According to a new research report 'Property Management Market by Component (Solutions and Services), Solution (Lease Accounting & Real Estate Management, Asset Maintenance Management & Reservation Management), Service, Deployment, End-User, Application, and Region - Global Forecast to 2023', published by MarketsandMarkets™, the global market size is expected to grow from USD 14.47 billion in 2018 to USD 22.04 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 8.8% during the forecast period.
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The major driving factors of the Property Management Market include an increasing demand for SaaS model and upsurge in real estate and smart building projects.
Reservation management solution to grow at the highest CAGR during the forecast period
The reservation management solution helps in the fast activation and management of property and facility spaces. The solution enables enterprises to optimize their resources in real time across the entire property and facility portfolio. It helps in booking and managing vacation properties, hotel rooms, and conference rooms and halls. The solution provides a uniform platform for booking meeting spaces, equipment, and related services. It also enables employees to check the availability of rooms in real time for avoiding conflicts in meeting room bookings. Enterprises leverage the benefits of this solution to centrally manage and optimize the booking of meeting rooms and related services in real time across sites and buildings, countries, and regions.
Commercial application segment to hold a larger market size during the forecast period
The commercial segment covers real estate buildings, retail properties, hotels, educational institutes, industrial enterprises, and government buildings. It is expected to hold the largest market size during the forecast period. Commercial properties need to manage many departments, such as maintenance, human resources, accounting and payroll, and business operations. For managing these departments and their business operations, property managers adopt on-premises property management software solutions.
North America to hold the largest market size during the forecast period
North America is projected to hold the largest market size and continue to dominate the global Property Management Market during the forecast period. Commercial and residential real estate property managers in North America are rapidly adopting property management software solutions by leveraging the automation and management solutions. The existing developed infrastructure and the increasing commercial and residential real estate demands in the region have boosted the adoption for property management solutions in North America. The growth in rental demands has resulted in the strong demand for property management solutions and services. Moreover, consistent technological innovations in this region enable software providers to develop comprehensive property management software solutions.
Major players in the Property Management Market include IBM (US), Hitachi Vantara (US), JLL (US), Oracle (US), SAP (Germany), Trimble (US), RealPage (US), AppFolio (US), Yardi (US), MCS Solutions (Belgium), and ARCHIBUS (US). The other players include FSI (UK), Planon (Netherlands), Accruent (US), Entrata (US), iOFFICE (US), Indus Systems (US), Total Management (US), Rentec Direct (US), PMX Dynamics (Canada), Hemlane (US), Property Boulevard (US), OfficeSpace (US), CIC (US), Archidata (Canada), and Buildium (US).
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