IMARC Group has recently released a new research study titled “Property Management Software Market: Global Industry Trends, Size, Share, Growth, Opportunity and Forecast 2023-2028”, offers a detailed analysis of the global property management software market trends, drivers, segmentation, growth opportunities, trends and competitive landscape to understand the current and future market scenarios. The market size reached US$ 2.4 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 3.3 Billion by 2028, exhibiting a growth rate (CAGR) of 5.3% during 2023-2028.

Industry Definition and Application:

Property management software is a digital solution designed to help property managers and owners streamline and automate various aspects of property management. These platforms serve residential, commercial, and real estate properties, providing tools that assist with a wide range of tasks. Key functionalities of property management software typically include tenant and lease tracking, accounting, building maintenance schedules, property inspections, online rent payments, and communication systems for owners, tenants, and staff. Some software also provides marketing tools to list properties on real estate websites, conduct background checks on potential tenants, and manage the application process.

By using this software, property managers can significantly reduce the administrative load and improve efficiency. The software can also provide financial reporting and analytics, providing insight into the property’s performance and helping to inform strategic decisions. Furthermore, many property management systems offer cloud-based services, enabling users to access the platform from any location with internet connectivity. This flexibility can be especially beneficial in situations where management involves multiple properties across various locations.

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What are the growth prospects and trends in the industry?

The emergence of smart buildings, equipped with Internet of Things (IoT) devices like smart thermostats and security systems, is making property management more complex but also more data-rich which represents one of the key factors driving the growth of the global property management software market. Property management software often integrates with these devices to provide a unified management interface, which boosts operational efficiency and the ability to make data-driven decisions, thus acting as a major growth-inducing factor. In line with this, the increasing urbanization globally, particularly in emerging economies, is leading to a rise in residential and commercial properties. This expansion, combined with a more complex real estate environment is driving the need for sophisticated software solutions to manage these assets effectively, which is contributing to the growth of the market.

The market is also driven by the rise of remote working which is increasing the need for software solutions that are accessed and used from any location. Cloud-based property management software enables property managers to conduct their work remotely, thereby making these solutions particularly attractive in the modern work environment. In addition to this, the rising need to streamline operations, reduce costs, and increase efficiency is fueling the growth of the market. Property management software automates several time-consuming tasks, such as tenant communication, rent collection, and maintenance schedules, which allow managers to focus on more strategic activities. Apart from this, the increasing mobility among the workforce, coupled with changing attitudes toward homeownership, particularly among millennials and Gen Z, are resulting in a growing rental market, necessitating efficient property management solutions which are facilitating the growth of the market. Moreover, legal and regulatory complexities, non-compliance, and rising sustainability trends are some of the other factors creating a positive outlook for the market across the globe.

Competitive Landscape With Key Players:

The competitive landscape of the property management software market has been studied in the report with the detailed profiles of the key players operating in the market.

Some of these key players include:

  • Accruent LLC (Fortive Corporation)

  • Appfolio Inc.

  • Chetu Inc.

  • Console Australia Pty Ltd

  • Corelogic Inc.

  • London Computer Systems Inc.

  • MRI Software LLC

  • Oracle Corporation

  • Realpage Inc.

  • Resman LLC

  • Yardi Systems Inc.

Key Market Segmentation:

The report has segmented the property management software market based on component, application and region.

Breakup by Component:

  • Software

    • On-Premises

    • Cloud-Based

  • Services

    • System Integration

    • Training and Support

    • Consulting

Breakup by Application:

  • Non-Residential

    • Retail Spaces

    • Office Spaces

    • Hotels

    • Others

  • Residential

    • Multi-Family Housing

    • Single-Family Housing

    • Others

Breakup by Region:

  • North America

  • Asia Pacific

  • Europe

  • Latin America

  • Middle East and Africa

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Key Highlights of the Report:

  • Market Performance (2017-2022)

  • Market Outlook (2023-2028)

  • Market Trends

  • Market Drivers and Success Factors

  • Impact of COVID-19

  • Value Chain Analysis

  • Comprehensive mapping of the competitive landscape

If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.

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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

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