Property Management Software Market Trends

Growth Drivers

• Increasing Use of Software as a Service (SaaS) – In real estate organizations, SaaS offers high scalability and wide customization options. The rising adoption of SaaS for managing properties is expected to escalate the demand for property management software in the forecasted period. It was found that, in 2020, more than 35% of the companies worldwide were running their organization on SaaS, whereas it is expected that by 2025, over 80% of the businesses will convert their systems to SaaS. Moreover, proliferating investment in the real estate sector is resulting in its automation which is also driving the growth of the property management software market.
• Growing Workforce Migration – The inflow of workforce immigrants in any region leads to a surge in housing demand in that region.  It was found that, internationally, the number of people migrating for work grew from 164 million to 169 million between 2017 and 2019. The rising provision of web-based services in the real estate sector is expected to boost market growth in the upcoming years.
• Upsurge in Online Hotel Bookings – Which accounted for more than USD 174 million across the globe in 2022.
• Growing Tourism Industry – As per the tourism industry statistics 2020, global revenue for travel and tourism reached USD 440 billion in 2020.
• Rising Digital Property Buyers – More than 50% of buyers found their homes through the internet.

Challenges

• Lack of Awareness About Property Management Software – Despite the increasing implementation of property management software, numerous people and small businesses are not aware of the dynamic outcomes of such software. Hence, the notable deficit in optimal property management software solutions is estimated to hinder the growth of the market.
• Concern about the Affordability of Smaller Businesses
• Time-taking Process