Property Management Market Projected to reach $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.

Reservation management solution to grow at the highest CAGR during the forecast period

The reservation management solution helps in the fast activation and management of property and facility spaces. The solution enables enterprises to optimize their resources in real time across the entire property and facility portfolio. It helps in booking and managing vacation properties, hotel rooms, and conference rooms and halls. The solution provides a uniform platform for booking meeting spaces, equipment, and related services. It also enables employees to check the availability of rooms in real time for avoiding conflicts in meeting room bookings. Enterprises leverage the benefits of this solution to centrally manage and optimize the booking of meeting rooms and related services in real time across sites and buildings, countries, and regions.

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Commercial application segment to hold a larger market size during the forecast period

The commercial segment covers real estate buildings, retail properties, hotels, educational institutes, industrial enterprises, and government buildings. It is expected to hold the largest market size during the forecast period. Commercial properties need to manage many departments, such as maintenance, human resources, accounting and payroll, and business operations. For managing these departments and their business operations, property managers adopt on-premises property management software solutions

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).

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.

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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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