Property Management Software Global Market Report 2022

Property Management Software Global Market Report 2022

  • May 2022 •
  • 175 pages •
  • Report ID: 6282405 •
  • Format: PDF
Major players in the property management software market are AppFolio, Inc., Console Australia Pty Ltd, CORELOGIC, Entrata, Inc., InnQuest Software, IQware Inc., RealPage, Inc., Yardi Systems Inc, Buildium, Innago, Spacewell (MCS Solutions Pvt Ltd), ManageCasa, Planon, Jones Lang LaSalle IP, Inc., Tenant Cloud and Rent Manager

The global property management software market is expected to grow from $1.69 billion in 2021 to $1.76 billion in 2022 at a compound annual growth rate (CAGR) of 4.39%. The growth is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $2.18 billion in 2026 at a CAGR of 5.40%.

The property management software market consists of sales of property management software by entities (organizations, sole traders, and partnerships) that are used by property managers and property owners to maintain and organize their rental properties, accounts, renters, owners, and financials. Property management software reduced manual effort required for rent collection, maintenance and repair scheduling, and tenant and resident tracking.

The main property management software deployment types are cloud and on-premise.The cloud market provides hosted services on a remote cloud server.

Clients access the software through the internet for various requirements on integration, automation and enhancement of business processes. The different applications of property management software include residential and commercial, which are used by end-users such as housing associations, property managers/agents, property investors and other end-users.

North America was the largest region in the property management software market in 2021.Asia Pacific is expected to be the fastest-growing region in the forecast period.

The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The increasing investments in smart cities is expected to propel the growth of the property management software market during the forecast period.Governments around the world are investing in the creation of smart cities.

Smart city technologies uses information and communication technologies to efficiently manage and operate urban services, thus creating demand for efficient management of properties.The European Union is actively promoting smart city initiatives, with funds for research and sustainability targets for member states.

The concept of smart cities is becoming more popular in developing nations too.For instance, more than 1,000 smart city pilot projects are either ready for or are under construction globally and around 500 of these projects are in China.

Hence, the investment in smart cites is expected drive the growth of the market.

Artificial intelligence (AI) enabled applications in the property management software market is a key trend gaining popularity in the market.Artificial intelligence (AI) enabled applications assist real estate companies in marketing campaigns, managing property portfolios, leasing, accounting, operations, and many other functions.

For instance, in September 2019, LetHub, a Canada-based real estate startup, developed a River chatbot that automatically responds to customer questions and saves around 75% of staff time. Furthermore, in November 2021, Facilio Inc, a real estate portfolio management platform, announced the launch of its linked computerized maintenance management system (CMMS) solution, which helps businesses streamline operations, reduce costs, and keep up with changing client demands.

In October 2021, Property Vista, Canada based property management software solutions company, announced the acquisition of National Efficiency Systems Inc (LeadManaging) Corporation, for an undisclosed amount.Through this acquisition, Property Vista would offer intelligent customer experiences, and utilize into lead and occupant data to quickly surface deeper insights and make smarter rental decisions.

LeadManaging is a Canada-based real-time connections and lead-tracking property management company.

The countries covered in the property management software market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.