Property Management Software Market – Snapshot
Property management software is a cloud-based or on premise solution that provides efficient management of properties. Property management software primarily offers financial reporting, online maintenance requests & tracking, online document storage & sharing, accounting capabilities, electronic lease agreements, and integrated banking among other applications. Property management software helps property managers and owners simplify the property management processes by eliminating communication gaps, tracing finances, storing leasing documents and contracts, and facilitating rent collection processes. Various software are developed in order to look after tenant placement, maintenance and repairs, and the ongoing administration of properties. Property management software is gaining in importance and popularity. In addition, core property management software providers are emphasizing on developing software solutions and establishing the appropriate framework to achieve objectives of the property owner. Furthermore, the market is flourishing due to the maximization of income and capital by an investor or developer.
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Rise in infrastructure development across the world is fueling demand for real-time access to property information. Construction or development of multi dwelling units (MDUs) is increasing around the globe, primarily due to the increase in cost of infrastructure. In addition, increase in emphasis of property managers and owners on scalability, cost-efficiency, and time savings is contributing to the expansion of the property management software market. Additionally, property owners and managers are emphasizing on collecting and maintaining property information for enhanced data administration and accessibility with the help of centralized property management software. Similarly, development of apartment buildings is also supplemented by factors such as affordability and buyer type and preferences and macroeconomic factors such as population and employment growth. Lack of awareness about property management software is one of the restraints of the market. Cybersecurity risks such as malware attacks and vulnerabilities in cloud-based solutions are causing an adverse effect on property management software. The property management software market is more opportunistic toward rapid technological and infrastructural developments, especially in countries such as India, Brazil, China, Poland, Mexico, the Philippines, and South Africa.
The property management software market can be categorized based on component, application, end-user, and region. Based on component, the property management software market can be segmented into software and services. The software segment can be further classified into on premise and cloud. The services segment can be further categorized into system integration, training & support, and consulting. In terms of application, the property management software market can be divided into commercial and residential. The commercial segment can be further segmented into retail spaces, office spaces, hotels, airports, seaports, etc. The residential segment can be further categorized into multi-family housing/apartments, single family housing, student housing, etc. The multi-family housing sub-segment can be further classified into apartment buildings (low rise) and apartment towers (high rise). Based on end-user, the market can be categorized into housing associations, property managers/ agents, corporate occupiers, and property investors. In terms of region, North America is projected to account for a dominant share of the market due to strong adoption and penetration of property management software as well as presence of prominent global and domestic property management software vendors across the region. The property management software market in Asia Pacific is anticipated to expand at a rapid pace during the forecast period. This is primarily due to rapidly developing infrastructure and rise in demand for enhanced data administration and accessibility for collection and maintenance of property information.
Some of the key players in property management software market are Yardi Systems, Inc., AppFolio, Inc., Buildium, LLC, MRI Software, LLC, CoreLogic, ResMan, Entrata, Inc., Maintenance Connection, Property Boulevard, Rentec Direct, Chetu Inc., PropertyBoss Solutions. Rockend Pty. Ltd., Re-Leased Software Company Ltd, Rosmiman Software Corporation, Skyline Property Management,, Qube Global Software, and Rentec Direct.