Property management market worth $ 21.4 billion by 2025 at 7.3% CAGR
New York, United States, August 11, 2021 (GLOBE NEWSWIRE) – Market Snapshot:
According to a comprehensive research report from Market Research Future (MRFR), “Global Property management market information by deployment, component, application and region – forecast to 2027”The market is expected to reach $ 21.4 billion at a CAGR of 7.3% by 2025.
The increasing investment in R&D by the major players has a positive effect on the growth of the property management market during the forecast period. In addition, the increasing upgrading of software with improved functionality to make the application simple and user-friendly for consumers will create business opportunities for the industry in the years to come.
The major key players in the property management market covered are:
Skyline Property Management
IRM Software LLC
Re-Leased Software Company Ltd
Rosmiman Software Company
Yardi Systems Inc.
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USP market exclusively encompassed:
Property Management is a software application tool that helps property managers, property owners, property accountants and other stakeholders to effectively manage rental properties. These properties contain both commercial and residential spaces which are managed by the property manager on behalf of the owner. This software helps property managers streamline day-to-day tasks, reducing the overall time and expense spent on managing the property business. For decades, landlords, managers / real estate agents and accountants have communicated via email and documented financial transactions, inspection reports and tenant inquiries on paper and open source spreadsheets. However, with the advent of comprehensive property management tools, an increasing 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 driven by the growing need of end users to manage their property business more effectively. In addition, the adoption of property management solutions is expected to increase with the implementation of the cloud-based deployment model.
Property management software includes a host of features such as property accounting, contract administration, document management, occupancy and vacancy monitoring and analysis, among others. The software’s property accounting feature helps users track budget, rent, and other payments. The software’s contract administration and document management function makes it easy to track and manage tenants’ rental contracts. The tool’s occupancy and vacancy monitoring feature provides information on property occupancy and vacancy, aided by real-time data collection through IoT sensors. There are two types of property management software on the market: server-based or on-premise solutions and web or cloud solutions. The server-based property management solution can be deployed on the end user’s system. The data is stored on the on-site server and therefore a dedicated IT team is needed to implement, maintain and upgrade it. In contrast, a web-based or cloud-based property management solution does not allow the end user to install software on the computer. End users can simply log in from any system and use the tool. In this scenario, all of the data is managed by third-party vendors, freeing the user from additional IT expenses.
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According to a 2018 survey by Buildium (a provider of property management solutions), property managers face a variety of challenges. The main challenges cited in the survey were related to property maintenance, accounting and bookkeeping, tenant document management, and real estate portfolio management. To solve these problems, property managers invest heavily in property management solutions. According to the report, almost 77% (of those surveyed) used property management software to run their business in 2018. End users who implemented property management software saw their income increase dramatically. The software also helped them organize tasks efficiently, track their finances, and streamline the rent collection process.
Many players in the property management sector offer different types of solutions. IBM, for example, provides property management solutions that include advanced analytics technology. The company’s Watson analysis, combined with the property management solution, offers data on the lease and its due date, monthly rent and overdue amounts, the predictive model of companies paying late and the common area for maintenance of the property, among others.
Market segmentation covered by research:
The global property management industry has been segmented on the basis of component, deployment, application, and end user.
On the basis of component, the global property management market has been segmented into solutions and services.
Based on the deployment, the global property management industry has been segmented into on-premise and cloud solutions.
Based on the applications, the global property management market has been divided into residential and commercial.
On the basis of end user, the global property management market has been segmented into property managers / agents and housing associations.
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Geographically, the global property management industry has been segmented into Asia Pacific, North America, Europe, Middle East and Africa and South America.
In terms of market share in the property management industry, North America is the market leader. Some of the factors driving the growth of the market include increased housing construction in the region as well as increased investment by real estate agents in various advanced technologies.
Europe is currently ranked second in the market. Europe is divided between the UK, Germany, France, Spain, Italy and the rest of Europe. The UK is expected to gain the largest market share, followed by Germany and France, according to the MRFR report.
Impact of COVID-19 on the Global Property Management Market
COVID-19 is an incomparable global public health emergency that has affected almost all sectors, with long-term consequences expected to affect the development of the industry during the forecast period.
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