New York, US, Aug. 11, 2021 (GLOBE NEWSWIRE) -- Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Global Property Management Market information by Deployment, by Components, by Application and Region – forecast to 2027” the market is set to reach USD 21.4 billion at a 7.3% CAGR by 2025.
The increasing investment in R&D by key players has a positive effect on the growth of the property management market during the forecast period. Furthermore, the increasing upgradation of software with enhanced features to make the application simple and user-friendly for consumers will drive business opportunities for the industry in the coming years.
Dominant Key Players on Property Management Market covered are:
Skyline Property Management
MRI Software LLC
Re-Leased Software Company Ltd
Rosmiman Software Corporation
Yardi Systems Inc.
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Market USP Exclusively Encompassed:
Property management is a software application tool that assists property managers, property owners, real estate accountants, and other stakeholders in the efficient management of rental properties. These properties contain both commercial and residential spaces that are managed by the property manager on behalf of the owner. This software assists property managers in streamlining day-to-day tasks, thus reducing the overall time and expense spent in managing the real estate business. For decades, owners, property managers/agents, and accountants have communicated via email and documented financial transactions, inspection reports, and tenant requests on paper and open-source spreadsheets. However, with the advent of comprehensive property management tools, a growing number of property managers and other stakeholders are turning to software solutions to streamline their real estate business operations. As a result, the property management market is being driven by the increasing need among end-users to manage their real estate business more efficiently. Furthermore, the adoption of property management solutions is expected to increase with the implementation of the cloud-based deployment model.
Property management software includes a multiplicity of features such as property accounting, contract administration, document management, occupancy and vacancy monitoring, and analytics, among others. The software's property accounting function assists users in keeping track of the budget, rent, and other payments. The software's contract administration and document management feature aid in the monitoring and management of tenants' leasing contracts. The monitoring of occupancy and vacancy feature of the tool provides insights into the property's occupancy and vacancy, facilitated by the collection of real-time data through IoT sensors. In the market, there are two types of property management software: server-based or on-premise solutions and web-based or cloud-based solutions. The server-based property management solution can be deployed on the system of the end-user. The data is stored on the on-site server, and thus a dedicated IT team is required to implement, maintain, and upgrade the same. A web-based or cloud-based property management solution, on the other hand, does not enable the end-user to install software on the computer. End-users simply can log in from any system and use the tool. In this scenario, the entire data is managed by third-party providers, which frees the user from additional IT expenses.
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According to a 2018 survey conducted by Buildium (a property management solution provider), property managers face a variety of challenges. The top challenges cited in the survey were related to property maintenance, accounting and bookkeeping, handling tenant's documents, and managing the property portfolio. To address these issues, property managers are investing heavily in property management solutions. According to the report, nearly 77% (of those surveyed) used property management software to run their businesses in 2018. End users who have implemented property management software have seen substantial increases in revenue. The software has also assisted them in efficiently organizing tasks, tracking their finances, and streamlining the rent collection process.
Many players in the property management industry provide different types of solutions. IBM, for example, provides property management solutions that include advanced analytics technology. The company's Watson analytics combined with the property management solution offers data on the lease and its maturity date, monthly rent and past due amounts, predictive pattern of businesses paying late, and common area of property maintenance, among other things.
Segmentation of Market Covered in the Research:
The global property management industry has been segmented on the basis of component, deployment, application, and end-user.
Based on the component, the global property management market has been segmented into solutions and services.
Based on deployment, the global property management industry has been segmented into on-premise and cloud-based solutions.
Based on application, the global property management market has been divided into residential and commercial.
Based on end-user, the global property management market has been segmented into property manager/agent and housing associations.
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Geographically, the global property management industry has been segmented into Asia Pacific, North America, Europe, the Middle East & Africa, and South America.
In terms of market share in the property management industry, North America is the market leader. Some of the factors pushing the market growth include increased housing construction in the area as well as increased investment by real estate agents in various advanced technologies.
Europe is currently ranked second in the market. Europe is divided into the United Kingdom, Germany, France, Spain, Italy, and the rest of Europe. The UK is predicted to gain the largest market share, followed by Germany and France, according to the MRFR report.
COVID-19 Impact on the Global Property Management Market
COVID-19 is an incomparable global public health emergency that has impacted almost every sector, with long-term consequences anticipated to affect industry development over the forecast period.
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