The key objective of the report is to define, describe, and forecast the property management market size by component (solutions and services), deployments, end-users, applications, and regions.
Northrook, IL -- (SBWIRE) -- 12/18/2019 -- The global Property Management Market size, which stood at USD 14.5 billion in 2018, is anticipated to develop during the forecast period at a CAGR of 8.8%, translating to USD 22.0 billion by 2023. The primary drivers for the growth in the market size of the global property management industry are the surging smart building projects, estates, construction projects, and the SaaS model's demand.
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The commercial application segment to lead the market
It is estimated that the commercial application segment will hold the largest market share in the forecast period. The growing and upcoming commercial & residential projects will play a vital role in driving the demand for property management solutions. The need and the growth of the construction segment and industry during the period will aid the growth of the commercial application segment in the property management market.
The segment covers real estate projects, government buildings, hotels, industrial enterprises, educational institutes, and even retail properties. Managers of such projects have to manage several things, including payroll, employees, maintenance, human resource, and many other departments, which in turn, drives the need for a management software equipped especially for the particular field is required.
During the forecast period, the industry pertaining to reservation management solution is expected to grow at the highest CAGR
The global property management market is fueled by the need for better solutions for the property market. In the upcoming forecast period, the segment for reservation management solution is estimated to grow at the highest CAGR. The demand for such management solutions has been fueled by the requirement of a fast and easy manner of reserving facilities for the customers for the projects. The need for an easy as well as reliable means will play an essential role in the growth of this industry.
Additionally, the reservation management solution allows enterprises to optimize the resources and facilities of the business, which enables enterprises to rest easy and accommodate the needs of customers. Furthermore, such platforms and solutions offer uniformity when it comes to booking meeting spaces, rooms or other related services. The solution can also help the enterprises to provide a uniform platform for booking rooms, hotel rooms, rental properties, etc.
North America to be the largest and to grow the fastest during the forecast period
North America will witness the most prominent growth surge in the property management market. The increasing number of residential & commercial projects and the adoption of automation to reduce time and resources are anticipated to play a vital role in shaping the market. Furthermore, the audience in the region is also looking for an easier way to manage and book. To add to this, there has been a surge in demand for rental properties in North America. Lastly, numerous enterprises in North America have already adopted the means and the programs to facilitate better services to the customers.
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Hitachi Vantara (US), IBM (US), JLL (US), SAP (Germany), Oracle (US), Trimble (US), AppFolio (US), RealPage (US), Yardi (US), ARCHIBUS (US), and MCS Solutions (Belgium) are the leading players in the property management market. The other players include Planon (Netherlands), FSI (UK), Entrata (US), Accruent (US), iOFFICE (US), Total Management (US), Indus Systems (US), PMX Dynamics (Canada), Rentec Direct (US), Hemlane (US), OfficeSpace (US), Property Boulevard (US), Archidata (Canada), CIC (US), and Buildium (US).
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