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Leasing Automation Software Market Key Drivers, Opportunities, Leading Players And Forecast To 2033
Leasing Automation Software Market Key Drivers
According to The Business Research Company's, The leasing automation software market size has grown strongly in recent years. It will grow from $1.51 billion in 2023 to $1.64 billion in 2024 at a compound annual growth rate (CAGR) of 8.5%. The growth in the historic period can be attributed to compliance requirements, centralized data management, improved decision-making, enhanced collaboration, and competitive advantage.
The leasing automation software market size is expected to see strong growth in the next few years. It will grow to $2.32 billion in 2028 at a compound annual growth rate (CAGR) of 9.0%. The growth in the forecast period can be attributed to digital transformation, remote work and mobility, sustainability and ESG reporting, scalability and flexibility, and artificial intelligence and automation. Major trends in the forecast period include the adoption of cloud-based solutions, enhanced integration capabilities, mobile accessibility, AI-driven lease negotiation assistance, and flexibility in lease structures.
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Market Drivers and Trends:
The increasing adoption of cloud-based solutions will propel the growth of the leasing automation software market going forward. Cloud-based solutions refer to software or services that are hosted, managed, and accessed remotely over the internet instead of locally on a user's device or on-premises servers. The increasing adoption of cloud-based solutions is on the rise due to their ability to deliver scalability, cost efficiency, and reliability, enabling organizations to accelerate digital transformation. Cloud-based solutions enhance leasing automation software by providing scalable infrastructure, remote access, real-time data management, streamlining processes, and improving efficiency. For instance, in December 2023, according to the European Union (EU), a Belgium-based governing body, the adoption of cloud-based solutions in 2023 in the European Union increased by 4.2%, with 45.2% of enterprises purchasing cloud computing services, indicating a significant surge compared to 2021. Therefore, the increasing adoption of cloud-based solutions is driving the growth of the leasing automation software market.
Major companies operating in the leasing automation software market are developing innovative leasing automation solutions to enhance the efficiency and effectiveness of property management companies' leasing processes. It streamlines leasing processes through digital tools and software platforms. For instance, in August 2023, VERO, a US-based modern screening and leasing platform, launched VERO1, the first centralized leasing tool designed to streamline and automate the rental application process for enterprise owners and operators. VERO1 uses augmented artificial intelligence and a specialized team of analysts to deliver decision-ready applications, with the goal of making the enterprise application management process ten times more efficient and returning critical time and energy to understaffed teams. This platform speeds up lease decisions, increases occupancy rates, and improves rent collection rates by giving validated data and ready-to-decision applications to operators, thereby revolutionizing the leasing process for property managers and operators.
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Major Key Players of the Market:
International Business Machines Corporation, Oracle Corporation, SAP SE, Trimble Inc., RealPage Inc., LeasePlan Corporation N.V., Yardi Systems Inc., AppFolio Inc., CoStar Group Inc., MRI Software LLC, LeasePilot Inc., Accruent LLC, Cassiopae S.A.S., LeaseQuery LLC, Visual Lease Services Inc., LeaseAccelerator Inc., Re-Leased Limited, Automatic Labs Inc., Milestone Aviation Group Limited, Nomos One Limited, DealSumm Limited, FMIS Software
Leasing Automation Software Market 2024 Key Insights:
• The leasing automation software market size is expected to see strong growth in the next few years. It will grow to $2.32 billion in 2028 at a compound annual growth rate (CAGR) of 9.0%.
• Increasing Adoption Of Cloud-Based Solutions Fuels The Leasing Automation Software Market
• Innovative Leasing Automation Solutions Revolutionizing Property Management Industry
• North America was the largest region in the leasing automation software market in 2023
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