The Global Residential Property Management Software Market is projected to sreach USD 2.58 billion in 2027. The factors associated with the growth of the market include rising adoption of the tenant & lease tracking software solutions by the landlord & Residential Property owners, greater emphasis on the web-based Residential Property accounting solutions, rising investment in the real-estate, housing & commercial properties, and higher development in the residential properties in the bigger cities in the developing economies.
Residential Property accounting, budget tracking, rent & vendor management, automated reminders for the tenants & the managers regarding rent reminders, insights with daily managerial tasks, higher flexibility on the account auditing, owner-tenant communication are some of the mentionable reasons the PMS are being widely adopted.
In order to ensure higher integrity, most of managers of such properties fetch a double-check on the answers provided in the application form. On this note, Residential Property management tools put together a clear report about all the applications that goes above and even beyond what traditional methods go.
Growing urbanization & commercialization in the developing countries and immense rise in population living in the bigger cities are reasons the rental residential communities are being substantially growing. A huge growth in the housing societies and the requirement for proper management of the Residential Property businesses the PMS are widely being preferred and adopted.
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Further key findings from the report suggest
- In January 2020, Jones Lang LaSalle Incorporated (JLL), an American commercial real-estate company, launched their first mobile application of the Residential Property management named Overview by JLL for the residential societies. The app automates the daily chores and streamlines most of the key concerns at any residential societies like visitor management, facility booking, and billing and payment, among others.
- In context to Residential Property Type, the Residential sub-segment occupies the largest market share of 53.2% in 2019, with the fastest growth rate of 6.9% during the forecast period. The Residential Property Type includes, Residential, Commercial, and Others. The managers or owners of residential properties are the most valuable end-users in this market and their huge contribution increases the market share considerably.
- Businesses have quickly moved towards cloud technologies globally in recent times, the primary reason for the large scale acceptance of cloud technologies have been extensive scalability and decreased operational costs offered by cloud services. Tremendous opportunity for growth awaits the market as it is an emerging technology.
- Asia Pacific is projected to witness the fastest growth rate of 9.6% during the forecast period. The rising application of Residential Property management in both the residential & commercial spaces and a huge development of the housing societies & commercial hubs especially in the countries like China & India are some of the factors augmenting the growth of the market in this region.
some leading companies operating in the global Keyword market:
AppFolio, Inc., Entrata, Inc., Console, InnQuest, IQware Inc., Yardi Systems Inc., RealPage, Inc., Console Group, MRI Software LLC, Buildium, among others.
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This market will comprise of small start-ups, medium-sized enterprises, and large conglomerates, all competing to gain a larger market share. The increasing demand for technological development and a higher diversification of products and services will provide enormous potential for innovative players to thrive in this market. As the market continues to evolve, the players that can keep up with the latest technological advancements and offer a diverse range of solutions will be better positioned to succeed. This creates an environment where even smaller companies have the opportunity to compete with larger organizations, as long as they can innovate and differentiate their offerings effectively. Overall, the Residential Property management software market is poised for growth and presents a significant opportunity for companies of all sizes to establish themselves in this highly competitive landscape.
The global market is further segmented into type and application:
End-User Outlook (Revenue: USD Billion; 2017-2027)
- Housing Associations
- Landlords & Owner
- Residential Property Investors
- Residential Property Managers
Residential Property Type Outlook (Revenue: USD Billion; 2017-2027)
Deployment Outlook (Revenue: USD Billion; 2017-2027)
Regional analysis provides insights into key trends and demands in each major country that can affect market growth in the region.
- North America (U.S., Canada, Mexico)
- Europe (Germany, U.K., Italy, France, BENELUX, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Rest of APAC)
- Latin America (Brazil, Rest of LATAM)
- Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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