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(I-SoftwareNews.Com, April 08, 2024 ) The Property Management Market is projected to grow from USD 24.7 billion in 2023 to USD 36.4 billion by 2028, at a compound annual growth rate (CAGR) of 8.0% during the forecast period, according to new research report by MarketsandMarkets™
The property management market is expected to grow significantly during the forecast period, owing to various business drivers like the increasing demand for SaaS-based property management solutions for better scalability, the increasing demand for smart building projects and better co-worker spaces, and the growing trend of workplace mobility and remote accessibility also responsible for driving the market’s growth.
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By services, managed services to register for the higher CAGR during the forecast period.
The services segment of the property management market is growing rapidly. The managed services are vital in properly functioning property management solutions. The property management industry is experiencing a growing demand for managed services, as property owners and managers seek to improve efficiency, reduce costs, and gain access to expertise. Managed services can help property owners and managers reduce costs by eliminating the need to hire and train in-house staff, invest in technology infrastructure, and manage complex operational processes. Managed service providers often offer economies of scale and expertise that can lead to significant cost savings.
By solution, Facility Management segment to register for the largest market size during the forecast period.
By solutions, the facility management solution segment is expected to register the largest market size during the forecast period. Facility management solutions offered in the property management market are comprehensive and multifaceted, designed to optimize various properties' operational efficiency and functionality. These solutions encompass various services, including maintenance, security, space utilization, and sustainability initiatives. Moreover, sustainability initiatives have gained prominence, incorporating energy-efficient systems, waste management, and eco-friendly practices to reduce environmental impact while cutting costs.
By region, Asia Pacific accounted for highest growth rate during the forecast period.
Asia Pacific is witnessing significant growth in property management market. Its expansion is primarily attributed to several driving forces; technology adoption is transforming the property management industry in the Asia Pacific region. Property management companies increasingly use technology to improve efficiency, reduce costs, and provide better customer service. The Asia Pacific region has many aging infrastructure, including many residential and commercial buildings. This creates a need for renovation and refurbishment, driving demand for property management services.
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Key Market Players
Some major players in the property management market include IBM (US), Oracle (US), AppFolio (US), SAP (Germany), Trimble (US), Hitachi Vantara (US), Yardi (US), RealPage (US), SYNDICO SAL (Lebanon), Entrata (US), London Computer Systems (US), Zumper (US), DockMaster (US), Dockwa (US), Avail (US), Property Matrix (US), CoStar Group (US), HappyCo (US), JLL (US), MCS Solution (Belgium), Planon (Netherlands), Accruent (US), RentRedi (US), TurboTenant (US), Hemlane (US), Smart Property Systems (US), Innago (US), breezeway (US), Livly (US), DoorLoop (US), Mynd (US), Eptura (US), and Hive (US).
About MarketsandMarkets™
MarketsandMarkets™ has been recognized as one of America’s best management consulting firms by Forbes, as per their recent report.
MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.
Earlier this year, we made a formal transformation into one of America's best management consulting firms as per a survey conducted by Forbes.
The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.
Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.
To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.
MarketsandMarkets™
Mr. Aashish Mehra
1-888-600-6441
raviraj.tak@marketsandmarkets.com
Source: EmailWire.Com 
Source: EmailWire.com
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