A study on Property Management Software Market has been conducted to understand the landscape in 2022.
Survey Period: December 09 – December 15, 2022
Survey Base: We surveyed 546 market players of all sizes.
Number of valid answers: 545
Survey method: 210 field surveys, 335 internet surveys
Survey Respondents: The survey was conducted among companies based on revenue. Investigation result:
Q: How big is the real estate management software market? What are the growth prospects for the market?
The global real estate management software market is valued at approximately USD 3.2 billion in 2022. By the end of 2035, global revenue is estimated to reach approximately US$6.5 billion, growing at a CAGR of 5.8%. This increase is based on projections that the population will grow from about 7.9 billion in 2021 to about 8.5 billion in 2030. Also, growing demand by property owners and managers for easier lease approval application, resolving maintenance issues, and processing payments is expected to fuel the growth of the property management software market in the coming years. one major factor. [Image 1
Q: What drives the growing demand for property management software? Some of the factors responsible for the growth of the property management software business are:
Cloud Computing and Digitization Explosion – More than 78% of real estate firms have been observed to use cloud computing to manage their data more effectively. This is expected to drive demand for
cloud-based property management software solutions.
Software as a Service (SaaS) Usage Increases – Research predicts that nearly US$180 billion will be spent on SaaS in 2023. SaaS is a technology-driven method that ensures a safe and easy rental process. Property management SaaS solutions facilitate better relationships and communication between property managers and tenants.
Hospitality and Tourism Industry Growth – The global hospitality industry will generate over US$3.5 trillion in revenue in 2021. Increased adoption of PMS in hotels and vacation properties is expected to drive demand for property management software.
Increasing development of smart real estate infrastructure – Smart real estate infrastructure is being installed in homes and offices to attract millennials with higher disposable incomes.
Exponential Growth of IoT Industry – IoT is being leveraged to transform the real estate industry. Incorporating IoT can save energy, improve occupant health, and make better use of space. This is expected to increase the use of property management software across the real estate industry.
Q: What are some of the challenges that are limiting the growth of property management software businesses?
Purchasing and implementing the right property management software can be costly and labor intensive for small businesses. Also, many businesses, property owners, and administrative staff are unaware of the benefits that good property management software can offer, and some do not have the necessary skills to handle the software. , are some of the factors that may hinder the growth of the real estate management software market.
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Q: How is the real estate management software market segmented? The real estate management software market is segmented based on deployment mode, application, and end-user into:
1. By Deployment Mode – On-Premises and Cloud Cloud segment is expected to grow fastest by the end of 2035, capturing over 51% of market revenue. The global real estate industry is increasingly dependent on cloud-based property management software. Factors such as ease of use, backup availability, seamless data integration, and scalability are involved in the application of cloud-based property management software in small businesses.
2. By Application – Residential and Commercial
In 2021, the residential segment will capture over 65% market share. A surge in residential construction to accommodate the growing population is expected to sustain the market in the coming years. If you think about the United States, there will be a 10.8% increase in private home construction in November 2022, compared to 1.3 million in October, according to the U.S. Census Bureau. Similarly, not only single-family homes, but also multi-family homes are on the rise. 3. By End User – Housing Associations, Property Managers, Property Investors The property manager segment has grown steadily since 2021 when it accounted for around 37% market share. Property managers in both the residential and commercial sectors are increasingly adopting a variety of property management software as these digital solutions help them control every aspect of their business remotely. , can monitor expenses and maintenance work for multiple properties.
Q: Which companies/manufacturers are leading in the real estate management software business?
Yardi Systems, Inc., RealTimeRental, IBM Corporation, Oracle Corporation, Honeywell International Inc., AppFolio, Inc., Total Management, Buildium, LLC, Entrata, Inc., and Trimble Inc. are major players in the real estate management software business. part of the manufacturer.
Q: What are the recent developments in the field of property management software?
Agilysys, a global hospitality software solutions provider, has announced a partnership with Marriott International Inc. Agilysys plans to deploy its cloud-based property management system (PMS) software to select luxury and premium Marriott hotels in the United States and Canada. Agilysys provides software that combines property management (PMS), point of sale (POS), and inventory and procurement (I&P) operational systems to improve customer service and
communication between guests and employees. A startup called Mews, which provides a cloud-based hotel property management software solution, has announced that it has raised approximately US$185 million and has a valuation of US$865 million. A cloud-based PMS developed by Mews helps manage reservations, payments, guest services, analytics, and employee shifts to five-star hotel and youth hostel associations.
Q: Which regions are expected to offer profitable growth opportunities for the property management software business?
The North America region is expected to capture a large share of the global real estate management software market by the end of 2035. The growth of this market is estimated based on the surge in the number of tenants, rental properties and hotels in the region. Statistics show that there are now over 135,000 hotels and motels in the US alone, up nearly 3% from the previous year.
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