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Lease Management Market Outlook & Key Trends 2024
Lease Management Market Outlook
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According to The Business Research Company's, The lease management market size has grown strongly in recent years. It will grow from $4.19 billion in 2023 to $4.48 billion in 2024 at a compound annual growth rate (CAGR) of 7.0%. The growth in the historic period can be attributed to increased complexity in lease agreements, globalization and expansion, focus on cost efficiency, operational streamlining, risk mitigation.
The lease management market size is expected to see strong growth in the next few years. It will grow to $5.92 billion in 2028 at a compound annual growth rate (CAGR) of 7.2%. The growth in the forecast period can be attributed to vendor competition and innovation, sustainability and esg considerations, integrated solutions, cost optimization, remote work and collaboration, transition to cloud-based solutions. Major trends in the forecast period include ai and analytics, focus on automation and ai, integration with enterprise systems, customization and scalability, focus on user experience.
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Market Drivers and Trends:
The growing transportation industry is expected to boost the growth of the lease management market going forward. Transportation, also known as transport, refers to the intentional movement of people, animals, and goods from one location to another. The growing transportation industry drives the demand for sophisticated lease management solutions to efficiently handle the leasing and management of vehicles, ensuring compliance, optimizing operational efficiency, and supporting overall business growth. For instance, in November 2022, according to a report published by the Bureau of Transportation Statistics, a US-based agency, according to the Transportation Satellite Accounts (TSAs) of the Bureau of Transportation Statistics (BTS), transportation services (for-hire, internal, and home) contributed $1.3 trillion (5.6%) to an increased U.S. gross domestic product (GDP) of $23.7 trillion in 2021. In-house transportation via truck, rail, water, and air increased by 0.1 percentage points to 1.0% in 2021. Therefore, the growing transportation industry is driving the growth of the lease management market.
Technological advancements are a key trend gaining popularity in the lease management market. Major companies operating in lease management are introducing new technologies to sustain their position in the market. For instance, in February 2021, Dottid, a US-based software-as-a-service technology platform for the commercial real estate industry, launched industrial property leasing and asset management platform. It is an innovative workflow management tool that was developed to connect owners, managers, brokers, and tenants for secure and effective communication. The solution includes visual tools, access, and process management to help all parties involved in a transaction save time and money.
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Major Key Players of the Market:
LeaseAccelerator Inc., Nakisa Lease Administration, CoStar Realty Information Inc., AppFolio Inc., Trimble Inc., RealPage Inc., Oracle Corporation, SAP SE, International Business Machines Corporation, Nomos Limited, PowerPlan Inc., SMR Group, SOFT4Lessee, SS&C Technologies Inc., Tango Analytics, Visual Lease LLC, Accruent LLC, Odessa Technologies Inc., Spacebase GmbH, LeaseEagle LLC, MRI Software, Qube Global Software, NTrust Infotech Inc., Virtual Premise Inc., Infosite Technologies Inc, SpaceTrak, Yardi Systems, Visual Data Group, Corrigo, iLease Management LLC
Lease management Market 2024 Key Insights:
• The lease management market size is expected to see strong growth in the next few years. It will grow to $5.92 billion in 2028 at a compound annual growth rate (CAGR) of 7.2%.
• The Surge In Workplace Mobility Fuels Growth In The Lease Management Market
• Advanced Technological Trends In Lease Management Market
• North America was the largest region in the lease management market share in 2023
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