Selbyville, Delaware According to the report titled ‘Global Property Management Software Market Size study with COVID-19 Impact, by Type (On-Premise PMS, Cloud-Based PMS), by Application (Household, Hospitality and Vacation Rental, Commercial, Industrial) and Regional Forecasts 2020-2027’, available with Market Study Report LLC, global property management software market was valued at USD 380 million in 2019 and is expected to record a CAGR of 5% during 2020-2027.
Adoption of software for its features such as online documentation, lease agreements, and financial reporting which are used in logistics management, government accommodation, and real estate is impelling the growth of global property management software market.
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For those uninitiated, property management software deals with huge amount of data such as legal information & government policies, social preferences, demography, geography, customer details, and property details. The use of such a software avoids delay and makes it easy to extract data as well as register responses as per requirement. Digitization across the globe, and technological advancement are stimulating property management software industry outlook.
Moreover, surging infrastructure development with mandatory documentations for better functioning will further facilitate the business scenario. According to UN Sustainable Development Goals 2017, total investment amounting to 3.8% of global GDP in infrastructure development is predicted from 2016 to 2030.
Amidst COVID-19 outbreak, the real estate sector has encountered plunge due to economic slowdown and recession, which in turn is arresting the growth of global property management software industry. Besides, cybersecurity risk including privacy issues will also act as restraining factor for market remuneration.
Based on type, worldwide property management software market is divided into cloud-based PMS and on-premise PMS. Speaking of application spectrum, the industry is bifurcated into industrial, commercial, hospitality & vacation rental, and household.
Citing the regional landscape, North America presently holds significant share of global property management software industry and is slated to expand further over the assessment period. The regional growth is credited to growing technological advancements and inclination towards software usage.
Meanwhile, Asia Pacific property management software industry is anticipated to accrue notable gains by the year 2027, on account of widespread infrastructural development and surging need for maintenance of massive amount of property data collected.
Major contenders impacting global property management software market dynamics are Yardi Systems Inc., ResMan LLC, Rentec Direct, RealPage Inc., Quicken Inc., MRI Software LLC, London Computer Systems Inc., Entrata Inc., Console Australia Pty Ltd., and AppFolio Inc.
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