Property Management Market Insights: The Key to Unlocking Market Dynamics and Opportunities
Category - Machinery & Equipment
Report Code - OMR-ME-174
Format: PDF, PPT, and Excel
Property Management Market to Grow Wider at a CAGR of 7.9% During Forecast; Rising Number of Infrastructure such as Hotels and Individual Housing Projects to Propel Growth
Real estate and other real estate are operated, controlled, maintained, and supervised as part of their management. Residential, commercial, and undeveloped land are included in this category. The property must be managed to extend its useful life while retaining its current condition. This closely resembles the function of administration in any organization.
The global COVID-19 epidemic severely impacted the real estate industry. Keeping visitors and tenants safe, keeping value (which may necessitate greater cleaning processes), and adhering to legal requirements are urgent short-term issues for property management. In addition, numerous institutions have closed, and companies have been exploring work-from-home options.
Key Takeaways of the Property Management Market
By Deployment
In terms of revenue, the market for cloud computing will dominate in 2022 and is projected to continue to do so throughout the forecast period. Many end users, including real estate brokers, domestic associations, and business tenants, are adopting cloud deployment.
By Application
The residential sector is anticipated to constitute the greatest market segment. Assets software for asset management for homes, apartments, and other housing assets is expanding rapidly as more people require assistance maintaining their residences.
By End User
Property management and real estate agencies generated the most revenue in 2022. The proliferation of retail centers and other office property may influence this trend. Property management software (PMS) likewise renders it simpler for agents and administrators to keep track of each property's maintenance needs.
By Region
In 2022, North America comprised the vast majority of the market. This is due to the presence of significant actors in the region. As the number of motels in the US continues to increase, it is becoming the industry leader in North America.
Changing Working Environment to Fuel Market Expansion
Rather than traveling to an office, the company's headquarters, or a branch in another location, many employees today prefer to perform their duties at home. This facilitates the requirement for adaptability when utilizing workplace equipment and information. Consequently, companies can be more adaptable and use the available space better by reducing their need for physical apparatus through virtual workstations.
App-based property management software simplifies and speeds up administrative, financial, and numerous other back-office tasks to stay property managers. Today's software solutions provide payment processing, electronic leasing, file storage, and service monitoring, among other capabilities. This program can benefit independent proprietors, commercial multiplex theaters, and structure owners with thousands of units.
Constant Need for Evolving Solutions to Further Drive PMS Sales
Property management systems (PMS) are necessary for hotels to operate efficiently and offer a positive client experience. However, the hospitality industry is constantly changing, requiring PMS providers to adapt their offerings to meet the evolving requirements of hotels. The need for evolving PMS solutions is primarily driven by the rise of online booking, the expansion of mobile booking, the demand for personalized service, and the requirement for data-driven insights.
By adapting their offerings to the evolving requirements of the hospitality industry, PMS providers can continue to generate sales and assist hotels in enhancing their operations. Cloud-based PMS solutions are gaining popularity because they offer numerous advantages over traditional on-premise solutions. For instance, cloud-based solutions are more scalable, simpler to administer, and accessible from anywhere.
Global Property Management Market Prominent Players
• Kiko Homes Ltd. (U.K.)
• CORELOGIC (U.S.)
• ManageCasa (U.S.)
• IBM Corporation (U.S.)
• SAP SE (Germany)
• MRI Software LLC (U.S.)
• Yardi Systems, Inc. (U.S.)
• Entrata, Inc. (U.S.)
• AppFolio, Inc. (U.S.)
• REI Master (Australia)
• Trimble (U.S.)
• RealPage (U.S.)
Report Scope for Property Management Market
Deployment
• Cloud
• On-Premises
Component
• Software
• Services
o Consulting
o Support & Maintenance
Application
• Residential
o Apartments
o Single-Family Housing
o Others
• Commercial
o Retail
o Government
o Construction
o Others
End User
• Property Managers/Agents
• Housing Associations
• Real Estate Agents
• Others
Property Management Market Regional Segmentation
North America
o U.S.
o Canada
o Mexico
Europe
o Germany
o U.K.
o France
o Spain
o Italy
o Rest of Europe (RoE)
Asia Pacific (APAC)
o Japan
o China
o India
o South Korea
o Rest of APAC
Latin America
o Argentina
o Brazil
o Rest of Latin America
Middle East & Africa
o South Africa
o UAE
o Saudi Arabia
o Rest of MEA
*Our reports are available on a region/wise and chapter/wise basis as well. For any additional personalization contact our sales representative directly at sales@objectivemarketresearch.com