The property management software market was valued at $3 billion in 2021, and is estimated to reach $4.7 billion by 2031, growing at a CAGR of 4.9% from 2022 to 2031.
A property management software serves as a centralized computer system for planning, coordinating, and overseeing the daily operations of an accommodation operation. Depending on the software provider, it can manage every aspect of the reservation process as well as front and back-office operations, channel management, guest communication, housekeeping, and maintenance management.
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According to property management software market research analyst, the marketing & advertising and property sale & purchase solution segments collectively accounted for around 44.4% market share in 2021, with the former constituting around 26.7% share. The accounting & cash flow management software and property sale & purchase solution segments are expected to witness considerable CAGRs of 7.3% and 5.9%, respectively, during the forecast period.
The current estimation of 2031 is projected to be higher than pre-COVID-19 estimates. The COVID-19 outbreak has high impact on the growth of Property Management Software Market Analysis, as increasing number of smartphone users, growing adoption of cloud computing solution, and surging smart real estate infrastructure provide lucrative opportunities for the growth of the property management software market size. Therefore, during the forecast period, the need to manage costs in post-COVID-19 environments will undoubtedly be a significant growth driver for the use of property management software across various verticals.
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COVID-19 has forced billions of organizations around the world to adopt remote work policies. Therefore, owing to factors such as creation of remote access solutions, rapid digitalization and urbanization led the investors and prominent players to discover and implement property management software to enhance their real estate return on investment and financial status. So, various key players as well as startups started utilizing lockdown situation to develop and provide tailored property management solutions for various end-use verticals such as retail, industrial and corporate along with residential.
Region wise, North America held a significant global property management software market share, due to the country’s expanding hotel capacity, the U.S. currently dominates the regional market for North America. The main drivers of the growth of the property management software industry in North America are the rapid advancements in software as a service (SaaS) technology and rise in awareness for personalized property managing software. Moreover, rapid urbanization and increase in spending construction of smart real estate infrastructure to enhance the standard of living and streamline technological property care take solutions are the primary factors that drive growth of the property management software industry in Asia-Pacific and Europe.
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Key players profiled in the report include Alibaba Cloud International, Console Australia Pty. Ltd., Entrata, Inc., IQware Inc., Microsoft Corporation, Oracle Corporation, PropertyMe Pty. Ltd., REI Master Pty. Ltd., Rockend Pty. Ltd. and TAP Co., Ltd. Market players have adopted various strategies, such as product launch, collaboration & partnership, joint venture, and acquisition to expand their foothold in the Property Management Software Market.
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