LONDON, August 16, 2018 /PRNewswire/ -- The property management market size to grow at a Compound Annual Growth Rate of 8.8% during the forecast period.
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The global property management market size is expected to grow from USD 14.47 billion in 2018 to USD 22.04 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 8.8% during the forecast period. Major growth factors for the market include an increasing demand for real estate and smart building projects and demand for SaaS model of property management. However, budget constraints for deploying technological solution could restrain the market growth.
Services component segment to grow at a higher CAGR during the forecast period
The services segment plays a key role in the property management market, as property management services help property caretakers and enterprises in reducing their operational costs, automating and handling property management tasks, increasing overall revenue, and improving performance.The upsurge in real estate and smart city projects mandates the critical need for reliable and cost-effective property management software solution and its associated services to manage properties.
Services provide customized offerings to commercial customers, including property managers, housing associations, and enterprises. They help organizations across application areas for effectively improving the performance and agility of their properties and facilities.
North America to hold the largest market size, and Asia Pacific to grow at the highest rate during the forecast period.
North America is expected to hold the largest market size in the global property management market, as it is a technologically advanced region.Top countries contributing to the property management market in the region include the US and Canada.
Moreover, many technological innovators, such as IBM, Oracle, ARCHIBUS, Trimble, and Accruent, are headquartered in the region.The leading vendors in the market are focusing on introducing technically advanced solutions to attain cost effectiveness.
The already developed infrastructure and the increasing commercial and residential real estate demands in this region could spur the demand for property management solutions. Technological advancements and the growth in rental demands will boost the growth of the property management market in the region.
APAC is projected to grow at the highest CAGR during the forecast period.The growing economies, such as China and India, in the region achieving a real Gross Domestic Product (GDP) growth of 6–7% Y-o-Y, and the rise in demand for investments in the infrastructure sector, including commercial and real estate properties, have attracted of many global property management vendors, such as MCS Solutions, Yardi, and JLL to provide their solutions in the APAC region.
Also, many global technical players are expanding their footprint in Asian countries such as India, Singapore, and China.This has led this region's property vendors to enhance their capabilities in their automation solutions to meet the requirements of the increasing number of properties in the APAC region.
The rapid growth of the commercial and real estate industry is creating opportunities for property management solution providers in the region.
In the process of determining and verifying the market size of several segments and subsegments gathered through secondary research, extensive primary interviews were conducted with the key people. The break-up of profiles of primary participants is as follows:
• By Company: Tier 1 – 30 %, Tier 2 – 40%, and Tier 3 – 30%
• By Designation: C-Level – 72%, Director Level – 14%, and Others – 14%
• By Region: North America – 57%, Europe – 14%, APAC, and ROW – 29%
The property management market includes major vendors, such as IBM (US), Hitachi Vantara (US), JLL (US), Oracle (US), SAP (Germany), Trimble (US), RealPage (US), AppFolio (US), Yardi (US), MCS Solutions (Belgium), and ARCHIBUS (US). The other players include FSI (UK), Planon (Netherlands), Accruent (US), Entrata (US), iOFFICE (US), Indus Systems (US), Total Management (US), Rentec Direct (US), PMX Dynamics (Canada), Hemlane (US), Property Boulevard (US), OfficeSpace (US), CIC (US), Archidata (Canada), and Buildium (US).
The report includes an in-depth competitive analysis of the key players in the property management market, along with their company profiles, recent developments, and key market strategies. The report segments the property management market by component (solution and services), deployment type, end user, application and region.
Reasons to Buy the Report:
The report on the global property management market will help market leaders/new entrants in the market in the following ways:
1. The global property management market size has been derived on the basis of the revenue generated by vendors offering dedicated property management software and associated services, including facility property management solutions that help manage various property and facility operations. Whereas, the market scope excludes the revenue generated from Integrated Workplace Management System (IWMS) solutions. The report provides the closest approximations of the revenue numbers for the overall market and subsegments. The market numbers are further split into regions.
2. The report helps stakeholders understand the pulse of the market and provides them with information on the key market drivers, restraints, challenges, and opportunities.
3. The report helps stakeholders to understand the competitors and gain more insights to better their market position. The competitive landscape section includes the competitor ecosystem, new product developments, partnerships, and mergers and acquisitions.
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