Property Management Software Market: USD 610.57 Million Growth from 2021 to 2026, Large Vendors Acquiring Small Vendors – Technavio – QNT Press Release

NEW YORK, Aug. 25, 2022 /PRNewswire/ — Property management software helps property managers and real estate agents in managing their property-related operations such as rent collection, reminders for rent payments, vacancy updates, property advertisement and marketing, lease and contract documentation, application tracking, accounting, property maintenance, and workload creation and tracking.

Technavio estimates that the property management software market size is expected to grow by USD 610.57 million from 2021 to 2026. The growth momentum of the market will accelerate at a CAGR of 5.7% during the forecast period.

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Porter’s Five Forces Analysis

  • Threat of New Entrants

The global property management software market is characterized by moderate capital investment. This leads to several opportunities for new entrants to enter the market and capitalize on the increasing demand for property management software. However, the established players have a strong geographical presence and a loyal customer base. Therefore, it can become difficult for new entrants to enter the market and gain market share. Thus, the threat of new entrants was moderate in 2021 and is expected to remain the same during the forecast period.

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Vendor Landscape

The property management software market is fragmentedand the vendors are deploying growth strategies such as product innovation to compete in the market. The market includes some international players and several US-based industry participants. Large vendors are acquiring small vendors to expand their product portfolios and boost their market shares. The A competitive market environment is expected to intensify with an increase in cloud-based solution extensions, technological innovations, and M&A. To remain competitive in the market, vendors have to develop new technologies. Some of the key vendors operating in the market include AppFolio Inc., Console Australia Pty Ltd., CoreLogic Inc., Entrata Inc., and Fortive Corp.

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Market Segmentation

The property management software market has been segmented by deployment into cloud-based and on-premises. Among these, the cloud-based segment will account for the highest market growth. Many SMEs and large organizations are shifting to cloud-based property management solutions owing to their advantages such as inherent ease of use, cost-effectiveness, agility, and innovations in cloud security.

By geography, the market has been segmented into North America, EuropeAPAC, South Americaand the Middle East and Africa. North America will have the highest market growth during the forecast period. The growth of this region is attributed to factors such as increasing investment in smart city infrastructure, growing investment in the retail sector, and rising urbanization rate.

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Key Drivers and Trends

The increasing awareness of property management software and its benefits will drive the growth of the global property management software market during the forecast period. Property management software simplifies data management by adding the master data and then updating the same. Any complaints can be resolved quickly, with a fast and seamless assigning of workload to avoid delays. Property management software helps in documenting lease management by default. It can create rent reminders, provide payment updates, offer online payment options, and track responses to display advertisements.

The use of AI, ML, voice commands, and VR is a trend in the market. Voice technology can make searches easier, and bills can be paid through voice commands. VR enables property managers to provide prospective tenants with a tour of the house. Similarly, 3D imaging and 360-degree imaging services provide visualization of properties for sale. Thus, the rise in the integration of new technologies with property management software will support the market growth during the forecast period.

Many other trends are also shaping the future of the market. View a FREE PDF Sample Report to learn about these trends

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