ALBANY, New York, Feb. 26, 2020 /PRNewswire/ — The property management software market will witness a notable growth during the forecast period at a CAGR of 7.0%. The growth is notable for various reasons, including the emerging challenges in the sector such as relatively high-investments costs. However, the growth rate suggests a considerable growth in investor pool in the housing market, which conventionally relied on local investments. The notable shift in dynamics of the demand will a key trend to watch out for during 2019-2029 period.
According to TMR analysts, the level of competition in the property management software market continues to be intense as traditional players are diverging major resources to invest in new strategies, and digital-first outlook. Furthermore, the key players in the market continue to move towards AI-based techniques for growth, thanks to rising value generation of automated software-based property showcases.
Key Findings in the Property Management Software Market
- Rising capabilities of technological advancements, and growing demand for transparency in property management promises to be key to growth for players in the property management software market. Advanced property management software make way for administering the property with little investment in maintaining human resources, makes way for more transparent communication among stakeholders, and rising concern about safety of children, and valuables also promise tremendous new opportunities for growth in the property management software market.
- Increased global nature of property management also promises to make way for new opportunities for growth in the property management software market. Robust features such as ability to inspect properties of varying sizes at once, ability to reduce dependence on fallible human input, and compliance with strict legal requirements promise new growth avenues for global players in the property management software market.
- Rising demand for smart facilities with inclusion of Wi-fi, automated air conditioning, smart monitoring systems, and automated home appliances continue to emerge as new opportunities for growth in the property management software market. The association of automation with luxury has become a major advantage for players in the property management software market. Despite the high costs of investments in the market, the smart tag for facilities often fetches significant revenues for end-players in the property management software market.
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Key Impediments for Property Management Software Market Players
Apart from high-costs associated with property management softwares, the lack of customization options, and growing complexity in technology remains a challenge for players in the property management software market. The problem is often two-fold, wherein end-players are often looking for intuitive solutions. However, their limited ability to understand technology limits the end-use of products.
The rising influx of user-generated customized property management solutions promise a major challenge for established players in the property management software market. The high-costs of developing complex tools, and the ease of copying features, promises to make this an-ongoing battle for players in the property management software market. The growing demand for legal compliance for property is a promising avenue for established players to bring more legal outlook, which would be difficult to emulate for newly established small players in the property management software market.
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Property Management Software Market: Region-wise Analysis
The rising popularity of social media, and influencer driven marketing in North America promises significant growth for players in the property management software market. The North America region reached a valuation of US$600 million in 2018, and will likely hold a dominant lead in the global market during the forecast period. Asia Pacific with rising disposable income, and rising demand for posh-gated communities will grow at the fastest CAGR during the forecast period.
Property Management software market growth in 30+ countries including US, Canada, Germany, United Kingdom, France, Italy, Russia, Poland, Benelux, Nordic, China, Japan, India, and South Korea. Request a sample of the study.
Property Management Software Market: Competitive Analysis
Key companies in the property management software market Chetu, Inc., Oracle Corporation, Alibaba Cloud, Eco Community Sdn Bhd, Yardi Systems Inc., and MRI Software Inc. The leading companies in the market are investing in heavily in cloud technology, AI, and augmented reality to expand global reach.
- System Integration
- Training & Support
- Retail Spaces
- Office Spaces
- Others (Airports, Seaports, etc.)
- Multi-family Housing/ Apartments
- Apartment Buildings (Low-rise)
- Apartment Towers (High-rise)
- Single-family Housing
- Others (Student Housing, etc.)
- Housing Associations
- Property Managers/ Agents
- Corporate Occupiers
- Property Investors
- Others (Affordable Housing & Other Specialties)
- North America
- Asia Pacific
- Middle East & Africa
- Latin America
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