Property management software is a tool designed to help property managers to manage residential and commercial properties. Additionally, property management software helps maintain a clear digital paper trail for compliance purposes. The demand for property management software increases as it enables property managers, owners, and operators to simplify and automate the tasks associated with running their properties.

This helps to control real estate portfolio to a greater degree in an increasingly competitive and ever-changing market. Such software are widely used by residential property dealer, commercial property dealer, real estate investors and other end-users.

Impact of COVID-19 on Property Management Software Market.

As the effects of COVID-19 are felt around the world, real estate companies are being impacted in different ways, largely dependent on region and asset class. In the near-term, real estate executives are concerned with preserving value and liquidity, keeping tenants and visitors safe, including increased cleaning measures, and complying with government safety requirements.

Historically, the market for property management software has grown by almost 8% globally in the past 5 years. Due to the COVID-19 outbreak, real estate projects delays are on cards as supply of building construction materials is hampered in the wake of the pandemic, along with significant labour shortage due to lockdowns.

The market is expected recover by Q4, 2020 once the lockdown relaxations are eased down and the property market returns to a steady growth rate.

Property Management Software Market: – Market Dynamics.

Increasing Demand for SaaS-based Property Management Software

Cloud-based property management software come with wide range of benefits such as scalability, multiple property management, 24×7 availability and various others. This offers additional benefit over the on-premises deployed software that has many limitations regarding the operation as well as high cost.

Additionally, the predictable recurring costs of a SaaS model make budgeting significantly easier rather than an enormous initial outlay with a smaller annual license, punctuated with periodic professional services, which is expected to drive the market demand for cloud-based property management software.

Increasing Demand for Smart Building Projects

The concept of a smart city is the brightest contemporary trend integrating the ideas of smart mobility, smart economy, smart people, smart government, smart environment, and smart living. Smart buildings are considered to be one of the major elements within a smart city.

Moreover, applying modern ICT technologies tends to ensure the fulfilment of the needs of current and future generations and responding to the challenges associated with innovations, efficiency, and competitiveness of public services and urban structure. As a result, the adoption of digitalization in the smart city project and smart building and properties, increases the demand for the property management software market.

Property Management Software Market Segmentation

By Component:

  1. Solution
  2. Lease Accounting and Real Estate Management
  3. Asset Maintenance Management
  4. Workspace and Relocation Management
  5. Reservation Management
  6. Services

By Vertical:

  1. Construction and Real Estate
  2. Government
  3. Retail
  4. Hospitality
  5. Others

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