According to the latest report by IMARC Group, titled "Property Management Software Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global property management software market reached a value of US$ 2.3 Billion in 2021. Property management software (PMS) refers to a management system software that is widely used by property managers to automate several functions related to personal properties and equipment. These services include the management of maintenance, legalities and personnel by automating financial, back-office and administrative operations. These application-based solutions assist in reducing the manual labor involved in storing and sharing documents online while collecting rents, tracking tenants, and scheduling maintenance and repair activities. They also process a large amount of property management-related data that further helps in financial reporting, integrated banking, and generating electronic agreements. As a result, they are extensively utilized across the residential and commercial segments for simplifying and automating regular tasks in an efficient manner.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Property Management Software Market Trends:
The global market is primarily driven by considerable growth in the real estate sector. The deployment of PMS solutions assists property managers in allocating work assignments in an efficient manner with minimum human errors. Their use also reduces the overall time taken in responding to complaints of tenants or owners. Since these solutions provide a simple, hassle-free and user-friendly platform to the masses, this is providing an impetus to the market growth. The market is further driven by the rising need for web-based services, such as Software as a Service (SaaS), by PMS providers. These solutions offer a centralized platform to the users that displays properties and property-related operations in a comprehensive manner, thereby creating a positive outlook for the market. Moreover, the growing integration of PMS with artificial intelligence (AI), virtual reality (VR), machine learning (ML), and cloud-computing solutions is also acting as a major growth-inducing factor. On account of the aforementioned factors, the market is expected to grow at a CAGR of 5.4% during 2022-2027.
- On the basis of the component, the market has been bifurcated into software (on-premises and cloud-based) and services (system integration, training and support, and consulting).
- Based on the application, the market has been divided into non-residential (retail spaces, office spaces, hotels, and others) and residential (multi-family housing, single-family housing, and others).
- On the geographical front, the market has been segregated into North America (the United States and Canada), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Latin America (Brazil, Mexico and others), and Middle East and Africa.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players. Some of these players include Accruent LLC (Fortive Corporation), Appfolio Inc., Chetu Inc., Console Australia Pty Ltd, Corelogic Inc., London Computer Systems Inc., MRI Software LLC, Oracle Corporation, Realpage Inc., Resman LLC, and Yardi Systems Inc.
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