Property Management Software is employed to deal with big volumes of information within the style of property detail, customer details, geography, demography, social preferences, legal information and government policies. Conventional way of property Management was with the help of Microsoft Excel, notepads book-keeping which was quite tedious together with time consuming. Adaptation of Property Management Software not only avoids delay but also is very convenient to register responses and extract data as per requirements. The software is additionally beneficial in financial reporting, lease agreements, online documentation storage and hence it is useful for real estate, government accommodation and logistics management.
According to the analysis, ‘ Global Property Management Software Market to reach USD 561.4 million by 2027’ The property management software providers are focusing on recent product development, which aids in strengthening their market presence. The new features embrace online state-based lease documents, credit/ debit card, ACH, or Pay near me walk-in flexible payment options, and customer relationship management, among others. Some of the prominent players within the property management software market include App Folio Inc. (US), Console Australia Pty Ltd. (Australia), Entrata Inc. (Utah), London Computer Systems (US), MRI Software LLC (US), Quicken Inc. (US), Real Page Inc. (US), Rentec Direct (US), Res Man LLC (US) and Yardi Systems Inc. (US). For Instance: As per McKinsey in 2018, 25 % digitization has been overserved across the globe. Further, development and infrastructure across the globe with mandatory government policies of documentations and other details for smooth functioning supports Global Property Management Software Market.
For Instance: As per Oxford Economics in 2017, overall GDP of the world increases with 3.5 % compared to last year. Also, as per UN Sustainable Development Goals in 2017, from 2016-2030, about investment of 3.8% of global GDP in infrastructure development would content the growth rates. Also, due to Covid-19 Pandemic, real estate sector has observed decrement owing to recession and economic slowdown. This has directly affected global property Management software market. However, with the decline in COVID-19 situation, tremendous expansion for infrastructure development would lead to the market expansion. However, cybersecurity risk comprising of privacy and security issues are the hindering factors which impede the growth of the market over the forecast amount.
The regional analysis of global Property Management Software market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. North America is the leading region across the world owing to rise in technological advancements and strong penetration of software. Whereas, Asia-Pacific is also anticipated to exhibit highest growth rate over the forecast period. Factors such rapid development in infrastructure and need for maintenance of high data collection of property management would create moneymaking growth prospects for the Property Management Software market across Asia-Pacific region.
Moreover, the market is anticipated to witness an incremental surge in demand for Property Management Software (PMS) due to escalating demand for web-based services including Software as a Service (SaaS) by property management software providers. SaaS-enabled PMS aids manage daily operations including tenant and lease tracking, building maintenance, and accounting, among others. Therefore, it is expected that the market of Global Property Management Software Market will increase in the upcoming years.
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Ankur Gupta, Head Marketing & Communications