Market Analysis:
The Property Management market industry is
projected to grow from USD 20.16 Billion in 2022 to USD 35.46 billion by 2030,
exhibiting a compound annual growth rate (CAGR) of 8.40% during the forecast
period (2022 - 2030). Property management, simply put, is a software
application tool which helps real estate accountants, property owners, property
managers, and other stakeholders to efficiently manage rental properties. These
properties comprise residential and commercial spaces that are managed on the
owner’s behalf by the property manager. It helps to streamline daily tasks of
property managers thus reducing the overall cost and time invested to manage
the real estate business.
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Key Players:
Key Companies in the
Property Management market include,
- Skyline Property Management
- Re-Leased Software Company Ltd
- Rosmiman Software Corporation
- MRI Software LLC
- Buildium
- Yardi Systems Inc.
- AppFolio Inc.
- IBM
- Oracle
- SAP
- Trimble Inc
Various factors are fuelling the global property
management market size. As per the recent MRFR market estimates, such factors
include the growing adoption of SaaS model for property management, developing
inclination towards workplace mobility, rising demand for outsourcing services,
increasing investment in different technologies worldwide, introduction of
cloud-based deployment model, and increasing need to efficiently manage
property portfolios among property managers.
On the contrary, impact of the COVID-19 outbreak,
lack of skilled professionals and budget limitations for technological
solutions may limit the global property management market share over the
forecast period.
Market Segmentation:
The MRFR report throws light on an inclusive
segmental analysis of the global property management market based on end user,
application, deployment, and component.
By component, the property management market is
segmented into services and solution. The service segment is again bifurcated
into training and maintenance services, consulting services, and integration
services. Of these, the solution segment will lead the market over the forecast
period.
By deployment, the property management market is
segmented into cloud-based solution and on-premise. Of these, the cloud-based
solution will dominate the market over the forecast period.
By application, the property management market is
segmented into commercial and residential. The commercial segment is again
bifurcated into office spaces, hospitality, retail, and others. Of these, the
commercial segment will spearhead the market over the forecast period.
By end user, the property management market is
segmented into housing association and property manager/agent. Of these, the
property manager will have the lions share in the market over the forecast
period.
Regional Analysis:
By region, the global property management market
covers the recent trends and growth opportunity across Europe, the Asia Pacific
(APAC), North America, South America, and the Middle East and Africa (MEA). Of
these, North America will remain the driving force in the market over the
forecast period. Increasing housing development, growing investments by
real-estate agents in different advanced technologies, the growing demand for
property management solutions among property managers in Mexico, Canada, and
the US, the surge in e-commerce, and the growing investments by key players are
adding to the global property management market growth in the region.
In Europe, the property management market is
predicted to hold the second-largest share over the forecast period. Growing
focus of regional players towards advance software is adding to the global
property management market growth in the region. The UK holds the utmost market
share followed by France and Germany.
In the APAC region, the property management market
is predicted to grow at a fast pace over the forecast period. The growing
investment by property managers and property management firms in different
technologies like electronic lease, accounting and bookkeeping, electronic
payment solution, property management software, and others are adding to the
global property management market growth in the region. Besides, increasing
middle-class population in Indonesia, India, and China, developing hotel,
retail, and logistics industry, technological advances, and the booming
e-commerce industry are also adding market growth.
The property management market in South America and
the MEA is predicted to have sound growth over the forecast period.
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Property Management Industry Developments:
January: The National Association of
Residential Property Managers (NARPM) releases its 2023 State of the Industry
Report, which finds that the property management industry is expected to grow
by 7% in 2023.
February: The National Multifamily Housing
Council (NMHC) releases its 2023 Apartment Outlook, which forecasts that demand
for rental housing will continue to grow in 2023.
March: The Buildium 2023 Property
Management Industry Report finds that property managers are increasingly using
technology to improve their operations.
April: The AppFolio 2023 Top Property
Management Trends report finds that single-family home rentals are on the rise,
and that competition is increasing in the property management industry.
May: The ManageCasa 2023 Property
Management Trends report finds that remote monitoring and maintenance solutions
are becoming increasingly popular in the property management industry.
June: The LinkedIn 2023 Property
Management Technology Trends report finds that predictive maintenance is
becoming a more important tool for property managers.
July: The 2023 Property Management
Industry Report from Buildium finds that property managers are focused on
growing their portfolios and their revenue.
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