Property Management Software Market Size & Share, by Deployment Model (On-Premises, Cloud); Application (Residential, Commercial); End-user (Housing Associations, Property Agents, Property Investors) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2023-2033

  • Report ID: 4404
  • Published Date: Feb 14, 2023
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2023-2033

Property Management Software Market size is poised to cross USD 5 Billion by the end of 2033, growing at a CAGR of 6% during the forecast period, i.e., 2023-2033. In the year 2022, the industry size of property management software was around USD 3 Billion.The growth of the market is primarily attributed to the growing population worldwide, which was ~7.9 billion in 2021 and is expected to reach ~8.5 billion in 2030, along with the rising demand for residential and commercial properties amongst the global populace. The growing conveyance of property has led to the use of new automation tools in the real estate industry. Innovations such as smart and AI-enabled property management software have shifted manual property management solutions to automatic management solutions. This, as a result, is anticipated to create numerous opportunities for the growth of the market in the upcoming years.

Additionally, the rising urbanization worldwide along with cities focusing on creating more housing to meet the needs of different household types and income levels is predicted to present the potential for market expansion over the projected period. Rapid urbanization is reshaping cities. The development of residential real estate as a mainstream investment sector is contributing to the rising sale and purchase of residential properties globally. For instance, between 2020 and 2021, the number of residential property sales grew by ~20% in England.


Property Management Software Market
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Property Management Software Market: Key Insights

Base Year

2022

Forecast Year

2023-2033

CAGR

~6%

Base Year Market Size (2022)

~ USD 3 Billion

Forecast Year Market Size (2033)

~ USD 5 Billion

Regional Scope

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)
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Property Management Software Sector: Growth Drivers and Challenges

Market-Growth-Drivers

Growth Drivers

  • Increasing Use of Software as a Service (SaaS) – In real estate organizations, SaaS offers high scalability and wide customization options. The rising adoption of SaaS for managing properties is expected to escalate the demand for property management software in the forecasted period. It was found that, in 2020, more than 35% of the companies worldwide were running their organization on SaaS, whereas it is expected that by 2025, over 80% of the businesses will convert their systems to SaaS. Moreover, proliferating investment in the real estate sector is resulting in its automation which is also driving the growth of the property management software market.
  • Growing Workforce Migration – The inflow of workforce immigrants in any region leads to a surge in housing demand in that region.  It was found that, internationally, the number of people migrating for work grew from 164 million to 169 million between 2017 and 2019. The rising provision of web-based services in the real estate sector is expected to boost market growth in the upcoming years.
  • Upsurge in Online Hotel Bookings – Which accounted for more than USD 174 million across the globe in 2022.
  • Growing Tourism Industry – As per the tourism industry statistics 2020, global revenue for travel and tourism reached ~USD 440 billion in 2020.
  • Rising Digital Property Buyers – More than 50% of buyers found their homes through the internet.

Challenges

  • Lack of Awareness About Property Management Software – Despite the increasing implementation of property management software, numerous people and small businesses are not aware of the dynamic outcomes of such software. Hence, the notable deficit in optimal property management software solutions is estimated to hinder the growth of the market.
  • Concern about the Affordability of Smaller Businesses
  • Time-taking Process


Property Management Software Segmentation

Deployment Model (On-Premises, Cloud)

The global property management software market is segmented and analyzed for demand and supply by deployment model segments into on-premises and cloud. Amongst these segments, the cloud segment is anticipated to garner the largest revenue by the end of 2033, backed by the worldwide growing real estate industry along with various large enterprises shifting towards cloud-based property management solutions as cloud-based PMS offers seamless data integration and a backup facility that prevents data loss. It was observed that ~80% of the leading real estate performers around the world were using some form of cloud in 2022, and this included many corporate occupiers, housing associations, and property managers.

Application (Residential, Commercial)

The global property management software market is also segmented and analyzed for demand and supply by application, into residential and commercial. Among these segments, the commercial segment is expected to account for a sizable share. The growth is attributed to the growing commercial real estate (CRE) industry along with many CRE companies opting for more digitized operations as it facilitates ease of use, scalability, and cost-effectiveness. According to a survey conducted in 2020 that consisted of 200 CRE senior executives in 10 countries, ~41% of respondents agreed that their company has stepped up efforts to redefine business processes to include the use of technology and tools.

Our in-depth analysis of the global market includes the following segments:

     By Deployment Model

  • On-Premises
  • Cloud

      By Application

  • Residential
  • Commercial

      By End-User

  • Housing Associations
  • Property Agents
  • Property Investors

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Property Management Software Industry - Regional Synopsis

The North American property management software market, amongst the market in all the other regions, is projected to hold the largest market share by the end of 2033. The growth of the market can be attributed majorly to the rising demand for rented properties, followed by the growing presence of tenants in the region, the increasing number of houses rented by the residents, and the availability of various property management software for landlords. For instance, according to the 2021 statistics, around 42 million, or ~34% of U.S. households, rent their homes. Property management software has shrunken the need to hire third-party property managers by landlords as PMS evades human errors and streamlines rent collection processes through automation.  Moreover, it simplifies tracking finances, reduces communication gaps, and stores and leases documents and contracts directly between landlords and tenants. All such factors are also driving the growth of the market in the region. Furthermore, there is a growing awareness related to real estate crowdfunding among the people in the region, that is predicted to boost the market’s growth in the region.

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Property Management Software Market Size
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Companies Dominating the Property Management Software Landscape

top-features-companies
    • Yardi Systems, Inc.
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • RealTimeRental
    • IBM Corporation
    • Oracle Corporation
    • Honeywell International Inc.
    • AppFolio, Inc.
    • Total Management
    • Buildium, LLC
    • Entrata, Inc.
    • Trimble Inc.

     


In-the-news

In The News

  • Yardi Systems, Inc., announced the launch of RentCafe CRM IQ, which is a customer-centric relationship management solution for multifamily operators. CRM IQ is part of Yardi Voyager and RentCafe product suites. It provides a frictionless experience for managing applicants, residents and prospects, through every stage of the leasing and resident lifecycle.

  • RealTimeRental (RTR) has partnered with Arbol Inc., an InsurTech platform, to offer the parametric weather protection program for vacation rentals. This program will offer a simple solution to vacation renters by protecting their vacation against rainy weather.


Author Credits:  Abhishek Verma, Hetal Singh


  • Report ID: 4404
  • Published Date: Feb 14, 2023
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

Growing population as well as rising sale of property as well as increasing digital buyers along with rising online hotel bookings are some of the major factors anticipated to drive the growth of the market.

The market is anticipated to attain a CAGR of ~6% over the forecast period, i.e., 2023-2033.

Possibility of adopting the wrong system for operation as well as concern of affordability for smaller businesses are some of the factors estimated to hamper the market growth.

The market in North America is projected to hold the largest market share by the end of 2033 and provide more business opportunities in the future.

The major players in the market are Yardi Systems, Inc., RealTimeRental, Oracle Corporation, IBM Corporation, Honeywell International Inc. AppFolio, Inc., Total Management, Buildium, LLC, Entrata, Inc., Trimble Inc., and others.

The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.

The market is segmented by deployment model, application, end-user, and by region.

The cloud segment is anticipated to garner the largest market size by the end of 2033 and display significant growth opportunities.
Property Management Software Market Report Scope
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