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Property Management Software Market Growth & Trends
The global property management software market size is anticipated to reach USD 2.35 billion by 2027, registering a CAGR of 5.2% over the forecast period, according to a new report by Grand View Research, Inc. The increasing preference of owners and property managers for scalability is one of the key factors expected to boost the market growth. Also, factors such as rising infrastructure development, coupled with the need to maintain property-related documents for seamless functioning are anticipated to be one of the strongest growth boosters.
The demand for Property Management Software(PMS) has increased in the past few years for hotels and residential suites. Availability of internet bandwidth and virtual storage are a few of the factors influencing the demand in the hotel industry and residential sector. Also, the PMS in the residential suites has grown into a strategic position owing to developments in information and communications technology. Therefore, automation serves a wide array of property management software functions, including lease, notices, vacancy, invoice preparation, and circulars for the residential sector. PMS eliminates repetitive tasks, allows better communication, and standardizes hotel management.
Escalating demand for outsourcing services is another prominent factor positively affecting the growth. In recent years, several market players are focusing on offering technologically advanced PMS solutions such as cloud-based and AR-based solutions, which are quite tough to be managed in-house, as it involves a huge cost for recruiting a technically advanced workforce and spending on their training for the software. To overcome these challenges, numerous organizations outsource these services to property management software service provides. Moreover, an increase in outsourcing activities in Asia counties such as India and the Philippines from the Middle East and Western countries appears to be a significant contribution to regional market growth.
Property Management Software Market Report Highlights
- The cloud segment accounted for the largest market share in 2019, owing to factors such as scalability, ease of use, cost-effectiveness, and fewer disputes with tenants
- The property managers/ agents segment accounted for the largest market share in 2019, owing to an increasing number of commercial property and real estate developments across the globe
- The commercial segment is expected to register considerable growth over the forecast period. Rising demand for cyber risk management and growing disposable income are the key factors expected to fuel investments in the commercial sector
- The North America market accounted for the largest market share in 2019, owing to the presence of prominent players offering property management software solutions/services in the region
- New product development and partnerships and collaborations remain the major strategy adopted by the leading service provider in the market