Property Management Service Market projected to reach USD 22 billion during the forecast period, 2020-2026
Published | 02 February 2020
Property Management is a
process that involves services and solutions for the asset management, real
estate and leasing. Property management also includes management of a private
property, capital asset, etc., and caters factors such as procedures, manpower,
systems, etc., essential to manage the acquired property. Rapid infrastructure
development globally and rising smart building projects are the major factors
driving the growth of property management service market in the coming years.
The global property management market is expected to be valued worth USD 12.83
billion in 2019 and is projected to reach USD 22.04 billion by 2026. The market
is expected to grow at a CAGR of 8.8 percent during the forecast period.
Evolving
trend of workplace mobility expected to drive the growth of the property
management market
Increasing demand for
software as a service model of property management has been one of the major
factors driving the growth of the market. Various property based SaaS software
services enable the user to pay for peruse and cancel services as and when
required. SaaS software enables big multifamily property management
organizations to integrate different kinds of software across the portfolio
easily. SaaS platforms allow property managers to integrate their property
management solutions with advanced payment solutions for easy and seamless
transactions. The evolving trend of workplace mobility is yet another factor
influencing the expansion of Global Property Management Service Market as many
people prefer to work from home rather than from a local office, global branch
or head office of an organization and therefore require mobility in terms of
access to office resources and data. These solutions help associated property
managers and real estate agents to keep a record of all the properties they
manage and maintain the work necessary for these properties. Thus the evolving
trend of workplace mobility is expected to drive the growth of the property
management market.
Lease
accounting and real estate management contribute the highest to the Global
Property Management Service Market in 2019
On the basis of Component,
the Global Property Management Service Market can be segmented as a Solution
and Services. On the basis of Solution, the Global Property Management Service
Market can be classified as Asset Maintenance Management, Workspace and
Relocation Management, Reservation Management and Lease Accounting and Real
Estate Management. On the basis of Service, the global property management
service market can be segregated as Consulting, Deployment and Integration,
Support and Maintenance, and Service Level Agreement Management. On the basis
of Deployment, the market can be fragmented as Cloud, On-Premises. On the basis
of End User, the market can be divided as Property Managers and Housing
Associations. On the basis of Application, the market can be classified as
Commercial and Residential. On the basis of Commercial Application, the market
can be segregated as Government, Construction, Real Estate, Retail,
Hospitality, and Others. In 2019, Lease accounting and real estate management
contributed the highest to the Global Property Management Service Market.
North
America estimated to contribute to the largest market share in the forecasted
period
North America, Europe, APAC,
MEA, and Latin America are few of the key areas where the presence of the
Global Property Management Service Market can be witnessed. North America is
estimated to contribute the largest market share in the forecasted period,
whereas APAC is expected to grow at the highest CAGR in the Global Property
Management Service Market. The growth of the sector can be attributed to
factors such as the dynamic adoption of new technologies, advancement in
innovation, and technology in the real estate industry.
Global Property Management Service Market: Key Market Players
IBM (US), JLL (US), Hitachi Vantara (US), SAP (Germany), Oracle
(US), Trimble (US), AppFolio (US), RealPage (US), Yardi (US), MCS Solutions
(Belgium) and Archibus (US), Total Management (US), OfficeSpace (US), CIC (US),
PMX Dynamics (Canada) are few of the key market players in the Global Property
Management Service Market.
The in-depth analysis of the report provides the growth
potential, upcoming trends and statistics of Property Management Service market
size & forecast. The report promises to provide state-of-the-art technology
of Property Management Service production and industry insights which help
decision-makers to take sound strategic decisions. Furthermore, the report also
analyzes the market drivers and challenges and competitive analysis of the
market.
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