Property Management Market

Market Synopsis:

The Global Property Management Market was valued USD 18.60 Billion in 2022 and is anticipated to reach a value of USD 38.16 Billion by 2030. The Global Market is forecasted to grow by exhibiting a Compound Annual Growth Rate (CAGR) of 9.40% over the forecast period.

Property Management essentially refers to interacting directly with tenants or potential tenants. It also comprises real estate-related solutions and services. Property management solutions provide a variety of services. These include Consulting, Deployment & Connectivity, and Development & Support to name a few. In addition, solutions like Asset Maintenance Management, Lease Accounting, Real Estate Management, Booking Management, and Other are also part of the solutions. The market is growing due to the rapid rise in the use of the software as a service (SaaS) model for property management.

Additionally, growing workplace mobility trends and increased demand for outsourced services are some additional aspects helping the industry. The market for Property Management systems has seen growth recently due to increased demand from property managers for effective portfolio management. The market is also driven by the advent of SaaS-based solutions and growing demand for them, along with increased global investment in different technologies.

Additionally, Property Management software aids users in keeping track of, controlling, and evaluating various elements of residential and commercial properties. Tenant rent, documentation and lease management, asset tracking, and financial accounting are a few examples. These services open up the market for property maintenance. Businesses are embracing virtual workspaces to increase flexibility and better use their office space by substantially reducing the amount of physical equipment they need. Many companies desire integrated facilities management solutions for the workplace, mobility, and other challenges. Related real estate agents and property managers can use these tools to keep track of all the properties they manage and the required routine maintenance. The growing tendency of workforce mobility thereby benefits the asset management sector.

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Market Segmentation:

The Property Management market is segmented based on Component, Solution, Service, Deployment, End-User, Application, Commercial Application, and Region. Based on the Component segment, the market is further bifurcated into Solutions and Services. Furthermore, based on the Solution, the market is further divided into Lease Accounting, Asset Maintenance Management, Workspace & Relocation Management, and Reservation Management. In addition, based on Service, the market is further bifurcated into Deployment & Integration, Consulting, Support & Maintenance, and Service Level Agreement Management. Furthermore, based on the Deployment, the market is further divided into Cloud and On-Premises. Likewise, based on End Users, the market is segmented into Property Managers and Housing Associations. Moreover, based on the Application segment, the market is further divided into Commercial and Residential. In addition, based on Commercial Application, the market is further divided into Construction & Real Estate, Government, Retail, Hospitality, and Others (Education and Industrial).

Based on Deployment Mode:

The Cloud-Based industry is anticipated to have more significant market expansion during the forecast period. Property Managers can keep all documents, including legal contracts, tenancy agreements, and contract Service Level Agreements (SLAs), in a single platform using Cloud-Based software at a low cost. Enhanced security is also a benefit of Cloud-Based applications, which is anticipated to expand the market in the forecast period further.

Based on End User:

The Property Managers segment’s main objective is to increase their buildings' energy efficiency and productivity for both users and operators. To improve the property life cycle, Property Management companies can incorporate Building Information Modeling (BIM) with their management solutions. BIM is a method for employing computer models for building design, construction, operation, and maintenance in place of several sets of various tools and papers.

Asia Pacific is projected to Expand at the highest CAGR during the Forecast Period

Asia Pacific is accounted to grow at the highest Compound Annual Growth Rate (CAGR) during the forecast period. The Asia Pacific market is forecast to be substantial due to the rising middle-class populations in China, India, and Indonesia. The logistics, retail, and hotel sectors have seen a paradigm shift. In addition, the increasing growth of the housing sector is encouraging large companies planning to diversify their business lines. Increasing personal income and population expansion are a few other secondary market growth factors.

Competitive Landscape:

The key players in the Global Property Management Market include- IBM (US), Hitachi Vantara (US), JLL (US), Oracle (US), SAP (Germany), Trimble (US), RealPage (US), AppFolio (US), Yardi (US), MCS Solutions (Belgium), ARCHIBUS (US), FSI (UK), Planon (Netherlands), Accruent (US), Entrata (US), iOFFICE (US), Indus Systems (US), Total Management (US), Rentec Direct (US), PMX Dynamics (Canada), Hemlane (US), Property Boulevard (US), OfficeSpace (US), CIC (US), Archidata (Canada), Buildium (US) and others.

Segmentation of the Global Property Management Market: