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The global property management market is projected to reach a value of USD 11.29 billion, at a CAGR of 7.81% between 2023 and 2028. The growth rate of the market depends on several factors including adherence to industry and government regulations for property listings, increasing importance of customer-centric business processes, and the increasing awareness of management software and its benefits. More than half of the companies report increased efficiency after implementing software solutions. Property management software is also known for reducing maintenance costs. This market research and growth report includes key market drivers, trends, and challenges during the forecasted period.
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The market share growth by the commercial segment will be significant during the forecast period. Commercial focus on the administration and operation of non-residential properties such as office buildings, retail spaces, industrial facilities, and commercial complexes. The commercial segment involves tasks specific to the commercial real estate sector, including lease negotiations, tenant retention strategies, facility maintenance, and ensuring compliance with commercial property-regulations.
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The commercial segment was the largest and was valued at USD 7.08 billion in 2018. The commercial property management market in the APAC region is experiencing significant growth due to urbanization and industrialization in countries like China and India. Building owners and managers of commercial buildings, including office spaces, retail areas, industrial facilities, and co-working spaces, require agility and specialized expertise to manage diverse portfolios. Artificial Intelligence (AI) and automation are transforming the industry, offering clearer visualizations and enhanced services. Buildium's survey reveals that buyers seek convenience, communication, and compliance with current industry standards. Facility management solutions must be compatible with existing solutions and offer customized processes for diverse end users. Enterprise properties, entertainment venues, and docking spaces for boat owners require efficiency and energy efficiency. Consulting services help building owners navigate compliance concerns and gradual transition strategies. Cloud computing services offer flexible pricing models and enable real-time connectivity for enhanced engagement of functions. Customized processes and development planning cater to the needs of various clients, from enthusiasts to financial limitations. AI and automation provide a competitive edge by addressing compatibility issues and ensuring compliance with regulations. Overall, the market demands comprehensive testing and continuous enhancement to cater to the diverse needs of commercial buildings and their users.
The software for property management is a digital tool used to manage various aspects of properties. In the Property Management industry, effective marketing is crucial for success. SaaS-based property management solutions, such as those offered by SaasBase and PropertyBase, provide essential tools for managing properties and tenants. These solutions offer features like accounting, maintenance scheduling, and tenant screening. Project management is also important in property management, allowing for efficient organization and execution of renovations or construction projects. ManageMentality and AccesSity offer proprietary systems for property management, providing solutions for owners and property managers. Workflow automation and mobility are key features, enabling remote access and streamlined processes. With the growing demand for technology, the market for these solutions is projected to grow significantly.
Adherence to industry and government regulations for property listings is notably driving market growth. A property manager or agent needs to be aware of the industry and government regulations related to property listings. Such regulations are different for different countries. Owing to the rising security concerns regarding data security and physical security, several regulations need to be met before a real estate deal is closed. In advanced economies, several rental and leasing laws are made compulsory by state governments, local authorities, and commissions. The managers need to have all the relevant documents and transactional records to show the proof of every dollar received and sent from the trust account.
Moreover, software automates the entire documentation process. Moreover, various vendors have region-specific software, which has in-built regulatory compliances that govern data entry and record keeping. Such software automatically informs property managers of the necessary steps to follow to close a deal. Thus, owing to the adherence to industry and government regulations for property listings, the market is expected to witness growth during the forecast period.
Blockchain and smart contracts an emerging market trends shaping the growth. Blockchain is a technology that allows digital data to be distributed throughout a network. Blockchain technology makes transactions and exchanges of information faster and more secure. Smart contracts based on the blockchain ecosystem are among the industry trends. One of the most prominent real estate future trends for startups is property tokenization. This practice enables the transformation of a specific property into tokens that can be safely transferred between contract parties.
Moreover, as an alternative currency, bitcoin has become the most popular form of cryptocurrency. Currently, multiple landlords accept rent and pay taxes with bitcoin. Ohio has recently become the first state to accept Bitcoin for taxes. Thus, the integration of software with blockchain will make the software more secure, which, in turn, will drive the growth of the market trends and analysis during the forecast period.
Changing skill requirements for the adoption of emerging technologies is a significant challenge hindering market growth. Emerging technologies renovate the value chain of any industry, including the industry. The use of advanced technologies such as artificial intelligence, chatbots, and machine learning, can increase customer satisfaction as these technologies can help decrease the time taken to solve various problems, keeping the customer in the loop. This will make the customer feel less anticipated and more in control. Such technologies can also analyze customer behavior patterns, which will enable property managers to offer customized solutions.
However, the right skills and expertise are required to understand and use such advanced technologies. Without the help of experts who have hands-on experience in such technologies, property managers will not be able to utilize the technologies efficiently. Thus, the changing skill requirements for the adoption of emerging technologies are expected to negatively affect the global market during the forecast period.
The market forecasting report includes the adoption lifecycle of the market research and growth, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity toco-working help companies evaluate and develop their market growth and trends strategies.
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North America is estimated to contribute 34% to the growth during the forecast year. Technavio's analysts have provided extensive insight into the market forecasting, detailing the regional trends and drivers influencing the market's trajectory throughout the forecast period. The North American market experiences growth due to smart city infrastructure investment, retail sector expansion, and urbanization. Building managers and building owners of commercial buildings, including enterprises and co-working spaces, leverage agile solutions for enhanced services. Technological maturity, driven by early adoption of software-based services and Cloud computing, supports this sector. Key players like AppFolio Inc., London Computer Systems, and Entrada Inc. provide customized processes for diverse end users. Artificial Intelligence (AI) and automation streamline communication and compliance concerns. Buildium survey data reveals buyers' preference for convenient, compatible solutions. Facility management solutions offer efficiency, energy efficiency, and clearer visualizations. Consulting services ensure gradual transition strategies address financial limitations. Entertainment and engagement of functions, such as docking spaces for boat owners, add value. Comprehensive testing and current industry standards ensure enhanced services for homeowners. Flexible pricing models cater to various budgets.
The market forecasting report includes the adoption lifecycle of the market research and growth, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth and trends strategies.
Global Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
CBRE Group Inc. - The company offers a customized team of professionals along with technical services, property-accounting services, and property-listing solutions
Guestline Ltd.- The company offers applications for hotel booking, client data, cloud-based reservations and business operation trackers.
Ezee Technosys Pvt. Ltd. - The company offers digital databases of clients, integrated reservations, and cloud authorization.
The Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market and information about 10 market companies, including:
Market analysis and report of qualitative and quantitative analysis of companies have been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2024 to 2028, as well as historical data from 2018 to 2023 for the following segments.
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In the realm of real estate, property owners and real estate professionals navigate property operations and enhance tenant interactions to optimize returns and elevate the property ownership experience. As population growth drives demand, stakeholders manage diverse portfolios spanning residential properties, commercial properties, and industrial spaces like housing complexes and rental properties. Accountability in lease management and proactive tenant communication ensures efficient property maintenance and effective tenant management amidst challenges such as lockdowns and economic uncertainty. Digital solutions from companies like Anarock Property leverage Porter's Five Forces to tailor deployment types—whether on-premises or cloud-based—for various organization sizes and verticals like ITES, telecommunications, and banking. Smart building projects integrate IoT devices for real-time data and public safety, enhancing smart devices with AR and VR technologies for immersive buyer experiences. Robust data structures managed by IT teams mitigate security risks, supporting opportunity assessments and fostering innovation in the real estate sector.
Market Scope |
|
Report Coverage |
Details |
Page number |
166 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 7.81% |
Market growth 2024-2028 |
USD 11.29 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
7.24 |
Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
Performing market contribution |
North America at 34% |
Key countries |
US, China, UK, Germany, and Canada |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
360 Mango Solutions Pvt. Ltd., Amadeus IT Group SA, CBRE Group Inc., Ciirus Inc., Digital Arbitrage Ltd., Ezee Technosys Pvt. Ltd., Frontdesk Anywhere Inc., Guestline Ltd., Honeywell International Inc., Hotelogix India Pvt. Ltd., InnKey PMS, InnQuest Software, International Business Machines Corp., Koch Industries Inc., Microsoft Corp., Micro Star International Co. Ltd., Northwind Commercial Real Estate, Oracle Corp., Saaranya Hospitality Technologies Pvt. Ltd., and SAP SE |
Market dynamics |
Parent market analysis, Market forecasting growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by Component
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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