As consumers are becoming more aware about new technological innovations, artificial intelligence (AI) is aggressively penetrating the property management software market. More and more users are demanding AI, as this technology provides insightful data and identifies patterns in the same.
Software is projected for high market growth as compared to services, with a value projection of ~US$ 1.4 billion by 2027, in the property management software market. Since software innovations are creating incremental opportunities for stakeholders, software providers are increasingly introducing AI in various systems.
As such, stakeholders in the property management software market are increasing their capabilities to integrate machine learning with AI, to provide users with credible information to stay one step ahead in the property and real estate business. Since the managing of data is of utmost importance for users, stakeholders are offering AI systems that search and sort any type of data, which helps save a lot of time of the users.
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Amenity-packed Mobile Apps Increase Scope for Incremental Opportunities
In the real estate business, building relationships with tenants and attracting new tenants plays crucial role. This is justified, as the residential sector is anticipated to grow to a much higher value than the commercial sector, with a revenue of ~US$ 1 billion by the year 2027, in the property management software market.
Through AI software systems, users are generating automated tenant emails and finding connections to potential tenants. Stakeholders are increasing the convenience of consumers by integrating property management systems with mobile apps. This trend has led to the introduction of amenity-packed mobile apps.
Since a hectic work life can get overwhelming, especially for the millennial population, stakeholders in the property management software landscape are combining digital platforms such as amenity-packed mobile apps with software systems to offer a pool of amenities to tenants. By providing cloud solutions, realtors can have open and transparent communication with their tenants. As tenants need to feel important, amenity-packed mobile apps help them achieve a work-life balance by managing tasks such as health checkups, haircuts, and even scheduling a meal delivery.
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Users Seek Cost-competitive and Tailored Property Management Software Systems
The property management software market is anticipated to grow at a steady CAGR of ~7% during the forecast period. However, the market is consolidated, which makes it challenging for emerging players to establish their prominence in the business landscape. One of the challenges for existing and emerging market players is the growing trend of users developing their own property management software.
With the ready availability of tools and resources at cost-effective prices, users are increasingly taking interest in developing their own customized property management systems to avoid the overhead costs of expensive systems offered by key market players. Expensive software systems provide an array of features to users, but are based on legacy software technology that does not comply with the newly-introduced standards in the property management software market.
To overcome these challenges, stakeholders in the property management software landscape are advancing in bespoke software systems that are tailored to consumer needs. They are also introducing software with innovative features, such as built-in analytics, at competitive prices.
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