With a CAGR of 9.8%, the property management market size is worth USD
Pune, India, Oct. 21, 2022 (GLOBE NEWSWIRE) — The world property management market The size was valued at USD 17.69 billion in 2021. The market is expected to grow from USD 19.33 billion in 2022 to USD 37.25 billion by 2029presenting a 9.8% CAGR during the forecast period. This information is provided by Fortune Business Insightsin its report titled “Real Estate Management Market, 2022-2026”.
KEY INDUSTRY DEVELOPMENTS:
March 2021 – Planon has partnered with AddOnn to combine AddOnn’s SaaS solution with Planon’s software platform for digitizing buildings and services to offer end-to-end solutions to end users worldwide.
April 2021 – Trimble, Inc. has increased the availability of Trimble Quadri BIM collaboration software for civil projects, including roads, bridges and railways.
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Increase the penetration of artificial intelligence to usher in innovation
The influence of the COVID-19 outbreak has prompted businesses to seek out smart and AI-based technologies in advanced and emerging economies. As employees return to work from the office, building managers are grappling with challenges designing plans that help meet tenant demands. It should be noted that governments and other stakeholders have increased investment in real estate assets in emerging economies. In addition, real estate demand could accelerate in the next period. Savills India says real estate demand will grow by 15 to 18 million square feet by 2025.
Report scope and segmentation
|Forecast period||2022 to 2029|
|Forecast Period 2022 to 2029 CAGR||9.8%|
|2029 value projection||$37.25 billion|
|Year of reference||2021|
|Size of the property management market in 2021||$17.69 billion|
|Historical data for||2018 to 2020|
|Number of pages||160|
|Segments Covered||Component, Deployment, Application, Geography|
|Real Estate Management Market Growth Drivers||Increased Software-as-a-Service platform footfall to drive growth potential|
|Budget constraints to reflect a wider range of risks|
Drivers and Restrictions
Increased Software-as-a-Service platform footfall to drive growth potential
The property management market share will register a significant gain over the forecast period on the heels of the growing footprint of subscription-based SaaS solutions. Large enterprises have increased their investments in the SaaS component to help companies integrate advanced technologies. Additionally, real estate organizations have increased their investments in state-of-the-art property management solutions to integrate multi-vendor platforms into existing systems. It is worth mentioning that the trend towards mobility management will bode well for the growth of the industry. Advanced solutions will be sought to track properties.
Meanwhile, lack of funds could hamper the prospect of sustaining industry growth over the assessment period.
Click here for the short and long term impact of COVID-19 on this market:
Software component to increase with growing demand for cost effective solutions
In terms of components, the market is segmented into services and software. The software segment could notably contribute to the global market in the wake of the growing demand for increased efficiency. Additionally, owners and owners have also been looking for cost-effective solutions that bode well for the growth of the industry.
Cloud-Based Deployment Model Must Remain Dominant with Improved Security
On the basis of deployment, the market is segregated into on-premises and cloud. The cloud component will account for a notable share of the global market in the wake of increased demand for security in developing and developed countries. The software also relies on landlords and property managers to store all documents at a reduced cost in a single platform.
The residential sector will show high demand with an increasing need for asset management system
As far as application is concerned, the market is fragmented into residential and commercial. The residential segment will grow at a significant CAGR due to the growing usage of asset management software. The demand for asset management systems will be pronounced to keep up with the growing number of residential properties.
Property managers will increase their investments to adopt an automated software solution
On the basis of end user, the market is segmented into housing associations, real estate agents, property managers and others (real estate investors, third party agents). The property management application will grow thanks to increased investment in automated software solutions to streamline operations.
Geographically, the market covers Europe, North America, Asia-Pacific, Latin America, Middle East and Africa.
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North America held the maximum market share in 2021. The expansion of e-commerce in North America is expected to provide several opportunities for property managers and property players to invest in asset management software/services. Outside investment in the region’s real estate market is expected to increase significantly in the coming years.
Asia-Pacific is expected to witness rapid growth over the forecast period due to increased cyber threat in the region compared to North America and Europe.
A thriving e-commerce industry to drive market opportunities in North America
The North American market generated sales of $4.31 billion in 2018 and is expected to grow rapidly over the forecast period owing to the boom in e-commerce. Rising investments from major property management players will augment the healthy growth of the market in the region. The Asia-Pacific region is expected to witness significant growth over the forecast period due to rising middle-class population in China, India, and Indonesia. The boom in logistics, retail and hospitality will contribute positively to the market growth in the region. Growth in e-commerce and advancement in technology will enable rapid market growth in Asia-Pacific. Europe is expected to grow steadily over the forecast period. The growth in the region is attributed to the growing interest of regional players in advanced software.
Launch of the payment platform by ManageCasa to create business opportunities
ManageCasa, a leading software management company, announced the partnership with Stripe, a global leader in online payment processing, to launch a new digital payment solution for the property management industry. This software will allow landlords and property managers to automate rent payments, other income and expense charges, and enjoy a fully automated end-to-end accounting experience. The introduction of the innovative software can be a vital factor in supporting the healthy growth of the market through timely automated payments and other reminders, contributing to a fully automated payment process. Additionally, the CEO of ManageCasa, said in a statement, “Sending and receiving payments has always been a challenge in our industry, often requiring significant time and effort from property managers and tenants. to meet in person to get rent and bills paid, “Sending and receiving payments has always been a challenge in our industry, often requiring significant time and effort from property managers and tenants to meet in person to get rent and bills paid. He further added, “We are delighted to provide an online solution that will allow payments to change hands securely with just a few clicks.”
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The list of major companies operating in the property management market are:
- AppFolio, Inc.
- Archibus, Inc.
- Entrata, Inc.
- Definition, by segment
- Methodology/Research Approach
- Information source
- Market dynamics
- Macro and micro economic indicators
- Drivers, constraints, opportunities and trends
- Impact of COVID-19
- Short term impact
- Long term impact
- Competition Landscape
- Business strategies adopted by key players
- Consolidated SWOT analysis of key players
- Overview and Market Share Analysis of Key Players in Global Property Management, 2021
- Global property management market size estimates and forecasts, by segments, 2018-2029
- Main conclusions
- Per component (USD)
- Support and maintenance
- Per deployment (USD)
- Per app (USD)
- Construction and Real Estate
- Per end user (USD)
- Property managers
- Housing Associations
- Real estate agents
- By region (USD)
- North America
- Latin America
- Middle East and Africa
- Asia Pacific
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