LONDON--(BUSINESS WIRE)--According to the latest research report released by Technavio, the global property management software market will likely reach over USD 5 billion by 2020.
This report titled ‘Global Property Management Software Market 2016-2020‘, provides an in-depth analysis of the market in terms of revenue and emerging trends. To calculate the market size, the report considers revenue generated from software licensing. Software licenses are classified into the following categories:
- Term license: A term license allows end-users to access all the products based on the agreement. The contract is generally for two to three years and has a no return policy.
- Subscription license: A subscription license allows end-users to access all the specified products during the agreement term. It also includes unspecified products that become commercially available during the agreement period.
- Perpetual license: A perpetual license allows end-users to use software products indefinitely with a one-time investment. It has no return policy and no provision for the availability of value addition to the existing product. Maintenance service is purchased separately.
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“A smart city combines various technologies to reduce environmental impact and offer its citizens a better lifestyle in terms of economic growth, well-being, and sustainability. The concept is gaining attention in China, India, and Qatar. The development of smart cities would create efficient transportation facilities, traffic management system, smart grids, and healthcare facilities. It would also lead to the adoption of advanced technology in the construction process,” said Amrita Choudhury, one of Technavio’s lead industry analysts for enterprise application.
“On an average, the end-users of property management software market spend 44% of their time working for their clients on mobile devices. Almost all end-users are using smartphones based on Android or iOS platforms to conduct their business quickly and conveniently. Some of the mobile application providers for property management are AppFolio, Rent Tracker, PayByGroup, and Yardi Mobile Solutions. This trend is expected to hugely impact the global property management software market until 2020,” added Amrita.
Some of the other driving forces behind the growth of the global property management software market are as follows:
- Numerous features of software
- Easy access to property data
- Increased demand for contract management solutions
Numerous features of software
Some property management software vendors provide solutions with different language options, taking into account customers in different regions. Some software solutions offer multiple currency functionality, making it more convenient for users. Web-based property management solutions can integrate and synchronize with existing systems like enterprise resource planning, customer relationship management, and common office tools like Word, Excel or Outlook.
The solutions are regularly upgraded to make sure that they adhere to the latest requirements. With the help of property management software, users can also analyze buildings’ energy consumption and come up with new strategies to manage energy more efficiently to reduce operating costs. These factors are prompting companies to move toward these advanced software solutions.
Easy access to property data
The demand for property management software among enterprises, agents, and brokers is growing at a rapid pace as they deal with a plethora of property management-related data from different sources. Property management software provides easy access to the available data and makes the business processes of enterprises easier. Before the existence of these software solutions, enterprises faced a lot of difficulty in handling and managing real estate data as it was cumbersome to tackle the information available and sort it out based on specific requirements.
As each and every enterprise has a different set of requirements, vendors of property management software customize their products. Hence, it becomes easier for the service user to make the best use of the available data. Also, real estate brokers can find suitable properties for the client within fractions of a second on the basis of the criteria defined, such as location or keywords entered by the client.
Increased demand for contract management solutions
The real estate industry has a large amount of paperwork and administration procedures. Property management software helps in streamlining and automating these processes. It provides a dashboard for contract management. The dashboard helps in viewing active leads, and makes it easy to comprehend the status of buyers in the purchasing process. This provides highly reliable information about contracts, as the latest information is pulled from the property management software database. It is the fastest way to produce an accurate and up-to-date report on current sales. As the software does a lot of the work, enterprises are able to focus on core activities. A good property management software will also be able to provide more detailed and precise information about ongoing sales as it automates the business process. All the relevant documents can be automatically published and attached to the buyer's file. It therefore enables enterprises to easily manage their contracts across all geographic regions by using property management software.
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Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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