Lease Accounting and Management Software Market to Reach US$ 2.79 Bn by 2031; Market to Experience High Demand Opportunities from Real Estate Sector, Notes TMR

- The lease accounting and management software market expansion can be ascribed to a surge in demand for software-as-a-service (SaaS) models in lease management activities.

- Players are increasing efforts to incorporate flexibility, scalability, and reduced complexity in their products

NEW YORK, Oct. 20, 2021 /PRNewswire/ -- Lease Accounting and Management Software Market: Overview

Lease accounting and management software are increasingly being used for various purposes such as accessing, management, storage, and tracking lease data across manifold or single organizational units as well as asset types. This growing product adoption is fueling the sales opportunities in the lease accounting and management software market.

The analysts at Transparency Market Research (TMR) state that the global lease accounting and management software market is projected to expand at a CAGR of 9.8% during the forecast period from 2021 to 2031.

Lease Accounting and Management Software Market: Key Findings

• Enterprises Focus on Product Innovations for Seamless Multi-family Units Management

The introduction of varied technological advancements such as SaaS (Software as a Service), cloud, and web-based platforms is compelling market enterprises to focus on R&D activities. Moreover, players are concentrating on modernization of online lease management and accounting software that are mainly useful for professional, residential, and mixed-use property managers. Besides, the companies are developing innovative platforms that offer a wide range of advantages, including free live chat support and seamless management of multi-family units.

• Surge in Need for Superior Accuracy in Financial Reporting Boosts Adoption of Lease Accounting and Management Software

Lease accounting and management software are gaining traction, owing to their ability to reduce the number of manual tasks, which are generally needed in order to adhere to standard requirements. There is a notable growth in the adoption of these software in order to achieve high levels of precision in financial reporting as well as to prevent any manual errors. Players in the lease accounting and management software market are focusing on the development of platforms that fulfil standard lease accounting calculation needs.

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Lease Accounting and Management Software Market: Growth Boosters

• In lease accounting, organizations are required to record as well as report all the equipment, property, and other types of leases that they hold. Increased use of lease accounting and management software for different types of leases, including operating lease, contract hire, and finance leasing is generating sales prospects in the market.
• Use of dedicated lease management software can assist users in achieving real-time updates about lease performance. Similarly, the tool is useful in dealing with red flags as they rise. The accountants from commercial offices, multinational companies, and retail stores, among others are increasing the demand for software that can help them in generating custom reports needed for respective stakeholders in order to improve their lease performance.

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Lease Accounting and Management Software Market: Regional Analysis

The North America market is expected to maintain its dominant position in the upcoming years, due to increased use of lease accounting and management software to fulfill latest lease accounting norms.

Lease Accounting and Management Software Market: Competition Landscape

• Major enterprises are developing compact and cost-efficient lease accounting and management software to boost their customer base
• Several players in the global lease accounting and management software market are increasing participation in mergers & acquisitions and collaborations with technology partners in order to advance their product offerings
• Players operating in the market for lease accounting and management software are growing efforts to design platforms that offer high level of flexibility according to users' requirements

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Lease Accounting and Management Software Market: Key Players

Some of the key market players profiled in this research report are:

• CoStar Realty Information, Inc.
• Accruent LLC
• IBM Corporation
• Deloitte Touche Tohmatsu Limited
• LeaseAccelerator, Inc.
• KPMG International Limited
• MRI Software LLC
• LeaseQuery, LLC
• Nomos Limited
• Nakisa Inc.
• RealPage, Inc.
• PowerPlan, Inc.
• Soft4Lessee
• SMR Group (AMSI)
• Tango
• SS&C Technologies, Inc. (Skyline)
• Tagetik Software S.r.l.
• Visual Lease, LLC

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Lease Accounting and Management Software Market: Segmentation

Component  

• Software
• Services
• Professional Services
• Managed Services

Deployment 

• On Premise
• Cloud

Application   

• Residential & Commercial Real Estate Leases
• Equipment Leases
• Employment & Services Contracts
• Others

Region           

• North America
• Europe
• Asia Pacific
• Middle East & Africa
• South America

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