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Property Management Software Market To Grow By USD 3.33 Billion By 2022

The global property management software market revenue is expected to value at USD 3.33 billion by 2022. Demand for real-time data and insights for property prices in the hotel and hospitality industry is contributing to the market development. Moreover, the rise in E-commerce in commercial sectors is likely to trigger major developments in the following years. Increase in adoption of E-commerce software, ERP solutions and data analytics is more likely to induce a high market growth.

The decline in trend of maintaining a spreadsheet for record storage and retrieval and growth in use of automated software for property management is significantly evident. For instance, AppFolio is highly suitable tool for commercial and residential property management with a user friendly interface and in-built marketing tools. For residential properties, the software provides everything without depending upon accounting systems. AppFolio is an exclusive web-based product with monthly and annually rental plans. 

Therefore, the demand anticipation for automated software products in the real estate sector is hugely optimistic based on growing digitalization and data culture.

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Property management software can turn on various search results for property hunt thereby enabling a systematic search solution for users. On the other hand, property management companies can benefit from the ERP systems to understand and reciprocate with proper results for user query. The property management software for general users include adding/deleting tenants, notification for payment due dates, enabling statements and documents for inwards and outwards moving tenants. Likewise, companies also offer customer support and other features based on user feedback. For instance, property management software from features in tenant handling, operating statement, batch payments, postcard printing, administrator report and international date formats.

Asia Pacific is likely to witness a high CAGR in the near future attributing to various digital transformation and emergence of IT startups. Moreover, technological deployment in line with digitalization is likely to encourage the regional market growth. Increase in outsourcing activities for back-end communication, in Asia Pacific boosts the demand for property management software. Additionally, increase in reliability on search engines for property hunt contributes in the regional development. Another trend of analysing search queries and displaying properties based on preference is inducing the market growth. However, the lack of standardization is a major hindrance for growth in regional markets.

Some of the key players in the property management software market are RealPage, Yardi Systems, Entrata, MRI Software, AppFolio, Syswin Soft, Qube Global Software, Rockend, Console Group, Buildium and InnQuest Software.
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