AI and Machine Learning Gaining Importance for Data Delivery
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.
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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.
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.
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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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Property Management Software Market: Overview
- The global property management software market is estimated to expand at a CAGR of ~7% between 2019 and 2027. The global property management software market is projected to be driven by increasing investments in real estate and the increased need for transparency in property management.
- The global property management software market is expected to reach ~US$ 1.1 Bn in 2019, and further reach ~US$ 2 Bn by the year 2027.
- North America holds a major share of the global property management software market, and is anticipated to dominate the market, followed by Europe, during the forecast period.
- North America also remains a leading market for property management software, and is expected to reach a value of ~US$ 600 Mn by the end of 2019.
- The property management software markets in the Middle East & Africa and South America are projected to expand at a moderate pace during the forecast period.
- The property management software market in Asia Pacific is projected to expand at a prominent CAGR of ~9% during the forecast period.
Property Management Software Market – Definition
- The property management software market report provides analysis of the global property management software market for the period 2017–2027, wherein, 2018 is the base year and 2019 to 2027 is the forecast period. Data for 2017 has been included as historical information.
- Property management software is a cloud-based or on-premise application that allows the efficient management of properties to simplify legalities, personnel, and maintenance, all under one platform. Property management software helps property managers and owners to simplify property management processes such as establishing strong communication, tracing finances, storing leasing documents and contracts, centralization and digitization of information, and ensuring an efficient rent collection process.
North America Property Management Software Market – Snapshot
- Rising number of vacant apartments in North America and number of units managed by property managers is expected to boost the property management software market in the region. For the same reason, North America is expected to offer significant opportunities to the property management software market, with Europe being the next closest region.
Key Growth Drivers of Property Management Software Market
- Rising need for transparency in property management: Property management involves controlling the operations and supervision of a property. Individuals with personal property or property managers can administer the property, remotely, and supervise daily operations such as reporting, accounting, lease, tracking, repairing, planning, and sales. Property managers and owners prefer to use property management software, primarily due to the transparency offered by these applications in controlling and managing all types and sizes of properties with ease, even without being present at the location. Property management vendors also provide legal executives to handle all legal formalities. This is crucial, especially when the property owners are managing distant properties. Additionally, property owners and managers emphasize on the collection and maintenance of property information for enhanced data administration and accessibility with the help of centralized property management software. This driver is expected to have a high impact during the forecast period, as people prefer real estate as an investment option.
- Increasing advancements in technology: Shifting consumer preference toward smart and connected homes creates new opportunities for property dealers. Tenants expect uninterrupted Wi-Fi coverage for various devices, including smart home devices and security services. This offer considerable opportunity to property management dealers to attract customers by offering luxury housing experiences. Augmented and virtual reality are being incorporated in the property business; and through these technologies, architects, planners, builders, and clients are able to witness an immersive experience anywhere, anytime.
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