Global demand for property management software market was valued at approximately USD 13.4 billion in 2018 and is expected to generate revenue of around USD 23.4 billion by end of 2025, growing at a CAGR of around 8.3% between 2019 and 2025.
Property Management Software Market
The report covers forecasts and analyses for the property management software market on a global and regional level. The study provides historic data from 2015 to 2018 along with a forecast from 2019 to 2025 based on revenue (USD Billion). The study includes drivers and restraints for the property management software along with the impact they have on the demand over the forecast period. Additionally, the report includes the study of opportunities and various trends in the property management software market on a global level.
As per the report, the global demand for the property management software market was valued at approximately USD 13.4 billion in 2018 and is expected to generate revenue of around USD 23.4 billion by end of 2025, growing at a CAGR of around 8.3% between 2019 and 2025.
Growing demand for virtual workspace is fueling the property management software market over the forecast period. Several organizations are considering the usage of virtual workplaces to reduce the need for physical infrastructure and additional overheads.
Virtual workspaces help these organizations in becoming more flexible and optimize the utilization of office space. In order to keep the speed and flow of work uninterrupted, several organizations are opting for management solutions that include project management, workplace management, and other related property management solutions.
Integrating property management software with old systems can adversely affect market growth. However, using property management software with building information modeling systems may open new avenues for the market.
The property management software market is segmented on the basis of component, deployment, application, end user, and region. The application segment is bifurcated into residential and commercial. The commercial segment holds a notable market share due to the rising number of commercial spaces in the Asia Pacific region.
On the basis of deployment, the property management software is divided into on-premises and cloud. The cloud segment is projected to hold a considerable market share over the estimated timeframe. This share is due to the increasing demand for solutions that can provide centralized access to authorized personnel. Thus, it is predicted that the demand for cloud-based property management software will grow from 2019 to 2025.
Europe is anticipated to grow at a noteworthy rate over the forecast timespan. This growth is attributed to the increasing adoption of technology to maintain historical structures. North America is projected to hold a substantial market share in the property management software market. The U.S. is considered a major contributor in terms of revenue. This share is due to the presence of global players such as IBM Corporation, Oracle Corporation, and many more. Thus, the property management software market in this region is expected to rise over the coming years.
Asia Pacific region is expected to grow at a significant rate owing to the growing demand in developing economies such as China and India. Initiatives taken by the governments of these countries to promote digitalization are considered to be the key drivers for the property management software market. China is considered as the most lucrative country for the market players due to the growing investments in infrastructure and property maintenance by the government.
Some of the key players in the property management software market include Oracle Corporation, IBM Corporation, RealPage, SAP SE, Trimble Inc., MCS Solutions, AppFolio, Yardi Systems, and ARCHIBUS, Inc. among others. Market players are focusing on offering technically advanced solutions to cater to the end-user requirements.
The report segments of the global property management software market are as follows:
Global Property Management Software Market: Component Segment Analysis
Global Property Management Software Market: Deployment Segment Analysis
Global Property Management Software Market: Application Segment Analysis
Global Property Management Software Market: End User Segment Analysis
Global Property Management Software Market: Regional Segment Analysis