Albany, NY -- (SBWIRE) -- 05/26/2018 -- According to a new market report published by Transparency Market Research, the global property management software market is expected to reach a value of US$ 1,838.5 Mn by 2026 on account of the high rate of property development across the world. The market is projected to expand at a CAGR of 7.2% during the forecast period from 2018 to 2026. North America is anticipated to be a rapidly expanding region of the market, followed by Europe and Asia Pacific during the forecast period. In terms of application, the residential segment is anticipated to offer prominent opportunities, owing to increasing infrastructure development and government initiatives across the globe.

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Rise in infrastructure developments across the world is fuelling demand for real-time access to property information. Construction or development of multi dwelling units (MDUs) is increasing around the globe, primarily due to the rising cost of infrastructure. In addition, rising emphasis of property managers and owners on scalability, cost-efficiency, and time savings is contributing to the expansion of the property management software market. Additionally, property owners and managers are emphasizing on collecting and maintaining property information for enhanced data administration and accessibility with the help of centralized property management software.

The property management software market can be segmented based on component, end- user, application, and region. According to the research, the cloud-based software segment is expected to dominate the market due to rise in penetration of various cloud-based technologies across the world. Cloud-based technologies are in high demand due to ease of accessibility to the database, efficient management of properties, and authenticity and consistency offered by these solutions in their data content. The dominance of this segment is mainly associated with rising adoption of property management software for online or remote accessibility of tenant management and maintenance among other property management operations.

Residential properties are adopting property management software for looking after tenant placement, maintenance and repairs, and the ongoing administration of properties. In terms of application, the residential segment held a market share of 54.8% in 2018. This is mainly due to rise in residential infrastructure developments such as affordable housing and multi-family units around the globe. The commercial segment is expected to expand at a significant rate during the forecast period. The rising focus of businesses on cost reduction and improvement of operations across applications is expected to contribute to the expansion of the property management software market.

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North America holds a strong position in the global property management software market, with a substantial market share in 2018. This is due to strong adoption of property management software solutions across the region. In addition, increasing use of property management software across business operations is expected to supplement the expansion of the market. Demand for property management software is rising in Europe, Asia Pacific, and Middle East & Africa (MEA), owing to factors such as rising MDU units and adoption of software for easy control and maintenance of property management operations. The market in Asia Pacific (APAC) and Middle East & Africa is expected to expand at a significant rate during the forecast period on account of new opportunities.