SAN FRANCISCO, March 17, 2020
SAN FRANCISCO, March 17, 2020 /PRNewswire/ -- Global Property Management Software Market size is expected to witness an upsurge in the growth rate during the forecast period. It is anticipated that the global market would reach 3333.47 million USD by 2022. Property management has evolved in the past few years owing to techno-commercial developments in the communications technology. It offers various benefits wherein it saves time and reduces overheads. For instance, the property management approach in the residential sector has evolved into a strategic position owing to advances in the information and communications technology. Therefore, automation serves to a wide variety of property management tasks ranging from lease, vacancy, preparation of invoices, notices and circulars.
Property management software (PMS) tools have become essential in the hotel management industry. PMS has become a generic terminology to characterize computer applications in handling interface of various departments within a hotel to manage the property effectively. PMS is therefore deployed as forefront software that helps with check in, check out, discounts and offers and many other attributes. Hence, this approach saves time on repetitive tasks, enables better communication, and standardizes hotel management and facility.
The demand for property management software is most likely from the hotels and residential suites to respond to guest needs. The PMS market is mostly driven by rise in demand from the residential and commercial sector owing to its functionality and benefits. Moreover, PMS with a user friendly interface is most likely to result for enormous demand. Availability of internet bandwidth, virtual storage and high adoption are some of the influencing factors in the market. On contrary, factors such as low technical support, non-availability of manpower and fluctuating costs are some of the existing restraints. However, growing popularity and development of a technical infrastructure is creating numerous opportunities for market development in the forthcoming period.
By product, the property management software industry can be segmented as on-premise and cloud-based. On-premise solution is leading in the segment due to the growing popularity in the hospitality industry. Cloud solutions are second leading due to flexibility and technical support offered for large systems.
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By end-use, the market of property management software can be segmented as household application, commercial application, industry application and hospitality and rental application. Household applications are trending in the end-use category owing to need-specific scenarios. Rental segments are second leading since it is anticipated to have a strong influence.
By region, the global market can be segmented as North America, South America, Europe, Asia Pacific, Middle-East and Africa. North America holds a significant share in the global scenario owing to availability of technical support and infrastructure and expertise. Moreover, tremendous awareness in the digital space adds more value in the growth of regional market. On the other hand, Asia Pacific is much anticipated to witness a growing significance due to digital transformation and adoption of software culture. Increase in outsourcing activities in India and Philippines from the Western and Middle-East countries appear to be a significant contribution.
Some of the key players in the property management software market are RealPage, Yardi Systems, Entrata, MRI Software, AppFolio, Syswin Soft, Qube Global Software, Rockend, Console Group, Buildium and InnQuest Software.
In this report, the Property Management Software industry was 2377.70 million USD in 2017 and is projected to reach USD 3333.47 million USD by 2022, at a CAGR of 6.99% between 2017 and 2022.
Property management software helps property managers manage their daily operations. These operations include tenant and lease tracking, accounting, and building maintenance. The software solution provides property managers a centralized platform to view all their properties. It also ensures the progress of other property-related operations such as supervising maintenance tasks and addressing the needs of tenants.
On the basis of type, the Property Management Software market is segmented into On-Premise PMS and Cloud-Based PMS. The Cloud-Based PMS segment was accounted for the larger share of the global market in 2016.
End-users, included in this market are Household, Hospitality and Vacation Rental, Commercial, and Industrial usage. The Household application was accounted for the largest share of the global market in 2016.
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North America was the largest sales place, with revenue market share nearly 44.4% in 2016. Following North America, Asia-Pacific was the second largest sales place with the revenue market share of about 25.9%. Europe was also important sales regions for Property Management Software.
The market for Property Management Software is fragmented with players such as Yardi Systems, RealPage, Entrata, MRI Software, Iqware, AppFolio, Accruent, Syswin Soft, Qube Global Software, Buildium, Rockend, Console Group, InnQuest Software, and so on. Among them, Yardi Systems and RealPage are the global leading suppliers.
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