NEW YORK, Aug. 17, 2023 /PRNewswire/ — The Property Management Market size is set to increase by USD 49.45 Billion at a CAGR of 2.73% during the forecast period. The market’s expansion is dependent on a number of factors, including adherence to industry and government rules for property listings, the increasing importance of customer-centric business operations, and increased knowledge of the benefits of property management software.
As per Technavio’s report, the Property Management Market gives a detailed analysis of market segmentation by Application (construction and real estate, government, retail, hospitality, and others), Deployment (cloud-based and on-premise), and Geography (North America, Europe, APAC, South America, and Middle East and Africa). In addition, the report includes historical market data from 2017 to 2021, allowing for a thorough insight of industry drivers, trends, challenges, and changes. To view the historical data, get the sample report now!
The major companies in the Property Management Market, include:
- 360 Mango Solutions Pvt. Ltd.
- Amadeus IT Group SA
- CBRE Group Inc.
- Ciirus Inc.
- Digital Arbitrage Ltd.
- Ezee Technosys Pvt. Ltd.
- Guestline Ltd.
- Honeywell International Inc.
- Hotelogix India Pvt. Ltd.
- InnKey PMS
- International Business Machines Corp.
- Koch Industries Inc.
- Microsoft Corp.
- Micro Star International Co. Ltd.
- Oracle Corp.
- SAP SE
- Frontdesk Anywhere Inc.
- InnQuest Software
- Northwind Commercial Real Estate
- Saaranya Hospitality Technologies Pvt. Ltd.
Key drivers and trends fueling growth and reshaping the Property Management Market:
- Adherence to industry and government regulations for property listings is improving market growth. These regulations ensure data security and influence real estate deals. Different regulations in various countries impact property managers and real estate agents, fostering the market’s expansion.
- Property management firms are embracing customer-centric strategies by leveraging AI, chatbots, and machine learning. These technologies enhance customer engagement, streamline issue resolution, and provide timely information to clients, contributing to market growth.
- The adoption of blockchain technology and smart contracts is a growing trend. These innovations enhance transaction security, automation, and transparency in real estate deals. Tokenization of assets for secure transfers is also gaining traction.
- Cloud deployment models remain popular due to their user-friendliness, cost-effectiveness, agility, and advanced security features. Cloud solutions ensure seamless data integration, backup capabilities, and efficient communication between stakeholders.
Challenges Hindering Growth of the Property Management Market
The adoption of emerging technologies like AI and blockchain demands specialized expertise. Property managers need to acquire new skills to effectively utilize these technologies, which could slow down adoption and growth.
As property management processes become more digitized, the risk of data breaches and cyberattacks increases. Maintaining data security and protecting sensitive client information is a continuous challenge.
The property management market is fragmented, with varying regulations and practices across different regions and countries. This can create complexities for companies trying to offer standardized solutions and services.
Some property managers and clients might be resistant to adopting new technologies due to unfamiliarity or concerns about disruption. Convincing stakeholders of the benefits of technological advancements could be a hurdle.
The property management market is set to expand, driven by regulation compliance, customer-centric strategies, and technological integration. Cloud-based solutions remain popular, but challenges related to skill adaptation, data security, market complexity, and technological adoption need attention. Despite these obstacles, the market presents significant growth and opportunities for the industry over the forecast period. The report provides insights into market trends, drivers, challenges, and regional dynamics, allowing businesses to fine-tune their marketing strategies and acquire a competitive advantage in the industry. To access the full report, please buy the complete report here.
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Originally published at https://www.prnewswire.com/news-releases/property-management-market-size-to-grow-by-usd-49-45-billion-by-2022-to-2027-due-to-the-adherence-to-industry-and-government-regulations-for-property-listings-301902739.html