The property management market size garnered USD 17.69 billion in 2021. The market is slated to rise from USD 19.33 billion in 2022 to USD 37.25 billion by 2029 at a 9.8% CAGR during the forecast period.
According to the analysis, surging demand for advanced management software will augur well for the industry size expansion. Leading companies are likely to bank on an advanced end-to-end solution to streamline the real estate sector. Industry players are poised to invest in research and development activities to tap into markets.
Expanding Penetration of Artificial Intelligence to Usher in Innovation
The influence of the COVID-19 outbreak prompted companies to seek smart and artificial intelligence-based technologies across advanced and emerging economies. With employees resuming work from the office, building managers are grappling with challenges to designing plans that help keep up with tenants’ demands. It is worth noting that governments and other stakeholders have upped investments in real estate assets across emerging economies. Moreover, real estate demand could gain an uptick in the ensuing period. Savills India claims real estate demand to surge by 15-18 million square feet by 2025.
Segmentations
Software Component to Gain Uptick with Rising Demand for Cost-effective Solutions
In terms of the component, the market is segmented into services and software. The software segment could contribute notably toward the global market in the wake of rising demand for increased efficiency. Moreover, landlords and property owners have also sought cost-effective solutions, auguring well for the industry growth.
Cloud-based Deployment Model to Remain Dominant Due to Improved Security
Based on deployment, the industry is segregated into on-premises and cloud. The cloud component will account for a notable share of the global market in the wake of the demand for increased security across developing and developed countries. The software also leverages landlords and property managers to store all documents at a reduced cost in a single platform.
Residential Sector to Exhibit Profound Demand with Rising Need for Asset Management System
With respect to application, the market is fragmented into residential and commercial. The residential segment will expand at a significant CAGR owing to the rising footfall of asset management software. Demand for asset management systems will be pronounced to keep up with the increasing number of residential properties.
Property Managers to Boost Investment to Adopt Automated Software Solution
On the basis of the end-user, the industry is segmented into housing associations, real estate agents, property managers and others (property investors, third party agents). The property manager application will grow on the back of surging investments in automated software solutions to streamline operations.
On the geographical ground, the market covers Europe, North America, Asia Pacific, Latin America and, the Middle East and Africa.
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Drivers and Restraints
Rising Footfall of Software-as-a-Service Platform to Foster Growth Potentials
Property management market share will observe a significant gain during the forecast period on the heels of the increasing footprint of subscription-based SaaS solutions. Major companies have furthered their investments in SaaS component to help companies integrate advanced technologies. Besides, real estate organizations have upped investments in state-of-the-art property management solutions to integrate multi-vendor platforms into existing systems. It is worth mentioning that the trend for mobility management will bode well for the industry growth. Advanced solutions will be sought to keep track of properties.
Meanwhile, a lack of funds could dent the prospect of bolstering the industry growth during the assessment period.
Regional Insights
North America to Provide Lucrative Opportunities with Expansion of E-commerce Channels
Stakeholders expect the U.S. and Canada to provide promising growth opportunities, partly due to the rising footprint of the e-commerce sector. Leading companies are expected to seek product portfolio diversification. Prominently, property managers and real estate agents could up their funds into property management solutions, auguring well for the regional outlook.
Europe property management market growth will observe an upward trajectory in the wake of in the wake of bullish investments in predictive analytics and business intelligence. With the penetration of IoT to boost smart building infrastructure, property management solutions could also gain considerable traction in the ensuing period.
Stakeholders expect the Asia Pacific market forecast to be strong owing to the rising middle-class population across China, India and Indonesia. Notably, the logistics, retail and hotel sectors have witnessed a paradigm shift. So much so that buoyant expansion of the housing sector will augur well for major companies gearing to boost their portfolios.
Competitive Landscape
Stakeholders Invest in Strategic Approaches to Expand Footprint
Major players could infuse funds into product launches, technological advancements, mergers and acquisitions and RandD activities. Besides, leading companies will focus on innovations to boost their footfall in the next few years.
Prominent Industry Development
- April 2021 – Trimble, Inc. bolstered the availability of ‘Trimble Quadri BIM collaboration software for civil projects, including roads, bridges and railways.
Press Release Distributed by The Express Wire
To view the original version on The Express Wire visit Rising Footfall of Software-as-a-Service Platform to Foster Growth Potentials of Property Management Market
