Growing emphasis on streamlining the administrational work of the real-estate, housing societies & commercial properties, and demand for automated & errorless efficiency of PMS software are influencing the Property Management Software market growth.
New York, Nov. 26, 2020 (GLOBE NEWSWIRE) — The Global Property Management Software Market size is projected to reach USD 2.58 billion by 2027. A higher convenience in the budgeting & forecasting of the property management for the housing societies & commercial space managers or agents and rising adoption of the tenant & lease tracking software solutions by the landlords & property owners will augment growth prospects for property management software market. Growing penetration of cloud-based SaaS for PMS, and a huge upsurge in the real-estate sectors, commercial properties & housing amenities in the developing regions are also considerable factors that are contributing to the market growth.
Property Management Software or PMS are being widely adopted as they help in property accounting, budget tracking, rent & vendor management, automated reminders for the tenants & the managers regarding rent reminders. Insights with daily managerial tasks, higher flexibility on the account auditing, owner-tenant communication are some of the other mentionable reasons the PMS are being widely adopted.
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Growing urbanization & commercialization in the developing countries and immense rise in population living in the bigger cities are reasons the rental communities in residential buildings are being substantially growing. A huge growth in the housing societies and the requirement for proper management of the property businesses has led to PMS being preferred and widely adopted.
Property management software market is expected to remain competitive and fairly fragmented owing to the presence of a number of the small start-ups, medium enterprises, and large conglomerates. During the forecast period, demand for technological development and higher diversification in products & services ensure the enormous growth potential for the innovative players.
Further key findings from the report suggest
- In November 2019, RealPage, a provider of software & data analytics to real estate industry, announced that it will acquire Buildium, a well-known real estate property management solution provider. RealPage planned to combine its very own property management capabilities with those of Buildium’s so that they can precisely target the smaller multifamily associations, single family, and commercial real estate market segments.
- In context to end-user, the property managers segment held the largest market share of 28.7% in 2019, and anticipated to register a CAGR of 5.6% during the forecast period. The end-user segment comprises housing associations, property investors, landlords & owner, property managers, government, and others. property managers, owing to their highest estimated usage of the PMS especially for a flexibility in accounting & financing and hassle-free cloud-based solutions.
- The hotel industry or the hospitality sectors are another massive growth propeller as they tend to require this software extensively in order to maintain efficacy in their offered services. Higher growth in the hospitality industry is increasingly adding impetus to the market growth.
- In context to region, United States holds the largest market share of 34.1% in 2019, with the growth rate of 7.3% during the forecast period. Factors like the presence of various major market players, focus on flexibility in property management, reduction of the additional cost in administrational expenses, and higher preference of the software-as-a-service (SaaS) for PMS, are spurring the market growth in North America.
- Key players in the market include AppFolio, Inc., Entrata, Inc., Console, InnQuest, IQware Inc., Yardi Systems Inc., RealPage, Inc., Console Group, MRI Software LLC, Buildium, among others.
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For the purpose of this report, Reports and Data has segmented into the global Property Management Software Market on the basis of End-User, Property Type, Deployment, and region:
- End-User Outlook (Revenue: USD Billion; 2017-2027)$1