Property
Management is a process that involves services and solutions for the asset
management, real estate and leasing. Property management also includes
management of a private property, capital asset, etc., and caters factors such
as procedures, manpower, systems, etc., essential to manage the acquired
property. Rapid infrastructure development globally and rising smart building
projects are the major factors driving the growth of property management
service market in the coming years. The global property management market is expected to be
valued worth USD 12.83 billion in 2019 and is projected to reach USD 22.04
billion by 2026. The market is expected to grow at a CAGR of 8.8 percent during
the forecast period.
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Evolving
trend of workplace mobility expected to drive the growth of the property
management market
Increasing
demand for software as a service model of property management has been one of
the major factors driving the growth of the market. Various property based SaaS
software services enable the user to pay for peruse and cancel services as and
when required. SaaS software enables big multifamily property management
organizations to integrate different kinds of software across the portfolio
easily. SaaS platforms allow property managers to integrate their property management
solutions with advanced payment solutions for easy and seamless transactions.
The evolving trend of workplace mobility is yet another factor influencing the
expansion of Global Property Management Service Market as many people prefer to
work from home rather than from a local office, global branch or head office of
an organization and therefore require mobility in terms of access to office
resources and data. These solutions help associated property managers and real
estate agents to keep a record of all the properties they manage and maintain
the work necessary for these properties. Thus the evolving trend of workplace
mobility is expected to drive the growth of the property management market.
Lease
accounting and real estate management contribute the highest to the Global
Property Management Service Market in 2019
On
the basis of Component, the Global Property Management Service Market can be
segmented as a Solution and Services. On the basis of Solution, the Global
Property Management Service Market can be classified as Asset Maintenance
Management, Workspace and Relocation Management, Reservation Management and
Lease Accounting and Real Estate Management. On the basis of Service, the
global property management service market can be segregated as Consulting,
Deployment and Integration, Support and Maintenance, and Service Level
Agreement Management. On the basis of Deployment, the market can be fragmented
as Cloud, On-Premises. On the basis of End User, the market can be divided as
Property Managers and Housing Associations. On the basis of Application, the
market can be classified as Commercial and Residential. On the basis of
Commercial Application, the market can be segregated as Government, Construction,
Real Estate, Retail, Hospitality, and Others. In 2019, Lease accounting and
real estate management contributed the highest to the Global Property
Management Service Market.
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North
America estimated to contribute to the largest market share in the forecasted
period
North
America, Europe, APAC, MEA, and Latin America are few of the key areas where
the presence of the Global Property Management Service Market can be witnessed.
North America is estimated to contribute the largest market share in the
forecasted period, whereas APAC is expected to grow at the highest CAGR in the
Global Property Management Service Market. The growth of the sector can be
attributed to factors such as the dynamic adoption of new technologies,
advancement in innovation, and technology in the real estate industry.
Global Property Management Service Market: Key Market Players
IBM (US), JLL (US), Hitachi Vantara (US), SAP (Germany), Oracle
(US), Trimble (US), AppFolio (US), RealPage (US), Yardi (US), MCS Solutions
(Belgium) and Archibus (US), Total Management (US), OfficeSpace (US), CIC (US),
PMX Dynamics (Canada) are few of the key market players in the Global Property
Management Service Market.
The in-depth analysis of the report provides the growth potential,
upcoming trends and statistics of Property Management Service market size &
forecast. The report promises to provide state-of-the-art technology of
Property Management Service production and industry insights which help
decision-makers to take sound strategic decisions. Furthermore, the report also
analyzes the market drivers and challenges and competitive analysis of the
market.
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