DUBLIN–(BUSINESS WIRE)–The “Global Property Management Software Market By Application, By Deployment Type, By End User, By Regional Outlook, COVID-19 Impact Analysis Report and Forecast, 2021 – 2027” report has been added to ResearchAndMarkets.com’s offering.
The Global Property Management Software Market size is expected to reach $4.1 billion by 2027, rising at a market growth of 5.4% CAGR during the forecast period.
Companies Mentioned
- SAP SE
- Oracle Corporation
- IBM Corporation
- InnQuest Software
- IQware, Inc.
- MRI Software LLC
- RealPage, Inc.
- Yardi Systems, Inc.
- Jones Lang LaSalle IP, Inc.
- HiRum Software solutions
The property management software system has been enhanced by the automatic property management solution which led to the decrease in human errors and empowering the property managers assign work assignments efficiently to eliminate interruptions in service. The advantage of an automatic PMS is that it reduces the time taken in responding to complaints and grievances of owners & tenants. Moreover, it makes property management procedures simpler by reducing communication gaps, storing & leasing documents and contracts, simplifying the rent collection processes, and tracking finances.
The market is estimated to witness an increase in the demand for Property Management Software (PMS) due to the rising demand for web-based services comprising Software as a Service (SaaS) by property management software providers. SaaS enabled PMS assists in the management of daily functions like building maintenance, accounting, and tenant & lease tracking. The software offers a centralized platform where a person can see all the properties altogether and also allows supervision of the other property-related functions like addressing the requirements of tenants and maintenance tasks. It also provides the facility of online document sharing & storage, financial reporting, account capabilities, integrated banking among other applications, electronic lease agreements, and online maintenance requests & tracking.
COVID-19 Impact Analysis
Due to the COVID-19 outbreak, there has been a major disturbance in most companies across the world. Whereas some industries experienced a reduction in their businesses and productions, while others faced harsh outcomes like movement restrictions and shutdown of businesses. Also, the real estate industry experienced both a rise and fall at once. In the early stages of the pandemic, the main concern of the real estate property owners, managers, and companies was to keep visitors and tenants safe and strictly following the government rules and regulations.
Therefore, these factors are responsible for the decline in real estate property sales. Still, various schools, colleges, and offices were remained closed and businesses have been adopting the worldwide famous trend of work from home. In contrast, property managers got an opportunity to propose and use automation tools like smart and AI-enabled property management software. The function of an AI-enabled tool is to collect the data through Wi-Fi and automatically respond to leads. This will help in enhancing customer service and lowering the operational risks.
Market Growth Factors:
Surging investments in real estate
The key factor that increased the investments in commercial real estate is the growth of the construction activities in this sector around the world. Several factors like capital flow, the evolution of talent, PropTech platforms, cyber risk management, and the influence of technology are projected to bolster the investments in commercial real estate. The main factor that boosts the real estate investment is efficient management of the property by a centralized administration, even from a remote location.
Integration of cloud-based technologies in property management
Cloud-based property management software focuses on the installation of actuators and sensors in the infrastructure facilities of luxury hotels. As the property management business grows with new services, the cloud helps in handling the bandwidth, extra storage, and computing demands. The software also helps the system to take care of the updates to operating systems and other software; hence, it will also reduce the wastage of time.
Market Restraining Factor:
Increase in cost and time for training
Some of the software is appropriate for small businesses whereas some are suitable for large businesses. A lot of time is required to learn the use of this software. In addition, the integration of this software consumes a lot of time because firstly, the time is spent on choosing ideal software, and secondly, the time is spent on learning it. Every kind of software has its features and learning various software will be a difficult task.
Key Topics Covered:
Chapter 1. Market Scope & Methodology
Chapter 2. Market Overview
2.1 Introduction
2.1.1 Overview
2.1.2 Market Composition and Scenario
2.2 Key Factors Impacting the Market
2.2.1 Market Drivers
2.2.2 Market Restraints
Chapter 3. Competition Analysis – Global
Chapter 4. Global Property Management Software Market by Application
Chapter 5. Global Property Management Software Market by Deployment Type
Chapter 6. Global Property Management Software Market by End User
Chapter 7. Global Property Management Software Market by Region
Chapter 8. Company Profiles
For more information about this report visit https://www.researchandmarkets.com/r/vm5rp
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