According to a new market report pertaining to the global property management software market published by Transparency Market Research the global property management software market is projected to reach a value of ~US$ 1.1 Bn by the end of 2019, and further increase to ~US$ 2 Bn by 2027, expanding at a CAGR of ~7% from 2019 to 2027. Expansion of the property management software market can be attributed to increasing investments in real estate and rise in the demand for transparency in property management. North America is anticipated to lead the global property management software market, followed by Europe, during the forecast period.
Increasing Investments in Real Estate Driving Property Management Software Market
Investments in real-estate, worldwide, both, commercial and residential, have increased at a significant rate. Investments in commercial real estate hovered at the second-highest level in 2017. Expansion of the commercial real estate sector across the globe is a major factor driving investments in commercial real estate.
The influence of technology, capital flow, cyber risk management, evolution of talent, and PropTech platforms are expected to fuel investments in commercial real estate, thus driving the property management market. Real estate is a preferred investment option, worldwide. Moreover, the ease of managing the property by centralized administration, despite being at a remote location, is a major advantage of real estate investment.
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Increasing Public & Private Investments and Penetration of Cloud-based Technologies in Property Management to Offer Significant Opportunity
Rapid technological and infrastructural developments are prompting developing economies such as India, Brazil, China, Poland, Mexico, the Philippines, and South Africa to adopt software across various business processes, including property management. Rising infrastructure development and private & public investments across these countries are expected to offer lucrative opportunities to manufacturers of property management software in the long term. For instance, as a part of the infrastructure development plan decided by the U.K Government in 2016, the government is expected to release public sector land to support the building of at least 160,000 homes by 2021.
Property Management Software Market: Segment Analysis
The global property management software market has been segmented based on component, application, end user, and region.
In terms of component, the property management software market has been segmented into software (on-premise and cloud) and services (system integration, training & support, and consulting). The software segment is estimated to account for a prominent share of the global property management software market by the end of 2019. The services segment is projected to expand at a notable CAGR of ~6% during the forecast period.