tool integration & centralized data-driven analytics. Software as a Service has had substantial implications for the property management software market due to its affordable accessibility & scalability, less IT complexity & greater deployment rates.

Integration of Disruptive Technologies: A key growth opportunity for the PMS market is the integration with emerging technologies to provide innovative solutions and gain a competitive edge. Integration with AI & ML, the Internet of Things and predictive analytics facilitates usage of technology in new ways. With the help of these technologies, property management software can offer their customers more advanced facilities and, thus, attract more buyers and develop the market.

North America dominated the market for property management software in 2023, with the highest revenue share. The high speed of the internet, advanced cloud-related information storage and transmission, and availability of high-tech software and hardware components in the region have provided a perfect background for the promotion and implementation of PMS. North American companies and manufacturers have also been at the forefront of developing and applying the state-of-the-art technologies, which has resulted in the dominance of the region in the studied market. The concentration of population in urban localities has been integral in the formation of large residential houses, business premises, and mixed land use.

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Property Management Software Market Insights

Property Management Software Market Report Snapshots

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What is the global market size of Property Management Software Market?

Who are the key vendors in the Property Management Software Market?

What is the key driver of Property Management Software Market?

What is the key market trend for Property Management Software Market?

Which region accounted for the largest share in Property Management Software Market?

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