Property Management Market Size,Share,Trends Analysis Report and Forecast (2024-2031)

Globally rapid growth in the commercial and industrial sectors helps to boost demand for the property management market. As property portfolios expand, the need for professional management increases. Global urbanization trends lead to a higher concentration of people in urban areas, driving demand for rental properties. Property management becomes essential for efficiently handling the complexities of managing numerous properties in densely populated areas.Technological advancements in property management apps help to boost the market growth of the property management market. For instance, on December 06, 2021, JLL launched a new app that is beneficial for residential property management. It automates daily chores and streamlines some of the key concerns at residential societies such as visitor management, billing and payment, facility booking, etc. It helps to improve the overall experience for residents.North America is a dominating region in the global property management market accounted 1/3rd of the market share. Major key players in North America launched innovative products that help boost the market growth of property management over the forecast period 2024-2031.

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Market Dynamics

Smart buildings incorporate technologies such as the Internet of Things (IoT), sensors, automation and artificial intelligence. Property management companies that embrace and implement these technologies offer more sophisticated and efficient management solutions, attracting clients seeking modern and technologically advanced services. Smart building technologies streamline various processes, from energy management to security and maintenance. Property managers leverage these technologies to optimize operations, reduce costs and provide better services to property owners and tenants.Major key players in the market are following merger and acquisition strategies to expand their business of smart buildings. For instance, on November 13, 2023, Samsung C&T and ABB completed an agreement to expand their smart building capabilities. The partnership explores joint innovation opportunities for commercial and residential property managers, particularly in automation, energy management and service systems. The deal signals an intention to integrate holistic building solutions, such as Samsung C&T's Homeniq smart home platform, the ABB-free home system and the ABB i-bus KNX that can significantly widen potential home and building services under one property management tool.

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Segment Analysis

Based on the offering, the property management market is divided into solutions and services. The services segment is dominating the property management market due to the growing technological adoption in property management services. Property management involves various tasks, including rent collection, maintenance, tenant screening, lease management and compliance with regulations. As the complexity of managing properties increases, property owners often seek professional services to handle these responsibilities efficiently.Property owners with multiple properties do not have the time or resources to handle daily property management tasks. Outsourcing these responsibilities to property management services allows owners to save time and focus on other aspects of their businesses. Professional property management services often have expertise and experience in handling diverse properties and navigating the complexities of the real estate market.

Competitive Landscape

The major global players in the market include IBM, Accruent, AppFolio, Inc, Archidata Inc., Buildium, CIC PROPERTIES, Entrata, Inc., FSI ARCHITECTURE PC, Hemlane, Inc. and Indus Systems.

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