Property Management Software Market To Reach $8,041.0 Million By 2030

Property Management Software Market Growth & Trends

The global property management software market size is anticipated to reach USD 8,041.0 million by 2030, expanding at a CAGR of 8.1% from 2023 to 2030, according to a new report by Grand View Research, Inc. The increasing inclination of property managers and owners for scalability is anticipated to boost market growth. Also, factors such as the need to preserve documents related to property coupled with rising infrastructure development for smooth functioning are anticipated to be one of the key growth boosters.

The demand for Property Management Software (PMS) has increased in the last few years for residential suites and hotels. Availability of virtual storage and internet bandwidth are a few of the key factors boosting the demand in the residential sector and hotel industry. Additionally, the PMS in the residential suites has developed into a tactical position due to advancements in information and communications technology. Henceforth, automation serves a broad array of PMS functions, including notices, leases, vacancies, circulars, and invoice preparation, for the residential sector. PMS eliminates repetitive tasks, enables better communication, and standardizes hotel management.

Escalating demand for outsourcing services is another key factor positively impacting growth. In the last few years, various market players have been aiming to provide advanced PMS solutions such as AR-based and cloud-based solutions that are quite tough to be managed internally, as it involves a huge expenditure for recruiting a technically developed workforce and expending on their training for the software. Numerous businesses outsource these services to property management software providers to overcome these challenges. Moreover, an increase in outsourcing activities in Asian countries such as India and the Philippines from the Middle East and Western countries appears to significantly contribute to regional market growth.

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Property Management Software Market Report Highlights

• The market for property management software is anticipated to witness substantial growth during the forecast period owing to the increasing investments in real estate and the rise in the demand for transparency in property management

• The cloud segment accounted for the largest market share in 2022, owing to factors such as scalability, cost-effectiveness, ease of use, and immediate access to the latest information with real-time data update

• The software segment accounted for the largest market share in 2022, owing to factors such as accelerated digital transformation, driven by the COVID-19 pandemic, prompting property management businesses to streamline operations, enhance tenant experiences, and achieve operational excellence through robust software platforms

• The property managers/ agents segment accounted for the largest market share in 2022, owing to a rising number of real estate and commercial property developments across the globe

• The commercial segment is expected to register highest growth over the forecast period. Rising demand for PMS solutions for commercial applications such as retail spaces, office spaces, hotels, entertainment venues, and data centers & co-location facilities, among others, to enhance operational efficiency and tenant satisfaction are the key factors expected to fuel investments in the commercial sector

• The North America market accounted for the largest market share in 2022, owing to the presence of prominent players offering property management software solutions/services in the region

• Some of the prominent market players in the market include AppFolio, Inc., Console Australia Pty Ltd, CoreLogic, Entrata, Inc., RealPage, Inc., MRI Software LLC, and Yardi Systems Inc., among others

Property Management Software Market Segmentation

Grand View Research has segmented the global property management software market based on deployment, solution, application, end-user, and region:

Property Management Software Deployment Outlook (Revenue, USD Million, 2017 - 2030)

• Cloud

• On-Premises

Property Management Software Solution Outlook (Revenue, USD Million, 2017 - 2030)

• Software

  • Rental Listings Management

  • Applicant Management

  • Reporting & Analytics

  • Maintenance Activities Management

  • Others

• Services

  • Professional Services

  • Managed Services

Property Management Software Application Outlook (Revenue, USD Million, 2017 - 2030)

• Residential

  • Multi-family Housing/ Apartments

  • Single-family Housing

  • Others

• Commercial

  • Retail Spaces

  • Office Spaces

  • Hotels

  • Others

Property Management Software End-User Outlook (Revenue, USD Million, 2017 - 2030)

• Housing Associations

• Property Managers/ Agents

• Property Investors

• Others

Property Management Software Regional Outlook (Revenue, USD Million, 2017 - 2030)

• North America

• U.S.

• Canada

• Europe

• U.K.

• Germany

• France

• Spain

• Asia Pacific

• China

• India

• Japan

• Latin America

• Brazil

• Mexico

• Middle East & Africa

List of Key Players in the Property Management Software Market

• AppFolio, Inc.

• CoreLogic

• Console Australia Pty Ltd

• Entrata, Inc.

• InnQuest Software

• IQware Inc.

• MRI Software LLC      

• RealPage, Inc.

• REI Master

• Yardi Systems Inc.

• Zillow Group, Inc.

• ManageCasa