International. Vantage Market Research's recent analysis of the global property management market finds that the increased need for a SaaS (Software as a Service) model and the increasing trend of workplace mobility are anticipated to increase the growth of the global property management market during the forecast period.
The revenue of the global property management market is expected to reach a value of USD29.1 billion by 2028. Global market revenue was valued at USD17.3 billion in 2021 and is expected to grow to exhibit a compound annual growth rate (CAGR) of 9.5% during the forecast period.
Growing need for SaaS model
The advent of cloud technology is one of the critical advances in the software business. Cloud technology has drastically affected the way software applications are run and delivered to customers, allowing software developers to focus more on the technology part of the software while outsourcing the management part to cloud service providers.
In addition, SaaS software allows users to pay per use and cancel services at any time. SaaS software also allows large organizations in the multifamily property management market to integrate numerous types of software into the portfolio without difficulty. And they enable property managers to integrate their property management market solutions with superior payment solutions for easy and seamless transactions and, as a result, drive market growth.
Increasing the development of mobility in the workplace
The majority of the population prefers to work from home rather than a local office, head office or global branch of an organization and, as a result, needs mobility with respect to access to office resources and data under current conditions.
In addition, organizations are employing the current generation of young people who know technology and believe in using multiple technology devices in their workplace. In addition, to maintain the flow and speed of work without interruption and manage that workforce, many organizations are looking for solutions such as workplace management, project management, and other integrated facilities management functions.
In addition, these solutions make it easy for property managers and related real estate agents to keep track of all the properties they manage and the maintenance work needed for them. Thus, the increase in the trend of workplace mobility is expected to drive the expansion of the property management market.