Global Property Management Software Market 2017-2021
About Property Management Software
Property management software helps property managers manage their daily operations. These operations include tenant and lease tracking, accounting, and building maintenance. The software solution provides property managers a centralized platform to view all their properties. It also ensures the progress of other property-related operations such as supervising maintenance tasks and addressing the needs of tenants.
Technavio’s analysts forecast the global property management software market to grow at a CAGR of 5.20% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global property management software market for 2017-2021. To calculate the market size, the report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Property Management Software Market 2017-2021
Technavio recognizes the following companies as the key players in the global property management software market: AppFolio, Buildium, Console Australia, Entrata, London Computer Systems, MRI Software, Property Boulevard, Qube Global Software, RealPage, Rockend, TOPS Software, and Yardi Systems.
Other Prominent Vendors in the market are: Building Engines, GENKAN, LandlordMAX, Maintenance Connection, Property Matrix, PropertyMe, Rentec Direct, RentPost, ResMan, ROSMIMAN IWMS, Softera Baltic, SimplifyEm, SS&C Technologies, Total Management, Trace Solutions, and ValencePM.
Commenting on the report, an analyst from Technavio’s team said: “One trend in market is increasing integration of augmented reality in property management. Augmented reality (AR) is a trend in the property management software industry. It has become the best tool for all the travel management companies and for property management companies to provide AR on places to visit and properties. The technology of AR is very useful for the property management industry. AR recreates a part of the real world in the virtual world. This enables a lot of customizations and decision-making. For instance, IKEA has launched an app allowing homeowners to place furniture in the living room of the virtual world. This technique allows potential buyers to view the furniture of their new property from their home. This allows easy and fast decision-making.”
According to the report, one driver in market is surging demand for accurate documentation. The demand for property management software among enterprises, agents, and brokers is growing at a rapid pace. This is because they work with huge amounts of property management-related data acquired from different sources. The traditional property management processes involved a lot of paperwork and required large amounts of storage space. The adoption of property management software eliminates the use of paper because all the operations are digitized. This reduces the need for storage space and helps the environment. The software handles unexpected maintenance requests, property damage, tenant files, resident complaints, payment problems, and accounting issues. The property management software enables accurate documentation and monitors risk management issues. The software offers historical digital records. This enables property management firms to attach and refer documents, such as pictures, videos, and statements, to increase efficiency.
Further, the report states that one challenge in market is data security and privacy. Property management firms that do not have the experience of working with software may have concerns over data security, especially with cloud-based solutions. These businesses may prefer an on-premises version where data is housed and maintained by the servers of the business. The implementation of cloud-based property management software in an organization gives rise to security risks such as making the property information available to the public. Many property management organizations prefer cloud-based property management software over the on-premises model. This is because the cloud-based model is cost-effective and easily accessible. The cloud-based property management software provides an economical and convenient way to store and access corporate data. However, organizations transfer their data or information to the cloud only if they trust the property management software providers and consumers. This is because organizations lose control over data and become dependent on the property management software provider. The risk of information leakage is high. Information leakages result in the misuse or manipulation of important data. It further gives rise to the lack of transparency for users on when, how, where and why their data is processed.
AppFolio, Buildium, Console Australia, Entrata, London Computer Systems, MRI Software, Property Boulevard, Qube Global Software, RealPage, Rockend, TOPS Software, Yardi Systems, Building Engines, GENKAN, LandlordMAX, Maintenance Connection, Property Matrix, PropertyMe, Rentec Direct, RentPost, ResMan, ROSMIMAN IWMS, Softera Baltic, SimplifyEm, SS&C Technologies, Total Management, Trace Solutions, and ValencePM.
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