JLL (US), Oracle (US), IBM (US), SAP (Germany) and Trimble (US) are the Key Players in Property Management Market - Report by MarketsandMarkets™

According to recent research "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", The global property management market size is expected 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. The major driving factors of the property management market include an increasing demand for SaaS model and upsurge in real estate and smart building projects.

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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 conflits 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.

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.

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North America to hold the largest market size during the forecast period

North America is projected to hold the largest market size and continue to dominate the global property management market during the forecast period. Commercial and residential real estate property managers in North America are rapidly adopting property management software solutions by leveraging the automation and management solutions. The existing developed infrastructure and the increasing commercial and residential real estate demands in the region have boosted the adoption for property management solutions in North America. The growth in rental demands has resulted in the strong demand for property management solutions and services. Moreover, consistent technological innovations in this region enable software providers to develop comprehensive property management software solutions.

Major players in the 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.

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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