Property Management Software Market
Property Management Software Market (Component: Software (On-premise and Cloud), Services (System Integration, Training & Support, and Consulting); Application: Commercial (Retail Spaces, Office Spaces, Hotels, and Others), Residential (Multi-family Housing/ Apartments, Single-family Housing, and Others); End User: Housing Associations, Property Managers/ Agents, Corporate Occupiers, Property Investors, and Others) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2019 - 2027
AI and Machine Learning Gaining Importance for Data Delivery
As consumers are becoming more aware about new technological innovations, artificial intelligence (AI) is aggressively penetrating the property management software market. More and more users are demanding AI, as this technology provides insightful data and identifies patterns in the same.
Software is projected for high market growth as compared to services, with a value projection of ~US$ 1.4 billion by 2027, in the property management software market. Since software innovations are creating incremental opportunities for stakeholders, software providers are increasingly introducing AI in various systems.
As such, stakeholders in the property management software market are increasing their capabilities to integrate machine learning with AI, to provide users with credible information to stay one step ahead in the property and real estate business. Since the managing of data is of utmost importance for users, stakeholders are offering AI systems that search and sort any type of data, which helps save a lot of time of the users.
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Amenity-packed Mobile Apps Increase Scope for Incremental Opportunities
In the real estate business, building relationships with tenants and attracting new tenants plays crucial role. This is justified, as the residential sector is anticipated to grow to a much higher value than the commercial sector, with a revenue of ~US$ 1 billion by the year 2027, in the property management software market.
Through AI software systems, users are generating automated tenant emails and finding connections to potential tenants. Stakeholders are increasing the convenience of consumers by integrating property management systems with mobile apps. This trend has led to the introduction of amenity-packed mobile apps.
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Since a hectic work life can get overwhelming, especially for the millennial population, stakeholders in the property management software landscape are combining digital platforms such as amenity-packed mobile apps with software systems to offer a pool of amenities to tenants. By providing cloud solutions, realtors can have open and transparent communication with their tenants. As tenants need to feel important, amenity-packed mobile apps help them achieve a work-life balance by managing tasks such as health checkups, haircuts, and even scheduling a meal delivery.
Users Seek Cost-competitive and Tailored Property Management Software Systems
The property management software market is anticipated to grow at a steady CAGR of ~7% during the forecast period. However, the market is consolidated, which makes it challenging for emerging players to establish their prominence in the business landscape. One of the challenges for existing and emerging market players is the growing trend of users developing their own property management software.
With the ready availability of tools and resources at cost-effective prices, users are increasingly taking interest in developing their own customized property management systems to avoid the overhead costs of expensive systems offered by key market players. Expensive software systems provide an array of features to users, but are based on legacy software technology that does not comply with the newly-introduced standards in the property management software market.
To overcome these challenges, stakeholders in the property management software landscape are advancing in bespoke software systems that are tailored to consumer needs. They are also introducing software with innovative features, such as built-in analytics, at competitive prices.
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Intense market competition has compelled property holders in the real estate business to rethink their traditional strategies and evolve them into smart, software-based techniques. This is why, stakeholders in the property management software market are investing toward developing AI-based software systems that provide suggestive steps to help realtors gain a competitive edge over others.
Stakeholders should develop innovative management systems that monitor the occupancy levels of tenants using power and utility services in IoT-powered (Internet of things) housing societies and co-working spaces. However, software providers are often questioned about data security, as tenants provide valuable information while buying or renting apartments. Thus, software providers should focus on developing cloud-based management systems that have built-in data-recovery technology, authentication protocols, and the like.
Property Management Software Market: Overview
- The global property management software market is estimated to expand at a CAGR of ~7% between 2019 and 2027. The global property management software market is projected to be driven by increasing investments in real estate and the increased need for transparency in property management.
- The global property management software market is expected to reach ~US$ 1.1 Bn in 2019, and further reach ~US$ 2 Bn by the year 2027.
- North America holds a major share of the global property management software market, and is anticipated to dominate the market, followed by Europe, during the forecast period.
- North America also remains a leading market for property management software, and is expected to reach a value of ~US$ 600 Mn by the end of 2019.
- The property management software markets in the Middle East & Africa and South America are projected to expand at a moderate pace during the forecast period.
- The property management software market in Asia Pacific is projected to expand at a prominent CAGR of ~9% during the forecast period.
Property Management Software Market - Definition
- The property management software market report provides analysis of the global property management software market for the period 2017–2027, wherein, 2018 is the base year and 2019 to 2027 is the forecast period. Data for 2017 has been included as historical information.
- Property management software is a cloud-based or on-premise application that allows the efficient management of properties to simplify legalities, personnel, and maintenance, all under one platform. Property management software helps property managers and owners to simplify property management processes such as establishing strong communication, tracing finances, storing leasing documents and contracts, centralization and digitization of information, and ensuring an efficient rent collection process.
North America Property Management Software Market – Snapshot
- Rising number of vacant apartments in North America and number of units managed by property managers is expected to boost the property management software market in the region. For the same reason, North America is expected to offer significant opportunities to the property management software market, with Europe being the next closest region.
Key Growth Drivers of Property Management Software Market
- Rising need for transparency in property management: Property management involves controlling the operations and supervision of a property. Individuals with personal property or property managers can administer the property, remotely, and supervise daily operations such as reporting, accounting, lease, tracking, repairing, planning, and sales. Property managers and owners prefer to use property management software, primarily due to the transparency offered by these applications in controlling and managing all types and sizes of properties with ease, even without being present at the location. Property management vendors also provide legal executives to handle all legal formalities. This is crucial, especially when the property owners are managing distant properties. Additionally, property owners and managers emphasize on the collection and maintenance of property information for enhanced data administration and accessibility with the help of centralized property management software. This driver is expected to have a high impact during the forecast period, as people prefer real estate as an investment option.
- Increasing advancements in technology: Shifting consumer preference toward smart and connected homes creates new opportunities for property dealers. Tenants expect uninterrupted Wi-Fi coverage for various devices, including smart home devices and security services. This offer considerable opportunity to property management dealers to attract customers by offering luxury housing experiences. Augmented and virtual reality are being incorporated in the property business; and through these technologies, architects, planners, builders, and clients are able to witness an immersive experience anywhere, anytime.
Property Management Software Market – Competition Landscape
- In June 2019, CoreLogic partnered with ResMan to explore its property management product offerings in the rental industry, in order to consolidate its position in the market
- In February 2019, RealPage Inc. acquired U.K-based property management solution provider PEX Software Limited. The key objective of this acquisition was to expand its product portfolio and consolidate its position in the market.
Property Management Software Market - Company Profiles Snapshot
- AppFolio, Inc.: AppFolio, Inc., founded in 2006, is primarily focused on the delivery of applications to small- and medium-sized businesses. The company also offers industry-specific, cloud-based software applications for businesses in the property management and legal sectors. It primarily caters to property managers across various markets, including apartment, residential, student housing, commercial, and community associations. In 2018, the company had over 13,000 real estate property management software customers, contributing to nearly 90% of its total revenue, worldwide.
- RealPage, Inc.: RealPage, Inc. is a global company that provides software and data analytics to the real estate industry. The company caters to property managers across various markets, including commercial, military, single-family, and student housing. It provides a single application with multiple functionalities such as accounting, document management, and budgeting, to property managers.
- CoreLogic: CoreLogic provides property management, analytics and data-enabled services in North America, Western Europe, and Asia Pacific. The company operates through two business segments: PI and Risk Management and Work Flow. Its database comprises over 100 million mortgage applications, and more than 900 million historical property transactions, worldwide.
Other major players operating in the global property management software market and profiled in the report include
- Chetu, Inc.
- Oracle Corporation
- Alibaba Cloud
- Eco Community Sdn Bhd
- Yardi Systems Inc.
- MRI Software Inc.
- ResMan (Nordic Capital)
- Maintenance Connection
- Rockend Pty. Ltd.
- Abacus Credit Management
- PropertyMe Pty. Ltd
- HiRUM Software Applications
- REI Master Pty. Ltd.
Property Management Software Market – Scope of the Report
[305 Report Pages] Transparency Market Research’s recent report on the property management software market, with the help of a comprehensive outlook, provides readers with an assessment of the global landscape. This study on the property management software market analyzes the scenario for the period of 2019 to 2027, wherein, 2018 is the base year and 2017 and earlier is historical data. This report enables readers to make important decisions with regard to their business, with the help of a wealth of information enclosed in the study.
This TMR study on the property management software market provides data on the developments undertaken by important players and stakeholders in the market, along with a competitive analysis. The report also provides an understanding of the strengths, weaknesses, threats, and opportunities, along with the trends and restraints in the landscape. Presented in a clear sanctioned manner, this report on the property management software market gives readers an individual understanding of the market.
This study discusses the underlying trends and the impact of various factors that are driving the property management software market, along with their influence on the evolution of the market.
This study also offers Porter’s Five Point analysis, ecosystem analysis, regulatory scenario, and regional key trend analysis of the property management software market, in order to elaborate on the crucial growth tactics and opportunities for market players contributing to the market.
Property Management Software Market Report - Key Questions Answered
- How much revenue will the property management software market generate by the end of the forecast period?
- Which type of component is likely to have the maximum market share by 2027?
- Which regions currently contribute the maximum share to the overall property management software market?
- What are the indicators expected to drive the property management software market?
- Which region is likely to be a lucrative market during the forecast period?
- What are the essential strategies incorporated by key stakeholders in the property management software market to expand their geographic presence?
- What are the major advancements witnessed in the property management software market?
This report answers these questions and more about the property management software market, aiding major stakeholders and key players in making the right decisions and strategizing for the advancement of their business.
Property Management Software Market: Research Methodology
This TMR report on the property management software market is based on a complete and comprehensive evaluation of the market, backed by secondary and primary sources. The competitive scenario of the property management software market is supported by an assessment of the different factors that influence the market on a minute and granular level. By thoroughly analyzing the historical data and current trends, researchers of the property management software market arrive at predictions and estimations, and calculate the forecasts for the market.
This report uses an analytical triangulation method to estimate the numbers and figures of the property management software market, with both a bottom-up and top-down approach. This detailed assessment of the property management software market, along with an overview of the landscape, is provided based on a careful examination of the avenues related to this industry. Analysts’ conclusions on how the property management software market is set to grow are based on carefully-vetted primary and secondary sources.
Property Management Software Market: Segmentation
This report on the property management software market provides information on the basis of component, application, end user, and region
Property Managers/ Agents
Others (Affordable Housing & Other Specialties)
Middle East & Africa