Property Management Software Market to Surpass USD 11.54 Billion by 2031 | SkyQuest Technology

Property Management Software Market size was valued at USD 5.4 billion in 2022 and is poised to grow from USD 5.88 billion in 2023 to USD 11.54 billion by 2031, growing at a CAGR of 8.8% during the forecast period (2024-2031).

Westford, USA, Nov. 25, 2024 (GLOBE NEWSWIRE) — SkyQuest projects that the Global Property Management Software Market will attain a value of USD 11.54 Billion 8.8% during the forecast period (2024-2031). Growing demand for web-based services such as software as a service (SaaS) is anticipated to drive the property management software market growth. SaaS-enabled PMS involves simplifying daily tasks such as accounting, keeping track of tenants, and building maintenance. These solutions provide a centralized property management platform where allows tracking of various activities like tenant requirement and maintenance work. This software also has some extremely crucial features such as on-line business document showcase, fiscal confirming, bookkeeping features, upkeep tracking, electronic lease negotiation and integrated financial institution.

Another vital aspect of property management is compliance with a host of local, state, and federal laws. PMS or property management software also provides features that can help in complying with legal requirements, track leases, maintain documentation, and monitor upcoming regulatory changes in your area. This feature is especially critical in countries with strict regulations governing security where failure to comply can lead to heavy fines. In addition, with the increased demand for regulatory compliance, property managers are using software solutions to ensure legal necessities.

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Browse in-depth TOC on the “Global Property Management Software Market” 

• Pages – 165

• Tables – 63

• Figures – 75

Global Property Management Software Market Overview: 

Increasing Use of Software to Adress Customer Requirements Leading to its High Demand

Based on component, the software is dominating the market with an increase in property management software market size. This is because of its capability of addressing varying and changing customer requirements. Property management includes several different areas that deal with record keeping, resource allocation, communication with tenants and landlords, maintenance scheduling and financial tracking for all types of properties in varied locations, budgets and ownership types. Such heterogeneous operations often faced challenges due to the traditional on-premises solutions because they tend to lack flexibility and scalability. Conversely, software-as-a-service models helps the property managers who need the ability to use a centralized application from any device and location with its platform. It has simplified internal processes for many organizations managing multiple geographies or property types within their portfolios. Furthermore, the pay-as-you-go commercial models of software only makes it more attractive for small and medium property owners with limited budgets. The evolution of property management into a much more mobile and data-driven application has increased the demand for standalone software packages in comparison with trumped bundled hardware-software platforms.

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Growing Demand of Property Management Software among Property Managers to Streamline Regular Property Operations

By end user, the property managers segment is witnessing the fastest growth in the market with an increasing property management software market size. This is because they are responsible for day-to-day operations at a real estate property. The professional property managers handle the administration of leases, vendor coordination, quarterly inspections, collects rent, community buildings and even commercial space. These wide-ranging deliverables are challenging to coordinate across a portfolio, and it needs centralized access to property asset, maintenance records and financial transactions. Centralized software streamlines repetitive tasks such as invoicing for rent, work order monitoring, and communication with the residents. It also gathers property information from multiple locations into usable business intelligence. It has enabled property managers to improve their operations, manage resources efficiently and provide consistent service quality which is expected in rental markets with stiff competition. Given that property managers handle the profitability and structural integrity of a real estate portfolio, they are probably the most eager users of purpose-based management tools.

Massive Presence of Well-Established Real Estate Sector to Increase Market Size in North America to Dominate

North America is leading the property management software market with the largest property management software market share. The region has a sizeable well-established real estate sector with numerous commercial and residential property developers and managers. The region is also witnessing huge demand for technology in this sector, which can efficiently manage properties, tenants or owner. Most property management software providers are based in the U.S. like Yardi, AppFolio, Propertyware, MRI Software, etc and they sold their products successfully in big North American property management software industry. However, the price of these software is high because they are embedded with advanced features and functionality. But most of the large real estate firms see value in installing these systems to smoothen their operations.

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Property Management Software Market Insights

Drivers

• Growing demand for automation and digitalization
• Increasing number of residential and commercial properties
• Rising demand for integrated property management solutions

Restraints

• Rising data and security concerns
• Lack of awareness about property management software
• Growing concern about affordability among small businesses

Segments covered in Property Management Software Market are as follows:

• Deployment
  • Cloud, On-Premises
• Solution
  • Software [Rental Listings Management, Applicant Management, Reporting & Analytics, Maintenance Activities Management, Others], Services [Professional Services, Managed Services]
• Application
  • Residential [Multi-family Housing/ Apartments, Single-family Housing, Others], Commercial [Retail Spaces, Office Spaces, Hotels, Others]
• End-use
  • Housing Associations, Property Managers/ Agents, Property Investors, Others

Key Players Operating in Property Management Software Market

• AppFolio, Inc. (US) 
• Console Australia Pty Ltd (Australia) 
• CoreLogic (US) 
• Entrata, Inc. (US) 
• MRI Software LLC (US) 
• REI Master (US) 
• Yardi Systems Inc. (US) 
• Zillow Group, Inc. (US) 
• ManageCasa (US) 
• SAP (Germany) 
• ResMan (US) 
• Buildium LLC (US) 

Key Questions Answered in the Global Industrial Automation Market

• Why is the market witnessing maximum growth in North America?
• What are the key challenges faced by companies in the market?
• What are the main drivers of the market?

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This report provides the following insights:

• Analysis of key drivers (Growing demand for automation and digitalization, increasing number of residential and commercial properties), restraints (Rising data and security concerns, Lack of awareness about property management software), opportunities (Rising demand for integrated property management solutions), and challenges (Growing concern about affordability among small businesses) influencing the growth of property management software market
• Market Penetration: Comprehensive information on the product offered by the top players in the property management software market
• Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the property management software market
• Market Development: Comprehensive information on emerging regions
• Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the market
• Competitive Assessment: In-depth assessment of market segments, growth strategies, revenue analysis, and products of the leading market players.

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