Rise in adoption of digitalization across the globe is expected to help the global property management software market gain valuation of US$ 2 Bn by 2027
Increase in demand by users for transparency in property management activities is creating incremental opportunities in the property management software market
ALBANY, N.Y., May 9, 2022 /PRNewswire/ — A study by Transparency Market Research (TMR) notes that the global property management software market is projected to expand at a CAGR of 7% during the forecast period of 2019 to 2027. Furthermore, the market is prognosticated to gain a valuation of US$ 2 Bn by 2027.
Maintaining and building relationships with tenants as well as attracting new tenants play an important role in the success of any real estate business. Hence, users are increasing inclining toward performing various tasks such as creating automated tenant emails and discovering connections to potential tenants with the help of latest AI software systems. Several market players are focusing on providing best rental property management software with more convenience to consumers by connecting property management systems with mobile apps. Such innovations are resulting into the launch of amenity-packed mobile apps.
Players operating in the property management software market are increasing concentration on offering customized software as per needs of end-users. Furthermore, several enterprises are launching innovative and cost-effective software with advanced features such as built-in analytics. Furthermore, companies are utilizing strategies such as partnerships & acquisitions in order to expand their product portfolios. Such efforts are expected to help in the expansion of the property management software market in the near future.
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Property Management Software Market: Key Findings
Rise in consumer awareness about latest technological innovations has resulted in increased penetration of AI in the global property management software market. Furthermore, the demand for AI is being increasing around the world due to the ability of this technology to offer insightful data and recognize patterns in this data. These factors are contributing to the growth of the global property management software market.
Companies operating in the global property management software market are focusing on the integration of ML with AI in order to offer users’ dependable data, which can help them in staying ahead in the real estate business. Data management is one of the key tasks for users. Considering the importance of this fact, key vendors in the property management software market are providing users with AI systems that can sort and search any type of data. One of the key benefits of property management software include their ability to save the time of users. Such factors, in turn, are propelling the global property management software market.
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Property Management Software Market: Growth Boosters
Rise in use of web-based services, including Software as a Service (SaaS) from property management software providers is prognosticated to drive the demand for property management software in the forthcoming years
Increase in demand for transparency in property management across the globe is driving sales in the global property management software market
Property Management Software Market: Regional Analysis
North America is prognosticated to maintain its leading position in the property management software market during the forecast period. This market growth can be ascribed to many factors such as the existence of several key players in the region.
The property management software market in Europe is projected to observe sizable business prospects in the forthcoming years, owing to factors such as rise in the number of commercial & residential buildings and digitization in the region
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Property Management Software Market: Key Players
Some of the key players profiled in the report are:
Property Management Software Market Segmentation
· Others (Affordable Housing & Other Specialties)
Middle East & Africa
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