Market Research Future (MRFR), in its new research report, emphasizes that the global property management market 2020 is thriving and expected to grow exponentially over the review period, securing a substantial market value of USD 21.4 Billion by 2025, and a healthy 7.3% CAGR in the forecast period.
Drivers and Restraints
Increasing competition for property managers to control the property portfolios effectively drives the overall property management solutions industry. In addition, increasing demand for SaaS-based applications and expanded spending by property managers in different innovations are driving the market. In particular, the use of property management by property managers is growing due to the versatility it provides them. Often, with the entry into the industry of multiple property management companies, property managers have several vendors to review before picking one, which in turn intensifies business competitiveness. Also, with the advent of more affordable and comprehensive solutions in the market, the acceptance of property management solutions has increased. All these expansions have helped the market to grow at a significant pace in the past few years, and this trend is slated to continue in the upcoming years as well.
The global property management market has been analyzed on the basis of component, deployment, application, and end-user.
Based on the component, the property management market has been segmented into solutions and services. The service segment has been divided into consulting services, integration services, and training and maintenance services. The solution segment held a larger share in the year 2018, which is expected to remain constant over the forecast period. The service segment is poised to rise at a higher CAGR over the foreseeable future.
Based on deployment, the global property management market has been bifurcated into an on-premise and cloud-based solution. The cloud-based property management solution accounted for a larger share in the year 2018 and is poised to remain constant in the forecast period.
Based on the application, the global property management market has been bifurcated into residential and commercial. Moreover, commercial segment has been further divided into retail, office spaces, hospitality, and others. The industrial segment is expected to grow at the highest CAGR in the forecast period due to the increasing demand for rental offices.
Based on the end-user, the property management market has been divided into property manager/agent and housing association. Based on the application, the global property management market has been bifurcated into residential and commercial.
The geographical overview of Property Management Market has been conducted in four major regions, including Europe, North America, the Asia Pacific, and the rest of the world (Latin America, the Middle East, and Africa).
The market in North America assessed as the most significant market share in 2018, and it is slated to record strong growth during the forecast period. The key driving factors for the development of the property management market in the region comprise the increasing demand for property management solutions among property managers functioning in Canada, the US, and Mexico.
The market in Asia-Pacific is poised to expand at the highest CAGR over the forecast period. Asia-Pacific has been considered in China, India, Japan, and the rest of Asia-Pacific. This seamless growth can be contributed to the rising investment by property managers and property management corporations in numerous technologies such as property management software, accounting and bookkeeping tools, electronic payment solution, electronic lease among others.
The major market players in the global market as identified by MRFR are Re-Leased Software Company Ltd, Skyline Property Management, Rosmiman Software Corporation, MRI Software LLC, Buildium, AppFolio, Inc., IBM Oracle, SAP, Trimble Inc., Yardi Systems, Inc., RealPage, Inc., Accruent, Spacewell, and Chetu Inc.
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