NEW YORK, June 2, 2023 /PRNewswire/ — Property Management market is segmented by application (construction and real estate, government, retail, hospitality, and others), type (cloud-based and on-premise), and geography (North America, Europe, APAC, South America, and the Middle East and Africa)
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Regional Market Outlook
In North America, investments in the retail sector are increasing, driving the growth of the regional market. The property management market in North America is largely based in the US and Canada. These two nations have high levels of development and disposable income. Customers in the US and Canada consider a number of amenities before making a final decision on a property, in contrast to the emerging regions of APAC and Eastern Europe. Brooklyn and Queens are the next most popular locations for construction work, after Manhattan.
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Global Market Outlook
Forecasts indicate growth of USD 49.45 billion in market size. Businesses involved in the creation and development of software specifically for the consumer or business markets are included in the global application software market. Additionally to cloud-based software, this also includes business and technical software.
The UK government’s estimated budget of around USD 700-750 billion is expected to go to the Housing Infrastructure Fund, which aims to build over 300,000 affordable new homes over the forecast period.
Another factor boosting the expansion of the property management software market in APAC is the region’s infrastructure development. Due to the need to accommodate a large number of workers who relocate from their hometowns to developing cities in APAC, there will be a rise in the demand for property management software in the area. During the forecast period, it is anticipated that these factors will fuel the segment’s growth.
Latest Drivers and Challenges Impacting the Property Management Market
Property Management Market Drivers
- Adherence to industry and government regulations for property listings: The property manager must have all relevant documents and transaction records to provide proof of all dollars transferred from the escrow account. Asset management software automates the entire documentation process. In addition, various vendors offer region-specific software that incorporates government regulations governing data entry and record keeping. Such software automatically informs the property manager of the steps necessary to close the deal. Therefore, the global property management market is expected to grow during the forecast period as property management complies with industry and government regulations regarding property listings.
- Increasing importance of customer-centric business processes
- Increasing awareness of property management software and its benefits
Property Management Market Challenges
- Changing skill requirements for the adoption of emerging technologies : New technologies are transforming value chains in every industry, including the property management industry. Using advanced technologies such as artificial intelligence, chatbots, and machine learning reduces the time it takes to resolve various issues and helps keep customers informed, thus improving customer satisfaction. This gives customers less expectations and more control. Such technology can also analyze customer behavior patterns, allowing property managers to offer customized solutions.
- Availability of free, open-source software
- Data privacy and concerns regarding cyberattacks
Explore the evolving Vendor Landscape
Some of the property management market vendors are:
- Digital Arbitrage Ltd. – The company offers brand management, portfolio management, real estate management systems, financial market trading, retirement, and credit plans.
- Amadeus IT Group SA – Through this segment, we offer the GDS Platform, an international network that provides real-time search, pricing, booking, ticketing, and other processing solutions to travel traders and travel agents.
- CBRE Group Inc. – The company provides property leasing, property sales, mortgage services, property management, project management, and other services.
- Ciirus Inc. – This division offers vacation rental management solutions for reservation management, listings, website management, marketing, and accounting.
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Key benefits of the report:
- This study presents the analytical depiction of the Property Management market along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the Property Management market share.
- The current market is quantitatively analyzed to highlight the Property Management market growth scenario.
- The report provides a detailed Property Management market analysis depending on competitive intensity and how the competition will take shape in coming years.
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