Residential Property Management Software Market to Grow with a CAGR of 11.28% through 2029
Affordable
housing using PMS allocates accurate rent payments depending on the amount paid
by the tenant compared to government payment are the factors propelling the
Residential Property Management Software Market growth.
According
to TechSci Research report, “Residential Property Management Software Market
– Global Industry Size, Share, Trends, Competition Forecast &
Opportunities, 2029”, the Global Residential Property Management Software Market
is experiencing a surge in demand in the forecast period. This is attributable to a few challenges faced by
apartments and townships, including receiving payments, leasing agreements, and
tracking tenants, among others. However, all these challenges have compelled
market players to provide solutions for inspections, tracking payments,
transparent and comprehensive reporting, and maintenance. Affordable housing
using PMS allocates accurate rent payments depending on the amount paid by the
tenant compared to government payment. This
is attributable to increasing investments in real estate. The residential
segment is further distributed into sub-segments, namely multi-family housing/
apartments, single-family housing, and others. The commercial segment is
expected to register considerable growth over the forecast period. The growing commercial sector across the globe is one
of the major factors propelling market demand. The rising cyber risk
management, growing disposable income, and changing consumption technologies,
among others, are other factors expected to fuel investments in the commercial
sector, thus driving the PMS market growth. Moreover, the commercial segment
comprises various sub-segments, namely retail spaces, office spaces, hotels,
and others. PMS has become an essential tool in the hotel management industry.
It helps in handling the interface of numerous departments within a hotel to
manage the estate or land effectively. Also, it helps in automating hotel
operations such as guest bookings, guest details, materials management, online
reservations, food and beverage costing, point of sale, accounts receivable, HR
and payroll, maintenance management, sales and marketing, quality management,
and other amenities.
Browse over XX Market
data Figures spread through 181 Pages and an in-depth TOC on "Global Residential Property Management Software Market.”
The increasing demand for property
management software to address consumers’ real estate preferences and growing
need for improved consumer handling and support are driving the market
expansion. For instance, Yardi Systems, Inc. launched Rent
Relief by Yardi. This launch will help households and landlords manage payments
quickly and easily. Similarly, Planon partnered with AddOnn to
combine AddOnn’s SaaS solution with Planon’s software platform for building
& service digitization to offer an end-to-end solution to customers across
the globe.Real estate is undergoing a rapid shift, supported by the robust
growth of hotel and tourism brands and emerging usage of a platform for
customer retention. As part of their strategy, market players are spending a
lot of money on research and development operations, which has increased the
demand for property management software. For instance,
Major companies
operating in the Global Residential Property Management Software Market
are:
- Yardi Systems, Inc
- MRI Software LLC
- AppFolio, Inc.
- RealPage, Inc
- Entrata, Inc
- InnQuest Software
- Buildium LLC
- CoStar Group, Inc
- ResMan
- Storable, Inc
Download Free Sample Report
Customers can
also request for 10% free customization on this report.
“The effects of
COVID-19 pandemic were felt globally, with real estate enterprises witnessing
major disruptions. Short-term concerns for real estate management included
keeping visitors & tenants safe, maintaining value, using advanced cleaning
procedures, and adhering to governmental norms. Furthermore, many schools and
offices were closed and companies were forced to explore various "work
from home" options. The COVID-19 pandemic gave residential property
managers a chance to rethink their strategies. As a result, smart processes and
Artificial Intelligence (AI)-based technologies saw a notable increase in their
popularity. For instance, in June 2020, during the COVID-19 pandemic, the
Building Engineering Services Association (BESA) and SFG20 partnered with the
U.K. BIM Alliance. This partnership aimed to improve the building performance
and maximize cost-saving. Furthermore, as more companies urged their employees
to return to work, building managers faced new challenges in designing
operation plans that centered around COVID-19 to meet the expanding needs of
their tenants. Also, as the situation returned to normal, residents and tenants
continued to occupy new areas for residential and commercial purposes. These
factors are expected to contribute to the market's growth. Also, various
governments are significantly investing in real estate assets. For instance,
according to the IBEF, India invested USD 2.4 billion in real estate assets in
the first half of 2021, a 52% increase year-on-year. Similarly, according to
Savills India, real estate demand is estimated to rise by 15-18 million square
feet by 2025. These increasing investments and demand for real estate are
further driving the property management software market growth.,” said Mr.
Karan Chechi, Research Director with TechSci Research, a research-based
management consulting firm.
“Residential Property
Management Software Market - Global Industry Size, Share, Trends, Opportunity,
and Forecast, Segmented By Deployment (Cloud Based and On-premises), By Application
(Residential and Commercial), By End-User (Property Managers, Housing
Associations, Real Estate Agents, and Others) , By Region, By Competition, 2019-2029”,
has evaluated the future growth potential of Global Residential Property
Management Software Market and provides statistics & information on Market
size, structure and future Market growth. The report intends to provide
cutting-edge Market intelligence and help decision-makers make sound investment
decisions., The report also identifies and analyzes the emerging trends along
with essential drivers, challenges, and opportunities in the Global Residential
Property Management Software Market.
Contact
Techsci Research LLC
420 Lexington Avenue,
Suite 300, New York,
United States- 10170
Tel: +13322586602
Email: [email protected]
Website: www.techsciresearch.com