The Global Property Management Software Market Size, estimated at USD 20.14 billion in 2022, is expected to increase by USD 42.89 billion by 2030, rising from USD 22.05 billion in 2023, with a CAGR of 10%.
The market is growing as a result of the rising need for better customer handling and support as well as the rising demand for property management software to address consumers' real estate preferences. One such example is Rent Relief by Yardi, which was unveiled by Yardi Systems, Inc. in February 2021. This launch will help households and landlords manage payments quickly and easily. Similar to this, Planon and AddOnn partnered in March 2021 to combine AddOnn's SaaS solution with Planon's software platform for building and service digitization in order to provide a complete solution to clients around the world.
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Information about the report:
The Property Management Software Market is a large and growing sector that covers various aspects, such as market size, market share, market segment, and industry. The market size is the total amount of money that service providers make when they sell their products to customers. Market share is the percentage of the market that is under the control of one or more providers. The term market segment refers to the different categories of applications based on their functions, features, or target users. The term industry refers to the different sectors or domains that use applications for their business operations or activities.
Analyses of the worldwide Property Management Software Market are conducted across regions, end-user industries, and material types. The study includes a thorough examination of segments and their sub-segments with the aid of tabular and graphic depictions. The segmentation can help investors and market participants create plans based on the report's list of the segments with the highest revenue growth rates.
By Application Type Analysis,
The residential and commercial segments of the market are separated based on application. The residential sector is anticipated to hold the largest market share. The demand for property management software to manage residential properties like homes, single and multi-story apartments, and bungalows is propelling the growth of this market. The demand for residential structures is anticipated to rise with an ever-growing population. As a result, there will be a greater need for asset management systems to accommodate the increase in residential property construction.
By Deployment Analysis,
The property management software market is divided into two segments based on deployment: cloud and on-premises. During the forecast period, it is anticipated that the cloud segment will hold the largest market share and experience the highest CAGR. Property managers and landlords can easily and affordably store all documents, including legal contracts, lease agreements, and contractor SLAs, on a single platform thanks to cloud-based solutions. Enhancing security is a benefit of cloud-based software. Traditional property applications rarely receive security upgrades, leaving data vulnerable to theft, power outages, and natural disasters.
By End-User Analysis,
Property managers, housing associations, real estate agents, and others (third-party agents, property investors) make up the majority of the end-users in the market for property management software.
During the forecast period, it is anticipated that the property manager segment will grow quickly. Property managers have a lot of daily responsibilities that require them to balance other things. Executing corporate tasks manually takes time and can be intimidating. Examples include monitoring, paying rent, and receiving maintenance requests. As a result, there is a rising need for automated software that enables property managers to handle numerous business operations at once.