Property Management Software Market to Witness a Pronounce Growth Rate ~ 4.9% of CAGR by 2031

Property management software serves as a centralized computer system for planning, coordinating, and overseeing the daily operations of an accommodation operation. Depending on the software provider, it can manage every aspect of the reservation process as well as front and back-office operations, channel management, guest communication, housekeeping, and maintenance management.

According to a new report published by Allied Market Research, The property management software market was valued at $3 billion in 2021, and is estimated to reach $4.7 billion by 2031, growing at a CAGR of 4.9% from 2022 to 2031.

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Increase in adoption of cloud computing solutions and software-as-a-service (SaaS) platforms, machine learning tools, and the internet of things (IoT), rise in the development of smart real estate infrastructure, and growing dependency upon one platform approach drive the growth of the global property management software market.

Covid-19 Scenario:

• The COVID-19 pandemic outbreak has a significant impact on the growth of property management software market, due to increased internet penetration, growing adoption of connected devices, and rise in the number of customer satisfaction tools.

• The pandemic compelled organizations across the globe to adopt remote work policies, leading to a rapid increase in demand for tools to support remote teams and workflows.

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Region-wise, North America held a significant global property management software market share, due to the country's expanding hotel capacity, the U.S. currently dominates the regional market for North America. The main drivers of the growth of the property management software industry in North America are the rapid advancements in software as a service (SaaS) technology and rise in awareness for personalized property managing software.

Moreover, rapid urbanization and increase in spending construction of smart real estate infrastructure to enhance the standard of living and streamline technological property care take solutions are the primary factors that drive growth of the property management software industry in Asia-Pacific and Europe.

Based on the deployment model, the cloud based segment held the largest share in 2021, capturing three-fourths of the global property management software market, and would lead the trail through 2031. The same segment is estimated to witness the fastest CAGR of 5.4% during the forecast period. The report also discusses the on premises segment.

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In terms of property type, the commercial segment captured the largest market share of one-third in 2021 and is likely to maintain its leadership in terms of revenue during the forecast period. The residential segment, on the other hand, is likely to achieve the fastest CAGR of 5.6% through 2031. The report also studies the industrial and special purpose segments.

Based on solution, the marketing and advertising segment held the largest share in 2021, accounting for more than one-fourth of the global property management software market, and would dominate through 2031. The accounting and cash flow management software segment, on the other hand is estimated to witness the fastest CAGR of 7.3% during the forecast period. The report also discusses the rental and tenant management, property sale and purchase solution, legal and insurance consultancy, and others segments.

Leading players of the global property management software market analyzed in the research include Alibaba Cloud, Console Australia Pty. Ltd., Entrata, Inc., IQware Inc., Microsoft Corporation, Oracle Corporation, PropertyMe Pty. Ltd., REI Master Pty. Ltd., Rockend Pty. Ltd., and TAP Co., Ltd.

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