As per the report “Property Management Software Market By Type ( On-Premise, Cloud-based ), By Application ( Apartments/Multi-family, Residential/single family, Mixed portfolio, Commercial, Community/HOA ), Industry Trends, Estimation & Forecast, 2017-2025″ In 2017, the segment generated the cloud based property management software held the highest revenue share. Among major regions, the North America was the highest revenue generating market in 2017.
“With the up surging rental businesses, lack of time and hectic traditional staffing methods, property owners are now demanding advanced property management software for the seamless functioning of their businesses, especially in the developed countries. Moreover, an increasing trend of multi-family real estate in the rapidly developing countries is also expected to hike the demands for such software solutions”
Cloud-based property management software dominated the global property management software market
With the continuous advancement in technology, the cloud technology has found its application on various platforms. Cloud based property management system has emerged out as the most adopted software for the smooth functioning of rental businesses. Investing in a web-based PMS has led numerous HOA and multifamily associations to handle their properties, operations, business relations, guests, tenants and corporate clients from anywhere, relying on the basic internet connection. Moreover, if compared with on-premise property management software, the reduced cost, easier collaboration, increased security, scalability and easy accessibility of cloud based PMS has directed the very segment to hold more than 2/3rd of the global market.
North America to lead the global property management software market owing to increasing rental population
Over the last decade, countries such as the U.S. and Canada are being mainly focused on their financial recovery. This financial recovery in the U.S has contributed in improving the commercial sectors, causing demand for office space to exceed supply, restraining office rental vacancy during the very period causing an unprecedented growth in rental demand. As per a study, more than 50% of the residents are renters in the cities such as San Francisco, New York and Boston. This has eventually generated a huge demand for property management software solutions, leading North America to hold nearly half of the global market. However, Asia Pacific is expected to exhibit the highest CAGR of 10.4% during the forecast period, owing to the presence of rapid urbanizations in the countries such as India, China and Hong Kong.
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Multi-Family apartment properties to emerge out as the largest application of property management software
In the current scenario, multifamily properties in the urbanized zones are attracting different kinds of demographics such as young married people, student group and geriatric people who cannot manage to live in large sub-urban homes. Moreover, there is an emerging trend of micro apartments, as it let the owners to accommodate a generous number of individuals in a small space, especially in the highly urbanized countries such as the US, U.K, Hong Kong and China. Such a scenario has led the property owners to adopt highly efficient and cost effective property management software. As per an estimate, nearly 50% of the property management software are adopted by the owners of residential buildings, and nearly 1/3rd of then are multifamily apartment owners.
Key Findings of global property management market
• The cloud based property management software market is expected to grow with the highest CAGR of 7.50% during the forecast period of 2018-2025
• The on-premise property management system held more than 20% of the market share in 2017.
• European market will grow with a CAGR of 6.1% during the forecast period
• Asia-Pacific property management market is expected to grow with the highest CAGR of 10.2% during the forecast period. Within the region, China is expected to hold the largest revenue chunk throughout the estimation period.
Product Launch and technological enhancement have emerged out as the most adopted strategic moves among the major market players of the property management software market. Some major players of market are Yardi Systems , RealPage , Entrata , MRI Software , CoreLogic , AppFolio , Chetu, Syswin Soft , Property Boulevard, Buildium, Rockend and others.