Real Estate Management Software Market is Expected to Reach US$ 44.33 Bn by the End of 2031-Brokermint, Oracle, Buildout, CoStar, PropertyMetrics, Altus Group, ClientLook, REthink, Apto, Ascendix Technologies, CommissionTrac, Realhound

By Laura Campbell On Sep 4, 2022

The Latest published a market study on Real Estate Management Software Market is Expected to Reach US$ 44.33 Bn by the End of 2031.The market is expected to witness an incremental surge in demand for Property Management Software (PMS) owing to escalating demand for web-based services including Software as a Service (SaaS) by property management software providers. SaaS-enabled PMS helps manage daily operations including tenant and lease tracking, building maintenance, and accounting, among others. The software provides a centralized platform to view all the properties and also enables supervision of other property-related operations, such as maintenance tasks and addressing the requirements of tenants.

Some of the players that are in coverage of the study are Brokermint, Oracle, Buildout, CoStar, PropertyMetrics, Altus Group, ClientLook, REthink, Apto, Ascendix Technologies, CommissionTrac, Realhound

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Market Drivers: – (The continuous increase in demand of SaaS across the globe)

The escalating demand for web-based services across the globe, such as the Software as a Service (SaaS) technology, is augmenting the overall growth of the market to a great extent. SaaS-enabled PMS (Property Management Systems) helps to manage the daily operations efficiently such as building maintenance, tenant and lease tracking, accounting, etc. This software provides a centralized type of platform for thoroughly viewing all the properties and also enables supervision regarding the other property-related operations, such as addressing the various requirements of the tenants and maintenance tasks. According to DevSquad, the SaaS market is booming day by day, as a result of which more & more companies are choosing the SaaS technology to be a long-term part of their respective businesses. 38% of the companies say that they are totally running their organization on SaaS, whereas 80% of the businesses worldwide are planning to convert their systems to SaaS by 2025. Companies of all sizes are investing a hefty amount on SaaS which is estimated to reach a whopping USD500 Bn by 2023.

Restraints: – (Very costly and a time taking process)

The main factors that are responsible for obstructing the overall growth of the market are as follows:

It is very time-consuming if some company accidentally chooses the wrong system for operation.
Too expensive to afford for smaller businesses.
The training process is very costly and a huge time-taking process.

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Opportunities: – (Rise of government funds across the globe)

Over the past few years, the worldwide governments are spending a hefty amount of money for the enhancement of Saas technology which in turn will provide ample opportunities for the market in the future.

Global Property Management Software Market Analysis: –

The Global Property Management Software Market is broadly segmented based on deployment, Application, End-user, and Regions.

Based on Deployment:

On-premises
Cloud

Based on Applications

Residential

Single-family Housing Apartments
Multi-family Housing Apartments
Others

Commercial

Office Spaces
Retail Spaces
Hotels
Others

Based on End-User:

Property Managers and Agents
Housing Association
Property Investors
Others

Market Concentration: Includes C4 Index, HHI, Comparative Real Estate Management Software Market Share Analysis (Y-o-Y), Major Companies, Emerging Players with Heat Map Analysis

Market Entropy: Randomness of the market highlighting aggressive steps that players are taking to overcome current scenario. Development activity and steps like expansions, technological advancement, M&A, joint ventures, launches are highlighted here.

Patent Analysis: Comparison of patents issued by each players per year.

Peer Analysis: An evaluation of players by financial metrics such as EBITDA, Net Profit, Gross Margin, Total Revenue, Segmented Market Share, Assets etc to understand management effectiveness, operation and liquidity status.

End-user Insights

The property managers/agents segment accounted for the largest revenue share of more than 36.00% in 2021. The segment is anticipated to continue its dominance growing at the fastest CAGR over the forecast period. This can be attributed to an increasing number of commercial properties and real estate developments across the globe. In addition, PMS helps property managers and agents to have track of all the properties along with necessary maintenance work. Thus, this evolving trend of workplace mobility is propelling the growth of the market.

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Application Insights

The residential segment accounted for the largest market share of more than 66.00% in 2021 and is expected to continue its dominance over the forecast period. This growth can be is attributed to the increasing investments in real estate. The residential segment is further sub-segmented into multi-family housing/apartments, single-family housing, and others. The commercial segment, on the other hand, is expected to register the fastest growth rate over the forecast period.

Regional Insights

North America accounted for the largest revenue share of more than 62.5% in 2021. This is attributed to the presence of prominent players in the region. The U.S. dominates the North America regional market in the current scenario owing to an increasing number of hotel spaces in the country. Europe accounted for the second-largest market share in 2021. The growth can be attributed to the strong presence of a large number of commercial and residential buildings, along with a high degree of digitalization in the region. The market in Asia Pacific is expected to grow at the fastest CAGR from 2022 to 2030.

Basic Segmentation Details
Real Estate Management Software Product Types In-Depth: Brokerage and Trading Management System, Asset and Property Management System.

Real Estate Management Software Major Applications/End users: Broker, Investor or Appraiser, Property Manager

Some of the vital factors proliferating the Market Growth:

The rising demand for web-based services like the Software as a Service (SaaS) technology is enhancing the market growth globally. SaaS-enabled PMS (Property Management Systems) helps in managing the daily operations efficiently like building maintenance, lease tracking, tenant, accounting, etc. As per DevSquad, 38% of the companies say that they are running their organization entirely based on SaaS technology, whereas around 80% of the businesses across the globe are planning to convert their systems entirely into SaaS by 2025. On the other hand, the SMEs are investing a hefty sum of money in SaaS, which is estimated to reach a whopping amount of USD 500 Bn by 2023.
The increasing demand for management software to address consumers’ is shifting the priority of home buyers, and the rising need for improved customer support is driving the market.

In terms of Deployment, the ‘Cloud’ segment dominated the market with maximum share.

In terms of Deployment, the market is segregated into On-premises and Cloud. The ‘Cloud’ segment dominated the market with the maximum share of around 61.13 %. The Cloud-based property management software provides a seamless data integration along with an excellent backup facility which helps in the prevention of any kind of data loss. Along with that, the growing adoption of cloud deployment among the various end-users like property managers, housing associations, and corporate occupiers are driving the growth of this segment. As per DevSquad, 70% of CIOs are attracted to the cloud-based SaaS for its scalability and agility. Around 38% of companies adopt these cloud-based systems to enhance the disaster recovery. Almost 37% of the companies adopt cloud-based systems to improve their flexibility.

Based on Applications, the Residential segment held the largest proportion of the share in the market.

In terms of Applications, the market has been ramified into Residential (Multi-family Housing Apartments, Single-family Housing Apartments and Others) and Commercial (Office Spaces, Hotels, Retail Spaces, and Others). The Residential segment dominated the market comprehensively with a share of approximately 70.23% in 2020 and is likely to continue its dominance throughout the forecasted period. This is because of the rise in investments in real estate companies to launch new residential projects all around the world. A new research study was conducted where it was found that the value of public residential construction spending in the USA in 2021 was over USD 9 Bn, which is slightly less as compared to the previous year.

By End-User, the ‘Property Managers and Agents’ segment held the maximum proportion of the market share in 2020

In terms of End-User, the market has been ramified into Property Managers and Agents, Property Investors, Housing Associations, and Others. The ‘Property Managers and Agents‘ held the maximum share of the market in 2020 of almost 37.12%. A significant rise in the real estate developments & commercial properties across the globe are driving the overall growth of this segment. Moreover, the PMS helps the property managers & agents to keep an accurate track of all the existing properties along with all the necessary maintenance works that are associated with them.

North America continued to be the market leader throughout the forecasted period.

Based on Region, ‘’North America” dominated the market in all respect with a share of almost 65.58% of the total market in 2020 and is expected to continue its era of dominance during the estimated time frame. United States dominate the region comprehensively due to an increasing number of hotels all across the country. According to gaytravel.com, out of the top 5 hotels in the USA, Marriott International has the largest hotel chain, with more than around 1,400,693 guest rooms available. Also, in the United States alone, there are around 54,200 hotel properties offering more than 5 million guest rooms.

However, the Asia Pacific region held the fastest growth rate registering a CAGR of around 7.17% from 2020 to 2030. The continuous rise in the demand for improved data administration and the rapidly evolving infrastructure, coupled with 360-degree accessibility for the collection & maintenance of property information, are augmenting the overall growth of the market in this region.

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Recent Developments:

On Dec 15th, 2021, Oracle Corporation declared that its recently launched OPERA Cloud Property Management Software System is on the verge of getting implemented in almost all the hotels worldwide. Hotels around the globe are widely using the Oracle Hospitality OPERA Cloud property management software system (PMS) to improvise the quality of their operations further & deliver excellent results. Over the last six months, Oracle has witnessed a whopping 300% hike in the customers using OPERA Cloud software & hence it has become one of the latest trends in property management systems worldwide.
On May 19th, 2021, Honeywell SAP successfully launched its Connected Buildings Solution Software to help the operators in making wise decisions as far as their Real Estate businesses are concerned. This software system streamlined the various operational & business data for the property managers and owners in order to support their better decision-making and reach their sustainability goals efficiently in a shorter span of time. A new solution, known as the Honeywell Forge Real Estate Operations through IT convergence, further enhanced the quality of Honeywell Forge enterprise performance management software & was developed solely on the SAP Business Technology Platform. It is also regarded as one of the best property management software for small businesses across the globe.

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Published Sun, 04 Sep 2022 00:26:59 -0500