Property Management Software Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023 - 2028)

Property Management Software Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023 - 2028)

Global Property Management Software Market is expected to register a CAGR greater than 5% over the next 5 years. Different software has been developed to handle maintenance, repairs, and ongoing property administration. Still, PMS is gaining popularity because it provides a framework for property owners to achieve their goals. Property management software providers are increasingly adopting AI to gain a competitive edge in the market. AI supports a multiverse of activities in the property management sector, from automating renter communication and lead generation to screening pre-qualified and interested potential clientele.

The real estate industry experienced both a surge and a decline at the same time during the pandemic. During COVID-19, real estate property sales decreased, corporate offices, schools, and colleges closed, and businesses opted for the work-from-home option. On the contrary, the pandemic allowed property managers to introduce and use new automation tools, such as smart and AI-enabled property management software. The AI-enabled management tool collected data via Wi-Fi responded automatically to leads, reduced operational risks, and improved customer service.

Cloud-based property management software has many benefits, such as scalability, multiple property management, etc. This offers an additional benefit over the on-premises deployed and that software with limitations regarding the operation software high cost. The increase in demand for web-based services across the globe, such as software as a service technology, is augmenting the overall growth of the market to a great extent. SaaS-enabled PMS (Property Management Systems) helps to manage daily operations efficiently, such as building maintenance, tenant and lease tracking, accounting, etc. This software provides a centralized platform for thoroughly viewing all the properties and enables supervision regarding other property-related operations, such as addressing the various requirements of the tenants and maintenance tasks. The SaaS market is booming day by day, as a result of which more & more companies are choosing SaaS technology to be a long-term part of their respective businesses.

An app-based software solution, property management software assists property managers in automating administration, finance, and back-office operations. These software solutions offer functionalities like online payment processing, electronic leases, document storage, and service tracking. This software can be used by various clients, ranging from independent landlords to commercial multiplexes & building owners overseeing several thousand units. The rising development of smart real estate infrastructure and growing dependency upon one platform approach has driven the market's growth. Additionally, property owners and managers emphasize collecting and maintaining property information for enhanced data administration and accessibility with the help of centralized property management software. However, a lack of awareness regarding optimal software solutions is the prime factor restraining market growth.

Key players in the property management software market focus on new product launches and product enhancements with the technology vendors to offer innovative solutions for sustained business growth. The major players are IBM, Oracle, AppFolio, Inc., Entrata, Inc, InnQuest Software, CoreLogic, Console Australia Pty. Ltd, IQware Inc., RealPage, Inc, and REI Master.

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