Property Management Market worth $36.4 billion by 2028 - Exclusive Report by MarketsandMarkets™

CHICAGO, Dec. 5, 2023 /PRNewswire/ -- Proptech innovations, a focus on sustainability, and technology integration will define the future of property management. The usage of artificial intelligence (AI), data analytic, remote management tools, and a greater focus on offering outstanding tenant experiences are among the trends. Property managers must adapt to evolving market dynamics, regulatory changes, and emerging flexible living arrangements to stay competitive.

The Property Management Market is projected to grow from USD 24.7 billion in 2023 to USD 36.4 billion by 2028, at a compound annual growth rate (CAGR) of 8.0% during the forecast period, according to a new report by MarketsandMarkets™. The property management market is expected to grow significantly during the forecast period, owing to various business drivers like the increasing demand for SaaS-based property management solutions for better scalability, the increasing demand for smart building projects and better co-worker spaces, and the growing trend of workplace mobility and remote accessibility also responsible for driving the market's growth.

Browse in-depth TOC on "Property Management Market"
258 - Tables  
68 - Figures 
291 - Pages

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Scope of the Report

By services, managed services to register for the higher CAGR during the forecast period.

The services segment of the property management market is growing rapidly. The managed services are vital in properly functioning property management solutions. The property management industry is experiencing a growing demand for managed services, as property owners and managers seek to improve efficiency, reduce costs, and gain access to expertise. Managed services can help property owners and managers reduce costs by eliminating the need to hire and train in-house staff, invest in technology infrastructure, and manage complex operational processes. Managed service providers often offer economies of scale and expertise that can lead to significant cost savings.

By solution, Facility Management segment to register for the largest market size during the forecast period.

By solutions, the facility management solution segment is expected to register the largest market size during the forecast period. Facility management solutions offered in the property management market are comprehensive and multifaceted, designed to optimize various properties' operational efficiency and functionality. These solutions encompass various services, including maintenance, security, space utilization, and sustainability initiatives. Moreover, sustainability initiatives have gained prominence, incorporating energy-efficient systems, waste management, and eco-friendly practices to reduce environmental impact while cutting costs.

By region, Asia Pacific accounted for highest growth rate during the forecast period.

Asia Pacific is witnessing significant growth in property management market. Its expansion is primarily attributed to several driving forces; technology adoption is transforming the property management industry in the Asia Pacific region. Property management companies increasingly use technology to improve efficiency, reduce costs, and provide better customer service. The Asia Pacific region has many aging infrastructure, including many residential and commercial buildings. This creates a need for renovation and refurbishment, driving demand for property management services.

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Top Key Companies in Property Management Market

Some major players in the property management market include IBM (US), Oracle (US), AppFolio (US), SAP (Germany), Trimble (US), Hitachi Vantara (US), Yardi (US), RealPage (US), SYNDICO SAL (Lebanon), Entrata (US), London Computer Systems (US), Zumper (US), DockMaster (US),  Dockwa (US), Avail (US), Property Matrix (US), CoStar Group (US), HappyCo (US), JLL (US), MCS Solution (Belgium), Planon (Netherlands), Accruent (US), RentRedi (US), TurboTenant (US), Hemlane (US), Smart Property Systems (US), Innago (US), breezeway (US), Livly (US), DoorLoop (US), Mynd (US), Eptura (US), and Hive (US).

Recent Developments

• In October 2023, the latest functionality release of Oracle Property Manager has introduced a new feature called the 'Lease Expiry' Process. This process helps users effortlessly close ROU and Accumulated Amortization balances on a lease during its natural expiration or early termination.
• In September 2023, AppFolio has added generative artificial intelligence (AI) capabilities and new payment options to its cloud business management solutions for the real estate industry. The new generative AI conversational interface, Realm-X, is designed for property managers and joins AppFolio's suite of AI capabilities.
• In July 2023, Trimble announced the launch of LIMS PRO, a new cloud-hosted version of its widely used Log Inventory and Management System (LIMS) to manage sawmill raw material procurement. As a cloud-based log settlement solution, LIMS PRO is designed to improve operational visibility for mills. It enables small- and medium-sized forest product companies to realize productivity and growth gains that only large companies have historically been able to afford by digitizing lumber supply chain workflows.
• In May 2023, SAP entered a strategic partnership with Planon with the objective of offering companies an integrated solution for real estate and facility management. The collaboration combines Planon's first-rate real estate and smart building management solution with SAP's ERP capabilities.
• In January 2023, Trimble acquired Ryvit, an integration Platform-as-a-Service (iPaaS) provider that works with the construction industry. The Ryvit platform is expected to be integrated into the Trimble Construction One platform.
• In June 2022, AppFolio announced AppFolio Stack, an integration marketplace, enabling AppFolio Property Manager users to seamlessly provide the specialized solutions users need to manage complex portfolios and run their entire business from a centralized hub.

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Property Management Market Advantages:

• Through leasing fees and recurring management fees, property management offers a reliable source of revenue and financial stability.
• Diversifying their services to meet a variety of real estate demands, property managers can offer tenant screening, rent collecting, maintenance, and property marketing.
• Adopting technology increases operational effectiveness by providing online services, data analytics, work automation, and improved overall service quality.
• The real estate sector is known for its resilience, and property managers are able to weather economic ups and downs and offer stability in trying times.
• Property managers have opportunity to grow their portfolios as a result of changing lifestyle preferences and demographic trends driving up demand for rental properties.

Report Objectives:

• To define, describe, and predict the property management market by offering (solutions, services, and solutions by deployment mode), geographic location, ownership, end users, and region
• To provide detailed information related to major factors (drivers, restraints, opportunities, and industry-specific challenges) influencing the market growth
• To analyze the micro markets with respect to individual growth trends, prospects, and their contribution to the total market
• To analyze the opportunities in the market for stakeholders by identifying the high-growth segments of the property management market
• To analyze opportunities in the market and provide details of the competitive landscape for stakeholders and market leaders
• To forecast the market size of segments for five main regions: North America, Europe, Asia Pacific, Middle East & Africa, and Latin America
• To profile key players and comprehensively analyze their market rankings and core competencies
• To analyze competitive developments, such as partnerships, new product launches, and mergers and acquisitions, in the property management market
• To analyze the impact of recession across all the regions across the property management market

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