Property Management Market Size to Grow USD 17040 Million by 2029 at a CAGR of 5.0% | Valuates Reports
BANGALORE, India, Jan. 10, 2024 /PRNewswire/ -- Property Management market is Segmented by Type (On-Premise Type, Cloud-Based Type), by Application (Rental Properties, Homeowners Associations): Global Opportunity Analysis and Industry Forecast, 2023-2029. It is Published in Valuates Reports Under the Category of Construction & Maintenance.
The global Property Management market size is expected to reach USD 17040 million by 2029, growing at a CAGR of 5.0% from 2023 to 2029.
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Major Factors Driving The Growth Of The Property Management Market
A confluence of technical developments, such as the broad use of cutting-edge software solutions, the incorporation of IoT in smart cities, and the rising need for cloud-based platforms, is driving the expansion of the property management market.
Property managers are looking for scalable and effective solutions to manage growing portfolios as real estate investments and projects soar on a global scale, which is propelling the market's progress.
The market is also being driven by a focus on improving the tenant experience, regulatory compliance, and the integration of AI and analytics.
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TRENDS INFLUENCING THE GROWTH OF THE PROPERTY MANAGEMENT MARKET
Technological developments and the broad use of creative software solutions are major drivers of the property management market's expansion. Property managers may operate more efficiently, with less human labor and real-time insights into property performance thanks to property management platforms that come with features like automated processes, online payment systems, and data analytics.
The integration of Internet of Things (IoT) devices and the growing trend towards smart cities are major factors driving the growth of the property management market. Real-time property condition monitoring is made possible by IoT-enabled sensors and devices. This allows property managers to optimize energy use, improve security, and swiftly handle maintenance issues, all of which contribute to an overall increase in the efficiency of property management.
One major factor propelling the market's expansion is the need for cloud-based property management systems. Large volumes of data can be safely stored and managed by property managers because of the scalability, flexibility, and accessibility of cloud platforms. For real estate professionals looking for centralized and effective management solutions, this trend is especially advantageous.
The property management market is expanding due in part to the world's increasing real estate investments, population growth, and rapid urbanization. Property owners and managers are looking for more sophisticated tools to manage their expanding portfolios as the real estate industry grows. This has led to a rise in the use of property management software for efficient tenant screening, lease monitoring, and financial administration.
One important aspect propelling market expansion is the focus on improving tenant experience and engagement. Tenants can enjoy a more convenient and interactive experience with property management solutions that provide self-service choices, online rent payments, and communication portals. Tenant happiness is prioritized since it increases customer loyalty and draws in new property management customers.
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PROPERTY MANAGEMENT MARKET SHARE ANALYSIS
Due to its developed real estate market and high rate of property management software adoption, North America is a major player in the property management market. Modern technologies like IoT integration and AI apps help the area and give property managers sophisticated tools for effective operations. Strong emphasis on regulatory compliance and a healthy demand for cloud-based solutions also have an impact on the market's growth.
Purchase Regional Report on North America: https://reports.valuates.com/market-reports/QYRE-Othe-3H166/global-property-management/6
Key Players:
- RealPage
- Entrata
- MRI Software
- CoreLogic
- AppFolio
- Chetu
- Syswin Soft
- Property Boulevard
- Buildium
- Rockend
- Console Group
- PropertyBoss Solutions
- INFOR
- ResMan
Purchase Company Profiles:
https://reports.valuates.com/market-reports/QYRE-Othe-3H166/global-property-management/6
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