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.
Growth Drivers
Challenges
|
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 |
|
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 |
|
|
By Application |
|
|
By End-User |
|
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.
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
FREE Sample Copy includes market overview, growth trends, statistical charts & tables, forecast estimates, and much more.
Have questions before ordering this report?