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The global property management market size is anticipated to rise from USD 19.33 billion in 2022 to USD 37.25 billion by 2029. Advanced management software solutions have gained considerable traction to keep up with the demand for real estate and the need for improved consumer handling. Leading companies are poised to invest in research and development activities to expand the penetration of property management solutions.
According to the latest research report by Fortune Business Insights™ titled, “Property Management Market Size, Share & COVID-19 Impact Analysis, By Component (Software and Services), By Deployment (Cloud and On-Premises), By Application (Residential and Commercial), By End-User (Property Managers, Housing Associations, Real Estate Agents, and Others), and Regional Forecast, 2022-2029,” the market garnered USD 17.69 billion in 2021. It is expected to observe a 9.8% CAGR during the forecast period.
Trend for Smart Management Solutions to Gain Uptick amidst the COVID-19 Pandemic
Although the onslaught of the COVID-19 pandemic dented the prospect of most industries, the need for property management solutions gained considerable traction. End-users exhibited a profound inclination for artificial intelligence-based technologies and smart processes. To illustrate, in June 2020, Building Engineering Services Association (BESA) and SFG20 teamed up with the U.K. to maximize cost-saving and help boost the building performance. Moreover, with rising governments’ investments, leading companies are poised to invest in advanced property management services.
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Entrata Inc. to Integrate Alexa for Residential Properties to Boost Smart Home
Well-established and emerging players have upped investments in organic and inorganic strategies to expand their penetration in revenue management, candidate screening, and utility management. Leading companies are poised to inject funds into SaaS solutions and smart devices to foster the market share. For instance, in April 2021, Entrata Inc. announced integrating Alexa for residential properties to set up or manage Alexa-enabled devices with voice-controlled smart homes in every unit. In July 2020, Entrata, Inc. joined hands with AMLI Residential to allow and manage all of its accounting, lease, front-end payments, and communications activities. Strategic approaches are likely to reshape the global landscape in the ensuing period.
Bullish Demand for Software-As-A-Service (SaaS) Solutions to Underpin Industry Growth
Industry players are likely to explore cloud computing and software-as-a-service opportunities to bolster return on investments. Prominently, end-users have upped investments in subscription-based SaaS solutions to streamline operations through automation. SaaS solutions will be sought to leverage users to access information using any device. The property management market growth will observe an upward trajectory on the back of rising use of SaaS platforms to streamline payment services. However, budget constraints and potential fraudulent operations could mar the industry growth during the forecast period.
Industry Players Emphasize Mergers & Acquisitions to Bolster Portfolio
Stakeholders are likely to prioritize product launches, technological advancements, R&D activities, and mergers & acquisitions. Moreover, leading companies are likely to invest in innovations to foster their geographical footprint.
Key Industry Development
List of the Companies Profiled in the Report
Further Report Findings
Table of Segmentation
Value (USD billion)
By Component, Deployment, Application, End-User, and Region