Property Management Software Global Market Report 2024

Property management software (PMS) refers to a software application used to manage hotels and other types of rental properties for businesses. It provides a centralized computer system to plan, coordinate, and execute the daily tasks and transactions required in the lodging industry. The software aims to streamline processes such as rent collection, maintenance, and repair scheduling, reducing the manual effort needed for these tasks.

The main deployment types for property management software are cloud-based and on-premise solutions. In the cloud model, services are hosted on a remote server, allowing clients to access the software over the internet. This setup facilitates various integration, automation, and business process enhancement needs. Property management software finds applications in both residential and commercial settings. It is utilized by a range of end-users, including housing associations, property managers/agents, property investors, and other entities involved in property management.

The property management software research report is one of a series of new reports that provides property management software statistics, including property management software industry global market size, regional shares, competitors with property management software share, detailed property management software segments, market trends and opportunities, and any further data you may need to thrive in the property management software industry. This property management software research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The property management software market size has grown steadily in recent years. It will grow from $1.78 billion in 2023 to $1.86 billion in 2024 at a compound annual growth rate (CAGR) of 4.2%. The growth observed in the historical period can be attributed to factors such as efficiency and time savings, the ability for remote property management, financial management capabilities, effective tenant and lease management, compliance with regulations, and user-friendly interfaces. These aspects contribute to the overall appeal and adoption of property management software.

The property management software market size is expected to see steady growth in the next few years. It will grow to $2.24 billion in 2028 at a compound annual growth rate (CAGR) of 4.8%. The anticipated growth in the forecast period can be attributed to factors such as customer relationship management, the adoption of predictive maintenance solutions, a focus on energy efficiency and sustainability, the implementation of tenant portals for self-service, the application of dynamic pricing strategies, and the utilization of advanced reporting and analytics. Major trends expected in the forecast period include the integration of smart building technologies, the use of virtual tours and 3D visualization, the dominance of cloud-based solutions, the globalization of property management with a multinational focus, and the continued emphasis on advanced reporting and business intelligence, as well as dynamic pricing strategies.

The anticipated increase in investments in smart cities is set to drive the growth of the property management software market in the forecast period. Governments worldwide are actively investing in the development of smart cities, utilizing information and communication technologies to enhance urban services. This creates a demand for efficient property management, with the European Union actively supporting smart city initiatives through funds for research and sustainability targets. The concept of smart cities is gaining traction in developing nations as well, with over 1,000 smart city pilot projects globally, and around 500 of these projects are underway in China. Consequently, the investment in smart cities is poised to be a significant factor propelling the growth of the property management software market.

The escalating trend of business travel is expected to be a driving force for the property management software market. Business travel, involving journeys made by individuals for work-related purposes, is on the rise. Property management software offers streamlined booking and reservation management, expense tracking, maintenance services, security features, data analytics, and other conveniences, catering to the needs of business travelers. For instance, the Global Business Travel Association reports that the United States witnesses an average of 1.3 million business trips per day, with over 405 million long-distance business trips made by Americans annually. Therefore, the increasing prevalence of business travel is fueling the growth of the property management software market.

The integration of artificial intelligence (AI) in property management software applications is a notable trend gaining traction in the market. AI-enabled applications play a crucial role in various real estate functions, including marketing campaigns, property portfolio management, leasing, accounting, and operations. For instance, Facilio Inc. introduced a linked computerized maintenance management system (CMMS) solution powered by AI, aiming to streamline operations, reduce costs, and adapt to changing client demands in the real estate sector.

Major companies in the property management software market are innovating by introducing solutions tailored for co-living spaces, aiming to gain a competitive edge. These solutions encompass features such as flexible lease management, automated roommate matching, and real-time communication to enhance the co-living experience. Lavanda, a UK-based software company, launched the co-living sector's first dedicated Property Management Software (PMS) in October 2022. This innovative software addresses property management challenges for co-living operators by providing flexible leasing options, reducing management costs, and optimizing asset performance through intelligent automation.

In October 2021, Property Vista, a Canada-based property management software solutions company, acquired National Efficiency Systems Inc (LeadManaging) Corporation for an undisclosed amount. This acquisition allows Property Vista to offer intelligent customer experiences, utilizing lead and occupant data to gain deeper insights and make smarter rental decisions. LeadManaging is a Canada-based company specializing in real-time connections and lead-tracking for property management.

Major companies operating in the in the property management software market report are AppFolio Inc., Console Australia Pty Ltd., CoreLogic Inc., Entrata Inc., InnQuest Software Corporation, IQware Inc., RealPage Inc., Yardi Systems Inc., Building Engines Inc., Innago LLC, Spacewell International NV, ManageCasa Inc., Planon Corporation, Jones Lang LaSalle IP Inc., Tenant Cloud LLC, Rent Manager-London Computer Systems Inc., ResMan LLC, Total Management Inc., SS&C Technologies Inc., RentPost Inc., PropertyZar LLC, Archibus Inc., MRI Software LLC, International Business Machines Corporation, SAP SE, MAISONETTE Inc., DoorLoop Inc., CondoControl Inc., Hemlane Inc., SFR software solutions Co. Ltd.

North America was the largest region in the property management software market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the property management software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

The countries covered in the property management software market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain.

The property management software market includes revenues earned by entities by providing front-desk operations, managing reservations, rate, and occupancy of a hotel. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified)).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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