SAN FRANCISCO, July 26, 2021 /PRNewswire/ -- The globallease management marketsize is expected to reach USD 6.35 billion by 2028, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 5.9% from 2021 to 2028. The increase in demand for the SaaS model for better lease management is expected to drive the market. The SaaS model offers users features, such as integration with other advanced solutions including payment gateways, cloud-based solutions, and empowering businesses through more seamless and easier processes.
Key Insights & Findings:
By platform, the software segment accounted for the largest revenue share in 2020 and is expected to maintain its lead over the forecast period. This can be attributed to the growing complexities in lease obligations, which drive the demand for sophisticated leasing management systems for reporting. The services segment is anticipated to register the highest CAGR during the forecast period
In terms of deployment, the cloud segment accounted for the largest revenue share in 2020 and is also likely to register the highest growth rate over the forecast period. This is attributed to the rising popularity of the remote work culture and the need for centralized access to critical leasing information
North America dominated the market in 2020 owing to the factors such as the existence of a large number of market players and telecom giants, such as Verizon, US Cellular, AT&T, and T-Mobile US, in the region
Lease management, also known as lease administration, involves the execution and organization of the everyday tasks of an organization's lease portfolio. Lease management encompasses tasks and processes, such as document management, reporting, coordinating among stakeholders, and numerous other administrative tasks.
The leasing industry has witnessed significant changes in the past few years owing to technological disruptions in the real estate industry. Additionally, the COVID-19 pandemic has impacted the market in numerous ways, leading to a notable shift from the on-premise deployment approach to the increasing reliance on cloud-based solutions. Workplace mobility is a crucial factor behind the increased demand for lease management solutions and services during this pandemic.
The rising number of smart building projects is also driving the demand for lease management solutions as property managers seek advanced solutions to manage leases proficiently. Furthermore, the increased need for real-time data analysis by leveraging evolving technologies, such as artificial intelligence, the internet of things (IoT), and the cloud, is expected to create numerous growth opportunities for market players.
Lease management platform providers are investing in research & development activities for introducing innovations in the real estate and leasing industry. Additionally, the need to keep up with the constantly changing lease obligations is driving innovations in lease management solutions and processes.
Grand View Research has segmented the global lease management market on the basis of platform, deployment, application, organization size, and region:
Lease Management Platform Outlook (Revenue, USD Million, 2016 - 2028)
Lease Management Deployment Outlook (Revenue, USD Million, 2016 - 2028)
Lease Management Application Outlook (Revenue, USD Million, 2016 - 2028)
Lease Management Regional Outlook (Revenue, USD Million, 2016 - 2028)
Rest of Europe
Rest of Asia Pacific
Rest of Latin America
Middle East & Africa
Rest of MEA
List of Key Players of Lease Management Market
CoStar Realty Information, Inc.
International Business Machines Corporation
MRI Software LLC
Yardi Systems Inc.
Check out more studies related to property & lease management, conducted by Grand View Research:
Property Management Software Market – Global property management software market size was valued at USD 2.9 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 4.8% from 2021 to 2028. The market is expected to witness an incremental surge in demand for Property Management Software (PMS) owing to escalating demand for web-based services.
Facility Management Market – Global facility management solutions have been increasingly adopted for optimal management of resources and organizational assets. IT-based solutions in the facility management market have been developed for streamlining support functions with the business's primary objectives.
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.