1 Global Property Management Software Market Size (Revenue) and CAGR (2024-2033)
Global Property Management Software market generated revenue of USD 3894.96 Million in 2024 with a CAGR of 8.8% during 2024 to 2033.
Despite its growth, the market faces challenges such as high costs of implementation, security concerns, and the need for continuous technological upgrades. However, opportunities remain abundant, particularly in emerging markets and with the increasing adoption of SaaS-based solutions.
In conclusion, the global property management software market in 2024 is poised for significant growth, driven by technological advancements and increasing demand. With a projected CAGR of 8.8% from 2024 to 2033, the industry is expected to continue expanding, offering both challenges and opportunities for stakeholders.
Figure Global Property Management Software Market Size (M USD) Outlook (2024-2033)
2 Industry Development Trends under Global Inflation
One of the trends in the property management software industry is the growing demand for SaaS-based property management software (PMS). Cloud-based property management software comes with many advantages, such as scalability, multiple property management, etc., which provides additional advantages over on-premises deployed software. A SaaS-enabled PMS helps efficiently manage daily operations such as building maintenance, tenant and lease tracking, accounting, and more. The software provides a centralized platform for a thorough view of all properties and can oversee operations for other property-related things, such as meeting various tenant requirements and maintenance tasks. The SaaS market is booming day by day, and more and more property management software companies are choosing SaaS technology as a long-term part of their business.
However, due to the impact of global inflation, inflation has seriously affected SaaS prices. Nearly three-quarters (73%) of SaaS vendors increased prices in 2023, pushing software spending to an all-time high, according to SaaS and cloud spend optimization platform Vertice’s annual SaaS Inflation Index. Vertice’s “SaaS Inflation Index” shows that software prices are still soaring. Although CPI inflation has declined compared with 2022, the software inflation rate remains high in 2023, reaching 8.7%, which is more than twice the U.S. CPI inflation rate. This means that a SaaS stack that cost $1,000,000 a year ago will now cost a software business using the technology an additional $87,000.
In addition, contracts signed by both parties are also affected by inflation, as vendors look to increase revenue in tough economic conditions, so they still charge the same price for SaaS with reduced functionality. Some SaaS providers are increasingly using opaque techniques to hide the decline in actual value, including measures such as “bundling,” “unbundling,” and “currency coordination.” The shrinking of SaaS makes software pricing more difficult to control than ever before.
In terms of property management software costs, inflation will also lead to an increase in production costs. When raw material and labor costs rise, companies pay higher costs to produce products. Due to the high demand for scientific and technological talents in the software industry, the increase in labor costs will cause the profit margins of property management software companies to be correspondingly compressed, which will pose a threat to the profitability of the company.
Therefore, for property management software companies around the world, there is an urgent need to manage their cost base to allocate resources to more productive areas and weather the global economic downturn in better shape.
3 Global Property Management Software Market by Type in 2024
The global property management software market is segmented into two primary product types: On-Premise and Cloud.
On-Premise Property Management Software
On-Premise software is a traditional solution where the software is installed on the user’s local servers and is protected by an internal firewall. This type of software allows organizations to maintain full control over their data and operations. It is particularly favored by those who prioritize data security and privacy. In 2024, the On-Premise segment had a market value of $1,294.10 million USD, accounting for 33.22% of the total market share.
Cloud Property Management Software
Cloud-based property management software is hosted on remote servers and accessed via the internet. This type offers significant advantages such as scalability, flexibility, and cost-efficiency. Cloud solutions allow property managers to access their data from anywhere, making it ideal for modern, tech-savvy businesses. In 2024, the Cloud segment had a market value of $2,600.86 million USD, representing 66.78% of the total market share.
Table Global Property Management Software Market Size and Share by Type in 2024
Type | Revenue (M USD) | Market Share (%) |
|---|---|---|
On-Premise | 1,294.10 | 33.22 |
Cloud | 2,600.86 | 66.78 |
Total | 3,894.96 | 100.00 |
4 Global Property Management Software Market by Application in 2024
The property management software market is further segmented by its applications, primarily categorized into Commercial and Residential.
Commercial Property Management Software
Commercial property management software is designed to handle the complexities of managing office spaces, retail properties, hotels, and other commercial real estate. It offers advanced features such as lease management, tenant tracking, and financial reporting, tailored to meet the specific needs of commercial landlords and property managers. In 2024, the Commercial segment had a market value of $2,393.86 million USD, accounting for 61.46% of the total market share.
Residential Property Management Software
Residential property management software is designed to streamline the management of residential properties, including apartments, single-family homes, and multi-family units. It focuses on tenant management, rent collection, maintenance tracking, and other day-to-day operations. In 2024, the Residential segment had a market value of $1,501.10 million USD, representing 38.54% of the total market share.
Table Global Property Management Software Market Size and Share by Application in 2024
Application | Revenue (M USD) | Market Share (%) |
|---|---|---|
Commercial | 2,393.86 | 61.46 |
Residential | 1,501.10 | 38.54 |
Total | 3,894.96 | 100.00 |
5 Global Property Management Software Market by Region in 2024
The global property management software market in 2024 exhibited significant regional disparities, with North America, Europe, and Asia Pacific emerging as the dominant players.
North America led the market in terms of revenue, with a total value of $1,418.06 million USD in 2024, accounting for 36.41% of the global market share. This region’s dominance can be attributed to its early adoption of advanced property management software solutions, driven by the need for efficient management of commercial and residential properties. The United States, in particular, played a crucial role in this market, contributing significantly to the overall revenue.
Europe followed closely with a market value of $1,193.92 million USD and a share of 30.65% in 2024. The European market’s growth was driven by increasing urbanization, the need for sustainable property management practices, and the adoption of cloud-based solutions. Countries such as Germany, France, and the United Kingdom were key contributors to the region’s market value.
Asia Pacific, despite being a relatively younger market, showed remarkable growth potential. In 2024, the region’s market value reached $1,082.53 million USD, representing 27.79% of the global market share. The rapid urbanization in countries like China and India, coupled with the increasing demand for efficient property management solutions, contributed to the region’s growth. The Asia Pacific market is expected to continue its upward trajectory, driven by technological advancements and the growing adoption of cloud-based property management software.
The Middle East and Africa had a market value of $94.88 million USD in 2024, accounting for 2.44% of the global market share. This region’s growth was influenced by the increasing demand for property management solutions in emerging economies and the need for sustainable practices in real estate management.
Latin America, with a market value of $105.58 million USD and a share of 2.71% in 2024, also showed potential for growth. The region’s market was driven by the increasing adoption of property management software in countries like Brazil and Mexico, where the real estate sector is expanding.
Table Global Property Management Software Market Size, Region Wise in 2024
Region | Revenue (M USD) | Market Share (%) |
|---|---|---|
North America | 1,418.06 | 36.41 |
Europe | 1,193.92 | 30.65 |
Asia Pacific | 1,082.53 | 27.79 |
Middle East & Africa | 94.88 | 2.44 |
Latin America | 105.58 | 2.71 |
Total | 3,894.96 | 100.00 |
Figure Global Property Management Software Market Share, Region Wise in 2024
6 Global Property Management Software Market Top 3 Players
Company Introduction and Business Overview: Yardi Systems, Inc. is a global leader in real estate investment management and property management software. Established in 1984, Yardi offers comprehensive solutions for various real estate markets, including multifamily, single-family, affordable housing, and commercial properties. The company is headquartered in the United States and operates worldwide.
Products Offered: Yardi’s flagship product, Yardi Voyager, is a single connected solution that aligns an entire operation. It offers features such as maintenance tracking, electronic leasing, document storage, online tenant portals, and online payment processing. Yardi also provides solutions for property management, accounting, and compliance, making it a versatile choice for property managers and landlords.
Revenue in 2024: In 2024, Yardi’s revenue reached $700.29 million USD, accounting for 17.98% of the global market share. Yardi’s growth is driven by its commitment to innovation and customer satisfaction, making it a preferred choice for many property management companies.
Company Introduction and Business Overview: AppFolio, Inc. is a technology company that provides cloud-based business software solutions, data analytics, and services. Established in 2006, AppFolio is headquartered in Santa Barbara, California. The company specializes in real estate software solutions for property management customers, including owner-operators and third-party property managers.
Products Offered: AppFolio offers a range of products, including AppFolio Property Manager and AppFolio Property Manager Plus. These solutions provide features such as lease management, tenant screening, online rent payments, and maintenance tracking. AppFolio’s platform is designed to streamline property management operations and enhance efficiency.
Revenue in 2024: In 2024, AppFolio’s revenue reached $664.93 million USD, accounting for 17.07% of the global market share. The company’s growth is driven by its user-friendly interface and robust feature set, making it a popular choice for property managers and landlords.
Company Introduction and Business Overview: RealPage, Inc. is a global provider of data analytics and software solutions for the real estate rental industry. Established in 1998, RealPage offers a wide range of services, including property management, revenue management, learning management, and spend management. The company is headquartered in the United States and operates worldwide.
Products Offered: RealPage’s property management software is designed to streamline day-to-day operations, centralize accounting and reporting, and automate service requests. The company also offers solutions for marketing, leasing, screening, and utility management. RealPage’s integrated platform provides comprehensive tools for property managers to enhance efficiency and profitability.
Revenue in 2024: In 2024, RealPage’s revenue reached $418.68 million USD, accounting for 10.75% of the global market share. RealPage’s growth is driven by its commitment to innovation and the continuous expansion of its product offerings.
Table Global Property Management Software Revenue of Top3 Players in 2024
Company | 2024 |
Yardi | 17.98% |
AppFolio | 17.07% |
RealPage | 10.75% |