Property Management Software Market Is Likely To Up Demand At A USD 4.2 Billion By 2028


 San Francisco, 4 Oct 2021: The Report Property Management Software Market Size, Share & Trends Analysis Report By Deployment (Cloud, On-premise), By Application (Residential, Commercial), By End-user, By Region, And Segment Forecasts, 2021 - 2028

The global property management software market size is anticipated to reach USD 4.2 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 4.8% from 2021 to 2028. The increasing preference of owners and property managers for scalability is one of the key factors expected to boost the market growth. Also, factors such as rising infrastructure development, coupled with the need to maintain property-related documents for seamless functioning are anticipated to be one of the strongest growth boosters.

The demand for Property Management Software (PMS) has increased in the past few years for hotels and residential suites. Availability of internet bandwidth and virtual storage are a few of the factors influencing the demand in the hotel industry and residential sector. Also, the PMS in the residential suites has grown into a strategic position owing to developments in information and communications technology. Therefore, automation serves a wide array of PMS functions, including lease, notices, vacancy, invoice preparation, and circulars for the residential sector. PMS eliminates repetitive tasks, allows better communication, and standardizes hotel management.

Escalating demand for outsourcing services is another prominent factor positively affecting the growth. In recent years, several market players are focusing on offering technologically advanced PMS solutions such as cloud-based and AR-based solutions, which are quite tough to be managed in-house, as it involves a huge cost for recruiting a technically advanced workforce and spending on their training for the software. To overcome these challenges, numerous organizations outsource these services to PMS service providers. Moreover, an increase in outsourcing activities in Asia counties such as India and the Philippines from the Middle East and Western countries appears to be a significant contribution to regional market growth.

Access Research Report of Property Management Software Market @ https://www.grandviewresearch.com/industry-analysis/property-management-software-market

Property Management Software Market Report Highlights

  • The market for property management software is anticipated to witness substantial growth during the forecast period owing to the increasing investments in real estateand the rise in the demand for transparency in property management
  • The cloud segment accounted for the largest market share in 2020, owing to factors such as scalability, ease of use, cost-effectiveness, and fewer disputes with tenants
  • The property managers/ agents segment accounted for the largest market share in 2020, owing to an increasing number of commercial property and real estate developments across the globe
  • The commercial segment is expected to register highest growth over the forecast period. Rising demand for cyber risk management and growing disposable income are the key factors expected to fuel investments in the commercial sector
  • North America accounted for the largest revenue share in 2020, owing to the presence of prominent players offering PMS solutions/services in the region
  • New product development and partnerships and collaborations remain the major strategy adopted by the leading service provider in the market

List of Key Players of Property Management Software Market

  • AppFolio, Inc.
  • Console Australia Pty Ltd
  • CORELOGIC
  • Entrata, Inc.
  • InnQuest Software
  • IQware Inc.
  • MRI Software LLC
  • RealPage, Inc.
  • Yardi Systems Inc.

Access Press Release of Property Management Software Market @ https://www.grandviewresearch.com/press-release/global-property-management-software-market

 

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