Summary
Major players in the property management software market are AppFolio, Inc., Console Australia Pty Ltd., CORELOGIC, Entrata, Inc., InnQuest Software, IQware Inc., RealPage, Inc., Yardi Systems Inc., Buildium, Innago, Spacewell (MCS Solutions Pvt Ltd), ManageCasa, Planon, Jones Lang LaSalle IP, Inc., Tenant Cloud and Rent Manager
The global property management software market grew from $1.75 billion in 2022 to $1.82 billion in 2023 at a compound annual growth rate (CAGR) of 4.3%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The property management software market is expected to grow to $2.19 billion in 2027 at a CAGR of 4.7%.
The property management software market includes revenues earned by entities by providing front-desk operations, managing reservations, rate, and occupancy of a hotel.The market value includes the value of related goods sold by the service provider or included within the service offering.
Only goods and services traded between entities or sold to end consumers are included.
Property management software refers to a software application used to manage hotels and other types of rental homes for businesses.To plan, coordinate, and carry out the daily tasks and transactions required in the lodging industry, PMS offers a centralised computer system.
It reduces the amount of manual effort required for rent collection, maintenance and repair scheduling.
North America was the largest region in the property management software market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in the property management software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main property management software deployment types are cloud and on-premise.The cloud market provides hosted services on a remote cloud server.
Clients use the internet to access the software for various integration, automation, and business process enhancement needs.The different applications of property management software include residential and commercial, which are used by end-users such as housing associations, property managers/agents, property investors, and other end-users.
The increasing investments in smart cities is expected to propel the growth of the property management software market during the forecast period.Governments around the world are investing in the creation of smart cities.
Smart city technologies uses information and communication technologies to efficiently manage and operate urban services, thus creating demand for efficient management of properties.The European Union is actively promoting smart city initiatives, with funds for research and sustainability targets for member states.
The concept of smart cities is becoming more popular in developing nations too.For instance, more than 1,000 smart city pilot projects are either ready for or are under construction globally and around 500 of these projects are in China.
Hence, the investment in smart cites is expected drive the growth of the market.
Artificial intelligence (AI) enabled applications in the property management software market is a key trend gaining popularity in the market. Artificial intelligence (AI) enabled applications assist real estate companies in marketing campaigns, managing property portfolios, leasing, accounting, operations, and many other functions For instance in November 2021, FacilioInc., a real estate portfolio management platform, announced the launch of its linked computerized maintenance management system (CMMS) solution, which helps businesses streamline operations, reduce costs, and keep up with changing client demands.
In October 2021, Property Vista, Canada based property management software solutions company, announced the acquisition of National Efficiency Systems Inc (LeadManaging) Corporation, for an undisclosed amount.Through this acquisition, Property Vista would offer intelligent customer experiences, and utilize into lead and occupant data to quickly surface deeper insights and make smarter rental decisions.
LeadManaging is a Canada-based real-time connections and lead-tracking property management company.
The countries covered in the property management software market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The property management software research report is one of a series of new reports that provides property management software statistics, including property management software industry global market size, regional shares, competitors with property management software share, detailed property management software segments, market trends and opportunities, and any further data you may need to thrive in the property management software industry. This property management software research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
