Property Management Market worth $36.4 billion by 2028, growing at a CAGR of 8.0%: Report by MarketsandMarkets™
Chicago, Dec. 21, 2023 (GLOBE NEWSWIRE) — The global Property Management Market size is anticipated to grow at a CAGR of 8.0% during the forecast period, from USD 24.7 billion in 2023 to USD 36.4 billion by 2028, according to a new report by MarketsandMarkets™.
Due to various business drivers, the property management market is expected to grow significantly during the forecast period. The market is experiencing significant growth due to the evolving trend of workplace mobility, remote accessibility, and increasing demand for smart building projects and better co-worker spaces. The increasing demand for SaaS-based property management solutions for better scalability drives the market’s growth.
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Property Management Market Dynamics:
- Increasing demand for SaaS-based property management solutions for better scalability
- Evolving trend of workplace mobility and remote accessibility
- Increasing demand for smart building projects for sustainable living environments
- Financial limitations encompass broader spectrum of risks
- Integration of BIM with property management solutions
- Rising demand for outsourcing services
- Advent of AR/VR technologies for better efficiency and immersive buyer experience
List of Key Players in Property Management Market:
- IBM (US)
- Oracle (US)
- AppFolio (US)
- SAP (Germany)
- Trimble (US)
- Hitachi Vantara (US)
- Yardi (US)
- RealPage (US)
- SYNDICO SAL (Lebanon)
- Entrata (US)
- London Computer Systems (US)
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Property management is a type of technology solution designed to assist property managers and landlords in efficiently managing their real estate properties and related tasks. These software tools offer various features and tools to streamline property management operations.
The property management market is segmented into solutions and services based on the offering. The solutions segment is expected to garner a higher revenue during the forecast period. The property management market has evolved significantly, offering diverse solutions catering to various needs within real estate management. Technology has been a game-changer, introducing robust software platforms that streamline operations. These solutions encompass everything from tenant screening and leasing to rent collection and maintenance tracking. Cloud-based property management software has gained traction, allowing remote access, data security, and seamless collaboration among stakeholders. The services segment is projected to grow more during the forecast period.
Based on deployment mode, the property management solution segment has been bifurcated into cloud and on-premises. The cloud segment is expected to garner a larger revenue during the forecast period. Cloud deployment mode offer versatile solutions to cater to various needs and scales within the industry. This mode enables seamless access to shared resources, reducing infrastructure costs while ensuring flexibility in managing properties and tenants’ data. Alternatively, larger property management enterprises or those with stringent data security and compliance requirements favor the private cloud deployment mode. It involves dedicated cloud infrastructure, either managed in-house or through a third-party provider.
Based on ownership, the segment has been bifurcated into in-house and third-party ownership structures. The in-house segment is expected to garner a higher revenue during the forecast period. Property management companies often leaned towards an in-house ownership model, maintaining direct control over the properties they managed. This approach ensured a cohesive vision, streamlined communication, and a sense of accountability within the organization. The ongoing evolution of in-house ownership in property management reflects a strategic balancing act, where firms seek to optimize efficiency, innovation, and service quality within a dynamic and competitive market.
The property management market has been segmented into five regions: North America, Europe, the Middle East & Africa, the Asia Pacific, and Latin America. North America is estimated to account for the largest market share during the forecast period, while the Asia Pacific region is expected to grow at the highest rate. The rate of urbanization in North America is increasing, and this is leading to a growing demand for rental properties. This is creating a growing need for property managers to manage these properties and provide tenant services. Additionally, the presence of major tech giants, such as IBM, Oracle, Yardi, JLL, and AppFolio, further fuels innovation and investment in the market.
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