LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global property management software market to grow at a CAGR close to 5% during the forecast period, according to their latest market research report.
The use of artificial intelligence, machine learning, voice commands, and virtual reality is one of the major trends being witnessed in the global property management software market 2018-2022. The real estate industry will see a huge change in the way processes are executed, owing to the integration of intelligent systems, machine learning, and artificial intelligence in property management software. In the coming years, the use of AI and chatbots will provide tenants with improved services and automated maintenance workflows. Another upcoming technology that is being integrated into property management software is virtual reality. This technology allows property managers to provide the prospective tenants with a tour of the house or amenities without even meeting them in person. Similarly, 3D imaging and 360-degree imaging services enable the all-round visualization of properties for sale. These technologies increase customer interest and create a positive brand image.
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According to Technavio analysts, one of the key factors contributing to the growth of the global property management software market is the increasing awareness of property management software and its benefits:
Global property management software market: Increasing awareness of property management software and its benefits
One of the main factors that will drive the growth of global property management software market is the increasing awareness of the benefits of this software among customers. The software is very convenient compared to traditional ways of managing properties using Notepad, Microsoft Excel, or other spreadsheets. Property management software eases data management by adding the master data and then updating the same. Property management software also helps in documenting lease management by default, creating rent reminders, providing payment updates, creating online payment options, and tracking responses to display advertisements. Thus, the increasing awareness of property management software and its benefits is expected to fuel the growth of the global management software market during the forecast period.
According to a senior analyst at Technavio for research on enterprise application, “Property management software integrated with advanced technologies, enables property management companies to build effective and efficient marketing campaigns and increase sales with the use of data analytics. Such advanced features are expected to boost the growth of the market.”
Global property management software market: Segmentation analysis
The global property management software market research report provides market segmentation by region (the Americas, EMEA, and APAC). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
The Americas held the largest share of the market in 2017, accounting for over 45% share, followed by EMEA and APAC respectively. However, during the forecast period, the APAC region is expected to register the highest incremental growth.
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Market Landscape
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Market Sizing
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Five Forces Analysis
Market Segmentation
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- Vendors covered
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