Property Management Market Predicted to Grow $22.04 billion by 2023

MarketsandMarkets expects the global Property Management Market size to grow from USD 14.47 billion in 2018 to USD 22.04 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 8.8% during the forecast period (2018–2023). The property management market is gaining traction, due to the critical need for reliable management of growing number real estate properties and smart city projects.

Major players in the global property management market include IBM (US), Hitachi Vantara (US), JLL (US), Oracle (US), SAP (Germany), Trimble (US), RealPage (US), AppFolio (US), Yardi (US), MCS Solutions (Belgium), and ARCHIBUS (US). The other players include FSI (UK), Planon (Netherlands), Accruent (US), Entrata (US), iOFFICE (US), Indus Systems (US), Total Management (US), Rentec Direct (US), PMX Dynamics (Canada), Hemlane (US), Property Boulevard (US), OfficeSpace (US), CIC (US), Archidata (Canada), and Buildium (US).

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JLL is one of the leading players in the property management market. The company has adopted both organic and inorganic growth strategies to expand its presence in the global property management market. For instance, in March 2018, JLL Spark, a division of JLL, announced the acquisition of Stessa, a Software-as-a-Service (SaaS)-based real estate technology firm. Stessa enables investors and property managers to track, manage, and communicate the performance of their real estate portfolios.

Oracle, an established vendor in the property management market, has a strong presence in the Americas, Asia Pacific (APAC), Europe, Middle East and Africa (MEA), and Latin America. In the property management market, Oracle provides Oracle Property Manager and the Primavera Facilities and Asset Lifecycle Management solution. The company has majorly adopted organic growth strategies to enhance its presence and broaden its customer base in the global property management market. In May 2018, Oracle announced an update for its flagship product, Oracle Property Manager. The updated product features new contract abstraction and migration, lease accounting transformation, global lease management, and enhanced reporting, and it is compatible with the IFRS 16 and ASC 842 accounting standards. Furthermore, in February 2017, Oracle released a look-back period archive patch for Oracle Property Manager. The new patch creates a concurrent program that users can run at the end of each fiscal month to archive the lease data.

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Property Management Market by Component (Solutions and Services), Solution (Lease Accounting & Real Estate Management, Asset Maintenance Management & Reservation Management), Service, Deployment, End-User, Application, and Region – Global Forecast to 2023

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