by The property management software market comprises various software used for managing residential as well as commercial properties. The software offers advanced features for tenant and lease tracking, online rent collection, automated billing and invoicing, expense tracking, and maintenance requests. It helps property managers streamline operations, increase efficiency, and reduce costs.
The Global Property Management Software Market is estimated to be valued at US$25.43 Bn in 2024 and is expected to exhibit a CAGR of 9.7% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the property management software market are Accruent, AppFolio, Inc., Alibaba Group Holding, Entrata, Inc., HappyCo, IBM Corporation, IQware Inc., Microsoft Corporation, Oracle Corporation. Rapid urbanization and rising disposable income levels have fuelled demand for residential and commercial properties. This has propelled the need for advanced software to efficiently manage rental properties. Key players are focusing on strategic collaborations and new product launches to expand their market share and cater to rising demand.
Growing demand: The Property Management Software Market Demand for rental properties especially from millennials who prefer renting over buying homes has increased the need for simplifying property management activities. This has propelled the adoption of property management software. Furthermore, increased digitalization and use of software as a service (SaaS) solutions for various business operations have also boosted demand.
Global expansion: Major software providers are expanding their footprint globally by partnering with local players and real estate firms. They are also offering customized features for different countries to cater to local requirements. This has allowed property managers across countries to adopt advanced management tools. The market has high growth potential in developing regions where real estate industry is booming.
Market Key Trends
The property management software market is witnessing increased adoption of SaaS solutions. SaaS delivery provides benefits such as low upfront costs, automatic software updates, reduced IT maintenance costs, flexible subscription models, and scalability. Leading providers are focusing on enhancing their cloud-based offerings with features for remote building inspection, online transactions, and enhanced tenant services. This will help drive further revenue growth as the SaaS model is seeing rising preference from small and medium sized companies.
Porter’s Analysis
Threat of new entrants: Property management software requires significant investment in research and development to create new innovative features, acting as a barrier. Bargaining power of buyers: Buyers have high bargaining power due to the availability of various property management software providers in the market.
Bargaining power of suppliers: Suppliers of infrastructure and support services have moderate bargaining power due to the availability of alternative solutions. Threat of new substitutes: Other facility management solutions can be used as substitutes but none offer the comprehensive features of property management software.
Competitive rivalry: The market is highly competitive due to the presence of established global players offering advanced solutions.
Geographical Regions
North America accounts for the largest share of the Property Management Software Market Regional in terms of value. This is attributed to technological advancements and high awareness about property management software solutions among real estate owners and property managers.
The Asia Pacific region is expected to grow at the fastest CAGR during the forecast period. This is owing to rapid urbanization, growth of the housing sector, and rising investments in commercial real estate in China and India.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
About Author - Vaagisha Singh
Vaagisha brings over three years of expertise as a content editor in the market research domain. Originally a creative writer, she discovered her passion for editing, combining her flair for writing with a meticulous eye for detail. Her ability to craft and refine compelling content makes her an invaluable asset in delivering polished and engaging write-ups. LinkedIn
