The global property management software market size is expected to reach $4.1bn by 2027, with a 5.4% CAGR during the forecast period, according to a new report released by ResearchAndMarkets.com.

The report said that there will be a rise in demand for web-based services like Software as a Service (SaaS) that helps companies in the management of daily functions like building maintenance, accounting, and tenant and lease tracking. The software offers a centralised platform for all the properties together and facilitates online sharing and storage of documents, financial reporting, account capabilities, integrated banking among other applications, electronic lease agreements, and online maintenance requests and tracking.

On-premise deployment of property management software is anticipated to witness lucrative growth rate during the forecast period. 

“Benefits like high-level data security than cloud-based property management software and control and ownership over hardware, are responsible for the augmentation of the segment. In addition, on-premise PMS can be personalized as per the user or business requirements. Thus, this segment is expected to witness a boost due to the above-mentioned benefits during the forecast period,” the report added.

In the past few years, property management software systems have shifted from manual to automatic solutions. This has helped companies improve services as it reduces incidences of human errors.

“The advantage of an automatic PMS is that it reduces the time taken in responding to complaints and grievances of owners and tenants. Moreover, it makes property management procedures simpler by reducing communication gaps, storing and leasing documents and contracts, simplifying the rent collection processes, and tracking finances,” the report stated.

With the pandemic, property managers got an opportunity to propose and use automation tools like smart and AI-enabled property management software. AI-enabled tools collect data through Wi-Fi and automatically respond to leads. This helps in enhancing customer service and lowering the operational risks.

Cloud-based property management software, meanwhile, focuses on the installation of actuators and sensors in the infrastructure facilities. As the property management business grows with new services, the cloud helps in handling the bandwidth, extra storage, and computing demands. The software also helps the system to take care of the updates to operating systems and other software; hence reducing wastage of time.

However, compnaies also face challenges with property management software. “A lot of time is required to learn the use of software. The integration of software also consumes a lot of time because, firstly, time is spent on choosing the ideal software, and secondly, time is spent on learning it. Every kind of software has its features and learning various software is a difficult task," it stated.