LONDON--(BUSINESS WIRE)--The global property management software market is expected to post a CAGR of more than 5% during 2020-2024, according to the latest market research report by Technavio. Request a free sample report
Traditional ways of property management are highly time-consuming and are more prone to errors as the data is entered manually. Hence, property managers are adopting property management software as it offers more convenience compared to traditional ways of managing the property. It eliminates human errors and allows property managers to assign workloads efficiently to avoid delays in services. Property management software also reduces the time taken in responding to complaints and grievances. Many such benefits offered by property management software is crucial in driving the growth of the market.
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As per Technavio, adherence to industry and government regulations for property listings will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Global Property Management Software Market: Adherence to Industry and Government Regulations for Property Listings
Regulations relating to property listings are different in different countries. Hence, property managers need to comply with various government regulations and have all the necessary documents before closing a real-estate deal. Property management software automates the entire documentation and informs property managers to take the necessary steps to close the deal. Some vendors in the market are offering region-specific software with in-built regulatory compliances that govern data entry and record keeping. Thus, the need for adhering to industry and government regulations for property listings will be a crucial factor in driving the adoption of property management software during the forecast period.
“Use of artificial intelligence, machine learning, voice commands, and virtual reality and the use of data analytics to improve the viability of property management software will further boost market growth during the forecast period,” says a senior analyst at Technavio.
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Global Property Management Software Market: Segmentation Analysis
This market research report segments the global property management software market by deployment (cloud-based and on-premise) and geography (North America, Europe, APAC, South America, and MEA).
The North American region led the property management software market in 2019, followed by Europe, APAC, South America, and MEA respectively. During the forecast period, the North American region is expected to register the highest incremental growth. This is due to the increasing investments in smart city projects and rising urbanization in the region.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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