Market Overview
Property Management refers to dealing with the tenants or prospects. This system includes solutions for real estate. Property management solutions offer deployment, consulting, integration, support, and maintenance services. The inclination towards digital solutions for property management is driving the market. The rise in the adoption of property management using software solutions such as cloud-based solutions and service (SaaS) models are propelling the growth of the Property Management Market. In addition, property management solutions offer assistance for the property holders to monitor, manage and analyze the aspects of properties of residential and commercial. When a property management company manages properties, they can ensure software aids that will include simply the day-to-day activities for property managers, which will result in saving time and money spent on managing activities. These growth factors are highly boosting the demand of the Property Management Market at the global level.
The COVID-19 pandemic was a tough situation for the market, but the growth opportunities stabilize its growth in the future days. The commercial building owners and investors are showing their major interest in property management solutions due to their energy-efficient and high-productivity properties—these market drivers and opportunities to uplift the growth value of the market.
Property Management Market Size was valued at USD 18.6 billion in 2021. 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).
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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
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Market Segmentation
The Property Management Market is segmented based on component, deployment, application, and end-user. The component segment of the market is divided into solutions and services. The solution segment of the market is anticipated to hold the largest share due to its solid performance in recent years. The service segment comprises a service segment that has been further categorized into integration services, consulting services, and training and maintenance. The deployment segment of the market is categorized into on-premise and cloud-based solutions. The cloud-based segment has held the largest share due to its emerging properties in the past years. In the application segment, the market is classified into residential and commercial. The commercial segment is further subdivided into the retail, hotel, workspaces, and other sub-segments, among other things. The end-users segment is divided into property agents and housing associations.
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Regional Analysis
According to the geographical status, the Property Management Market covers major regions worldwide such as North America, Europe, Asia-Pacific, and the Middle East & Africa, and South America. The North American market is accounted for the largest market share in recent years, and it is going to continue its growth consistency during the forecast period due to the presence of major countries such as Canada, the US, and Mexico, where the demand is high for property management solutions. The Asia Pacific is expected to reach its highest CAGR rate with a good growth rate due to the presence of highly developing countries such as China, Japan, India, and the rest of Asia-Pacific, where the key players are largely investing in different technologies such as property management software, electronic payment solution, accounting and bookkeeping tools, electronic lease and others.