PUBLISHER: The Business Research Company | PRODUCT CODE: 1543837
PUBLISHER: The Business Research Company | PRODUCT CODE: 1543837
Property management software (PMS) refers to digital solutions designed to help property managers, landlords and real estate professionals oversee and manage their real estate portfolios effectively. The property management software market consists of sales, by entities (organizations, sole traders or partnerships), of property management software services for property management, including rent collection, maintenance scheduling, tenant communication and financial reporting. Property management software is utilized by a wide range of users, including property managers, real estate agents, landlords, housing associations and property investors.
Property management software is used throughout the lifecycle of property management, from tenant acquisition and lease management to maintenance and financial operations.
The global property management software market was valued at $3,608.45 million in 2018 which grew till 2023 at a compound annual growth rate (CAGR) of more than 8.0%.
Increasing Demand For Cloud Computing Services
Increasing demand for cloud computing services fueled the growth of the property management software market during the historic period. Cloud-based solutions eliminate the necessity for on-premises servers, significantly reducing information technology (IT) maintenance costs. This enhancement makes Property Management Software (PMS) more accessible and cost-effective, particularly for small and medium-sized property management firms. Additionally, Cloud PMS normally operates on a subscription-based pricing model, which distributes expenses over time and simplifies budget planning. For instance, in October 2022, according to Gartner, Inc., a US-based technological research and management consulting firm, end-user expenditure on public cloud services globally increased by 18.8%, to reach $490.3 billion in 2022, from $412.6 billion in 2021. The end-user expenditure is expected to increase to $591.8, an increase of 20.7% over the previous year. Therefore, the increasing demand for cloud computing services drove the growth of the property management software market.
Integrated Communication Tools For Co-Living Operators
Companies in the property management software market are developing new solutions for co-living spaces, to gain a competitive edge in the market. The new solutions for co-living spaces include features for flexible lease management, automated roommate matching and real-time communication, to enhance the co-living experience. For instance, in October 2022, Lavanda, a UK-based software company, launched the co-living sector's first dedicated Property Management Software (PMS). This innovative software aims to address property management challenges for co-living operators by focusing on delivering a superior resident experience. It offers flexible leasing options for renters, reduces management costs and optimizes co-living asset performance through intelligent automation. Additionally, Lavanda's resident app allows residents to book amenities, report issues and connect with their co-living communities.
The global property management software market is highly concentrated, with large players operating in the market. The top ten competitors in the market made up to 60.24% of the total market in 2023.
Property Management Software Global Market Opportunities And Strategies To 2033 from The Business Research Company provides the strategists; marketers and senior management with the critical information they need to assess the global property management software market as it emerges from the COVID-19 shut down.
Where is the largest and fastest-growing market for property management software? How does the market relate to the overall economy; demography and other similar markets? What forces will shape the market going forward? The property management software market global report from The Business Research Company answers all these questions and many more.
The report covers market characteristics; size and growth; segmentation; regional and country breakdowns; competitive landscape; market shares; trends and strategies for this market. It traces the market's history and forecasts market growth by geography. It places the market within the context of the wider property management software market; and compares it with other markets.