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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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.
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.
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.
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.
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