Property management software includes automated systems that enable the management of properties and equipment, as well as formalities such as maintenance, legalities and personnel. Property management systems are modern alternatives to older paper-based methods which were tedious and difficult to manage.
This report analyses the current status of the global Property management software market, outlines the key market drivers and the bases for market segmentation and studies the trends of this market till 2024. The global property management software market was valued at 2550 million USD in 2018. This evaluation is expected to touch 3590 million USD by the end of 2024. This means a Common Annual Growth Rate (CAGR) of 7.1% during the forecast period between 2019 and 2024.
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The traditional way of managing properties using spreadsheets is tedious, inefficient, and has very high chances of producing human error. This is encouraging organizations to adopt property management software which follows a client and server configuration. Using this software ensures a quicker turnaround time to customer complaints and avoids delays in the entire framework. These advantages of property management software are boosting the growth of this market.
The property management software market is segmented on the basis of product type, industry and geographical region. According to product type, this market can be split into On-premise and Cloud-based property management services. According to research data, the cloud-based property management software segment is estimated to dominate the market. This could be due to a rise in adoption of various cloud-based technologies across the world, which are in high demand due to the ease of accessing the database from anywhere and at any time, efficient management of data, as well as better consistency and security of data.
Depending on industry, the property management software market is split into:
Hospitality and Vacation Rental
Of these, it is expected that the residential segment will witness a rapid growth owing to increasing development of infrastructure and favourable government initiatives of nations across the world.
North America, Europe, Asia-Pacific, South America, the Middle East, and Africa are the major regions for the property management software market across the world.
Industry experts predict that the Asia-Pacific region will account for a higher market share during the forecast period especially in fast growing economies such as India, China, and South East Asia.
North America, especially the United States, will continue to dominate the market in terms of revenue during the forecast period, while Europe will also play an important role in the growth of the global market.
In February 2019, MRI Software LLC, a global leader in property management software solutions, announced the acquisition of CTM Software, a prominent provider of residential real estate workflow and transaction management software. This acquisition will expand MRI’s global base and enhance its capabilities in document management and electronic signature solutions.
In July 2019, Turnkey raised USD 48million to develop its proprietary technology to enable more effective property management.
In April 2019, GuestReady, a leading property management service for vacation rentals in London, took over BnbLord, another prominent property management firm, thereby expanding its portfolio by 1,100 properties.
Table of Contents – Major Key Points
1 Property Management Software Market Overview
2 Manufacturers Profiles
3 Global Property Management Software Market Competition, by Players
4 Global Property Management Software Market Size by Regions
5 North America Property Management Software Revenue by Countries
6 Europe Property Management Software Revenue by Countries
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