Property Management Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032
Growth Factors of Property Management Software Market
The property management software market size was valued at USD 22.05 billion in 2023, and the market is now projected to grow from USD 24.18 billion in 2024 to USD 50.79 billion by 2032, exhibiting a CAGR of 9.7% during the forecast period of 2024-2032.
The COVID-19 outbreak saw severe negative effects on global real estate agencies. With the pandemic, schools and colleges were forced to shut down, which pushed business organizations to look into work-from-home options. Respite can be seen through the prism of the pandemic and thus, residential property managers can reflect on their strategies. Therefore, the popularity of smart services & AI-powered technologies increased, which had a positive impact on the property management software market growth.
The businesses of the sector are increasingly subscribing to SaaS products that help them to automate workflows and cut out manual entry and thus they are better able to streamline their operational work. Also, firms can cut the cost and the intricacy of on-premises deployment by moving towards SaaS solutions. SaaS software bridges together multiple technologies across the majors of multi-family property management corporations. Besides, the SaaS model is also fundamental for multi-vendor device and legacy systems compatibility. Monitoring of the tenant's obligations and maintenance duties of all the properties are easily handled using software that has a unified platform. SaaS tools are becoming more popular in businesses for the long term because of the dynamic SaaS market. This rise in demand for SaaS-based software increases the property management software market share.
Managing mobility, managing the workplace and other facility management solutions that are integrated have become the top priority of businesses nowadays. This is what allows the managers of properties to manage a large workforce while ensuring the speed at which work is performed. The associated property managers and real estate agents can also use the solutions in the system to supervise all the properties they look after as well as the ordinary repairs that need to be done on that property. In this way, the asset management industry keeps on recouping the moving trend of employees.
Comprehensive Analysis of Property Management Software Market
Due to product diversification, the property management software industry and the hardware and software IT services are unabatedly increasing in size. With the flourishing of this market high-level regional evaluations that are multi-dimensioned can be made which consider the essential software management of the IT sector. Divisions are created strictly by deployment, application, end user, and region. Cloud and on premises are two types of deplyoment. End users are property managers,housing associations, real estate agents, and others including third party agents, property investors. Application wise it is classified as residential and commercial. And commercial includes retail, government, construction&real estate, and others consist of education, industrial, and hotel.
Motivated by North America is expected to lead the worldwide property management software market, estimated at USD 7.93 billion in 2023, and present property managers and real estate developers with several chances to invest in asset management software and services as e-commerce grows.
The top players in the market play a crucial role in the property management software industry assuring industrial growth and setting market standards. These players include, AppFolio, Inc.(U.S.), Archibus, Inc. (U.S.), Yardi Systems, Inc. (U.S.), CORELOGIC (U.S.), Entrata, Inc.(U.S.), MRI Software LLC (U.S.), IBM Corporation (U.S.), SAP SE (Germany), and MAISONETTE (UAE). These market players provide a level-playing competitive landscape.
AppFolio introduced carrier payment options and generative AI capabilities to its cloud solution for the real estate industry in September 2023. Realm-X is the Brand-new AI characteristic available within AppFolio. It is a conversational interface with AI that was developed specifically for property management.
Segmentation Table
ATTRIBUTE DETAILS
Study Period 2019-2032
Base Year 2023
Estimated Year 2024
Forecast Period 2024-2032
Historical Period 2019-2022
Growth Rate CAGR of 9.7% from 2024 to 2032
Unit Value (USD billion)
Segmentation By Deployment, By Application, By End-User, and By Region
By Deployment
- Cloud
- On-premises
By Application
- Residential
- Commercial
- Retail
- Government
- Construction and Real Estate
- Others (Education, Industrial, and Hotel)
By End-User
- Property Managers
- Housing Associations
- Real Estate Agents
- Others (Third Party Agents, Property Investors)
By Region
- North America (By Deployment, Application, End-User, and Country)
U.S. (By End-User)
Canada (By End-User)
- Europe (By Deployment, Application, End-User, and Country)
U.K. (By End-User)
Germany (By End-User)
France (By End-User)
Russia (By End-User)
Rest of Europe
- Asia Pacific (By Deployment, Application, End-User, and Country)
China (By End-User)
Japan (By End-User)
India (By End-User)
Southeast Asia (By End-User)
Rest of Asia Pacific
- Middle East & Africa (By Deployment, Application, End-User, and Country)
GCC (By End-User)
South Africa (By End-User)
Rest of Middle East & Africa
- South America (By Deployment, Application, End-User, and Country)
Brazil (By End-User)
Mexico (By End-User)
Rest of South America