According to a research report "Lease Management Market by Component (Solutions and Services), End User (Housing, Corporate, and Property Managers), Deployment Mode, Organization Size, Vertical (Real Estate, Retail and Ecommerce, and BFSI), and Region - Global Forecast to 2025" published by MarketsandMarkets, the Lease management market size is projected to grow from USD 4.4 billion in 2020 to USD 5.9 billion by 2025, at a CAGR of 5.9% during the forecast period. The demand for lease management is driven by the Increasing demand for SaaS model for effective management of lease, Increasing demand for smart building projects to efficiently manage lease, and Emerging technologies, such as IoT, AI, and mobility, for real-time data analysis.
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Driver: Increasing demand for SaaS model for
effective management of lease
The advent of cloud
technology is one of the major breakthroughs in the software industry. This
technology affects the way software applications are run and delivered to
clients. The shifting to the cloud has enabled software developers to focus
more on the technology aspect of the lease management software while
outsourcing the lease management aspect to cloud service providers. The SaaS
software enables the user to pay per use and cancel services whenever they
want. The software enables the big multifamily real estate organizations to
easily integrate different kinds of software across the portfolio.
The SaaS model is
instrumental in supporting multi-vendor software compatibility with legacy
systems. SaaS platforms are allowing real estate managers to integrate their
lease management software with advanced payment solutions for easy and seamless
transactions. These platforms enable efficient energy utilization, easy process
integration, and lease administration management. Owing to the aforementioned
benefits, a large number of organizations are increasingly using the cloud
platform for their daily needs. The deployment of SaaS-based solutions has
helped several organizations meet the complex lease management challenges.
Hence, the increasing adoption of cloud-based platforms is driving the growth
of the lease management market globally.
Opportunity : Emerging technologies, such as
IoT, AI, and mobility, for real-time data analysis
Currently, the market is
gaining momentum around technologies, such as Internet of Things (IoT),
advanced analytics, cutting-edge new sensors, mobility, SaaS, and new development
environments, enabling more demand for enterprise integration than ever before,
which, in turn, is impacting the deployment of the lease management software
across real estate firms. Lease management software providers offer integrated
solutions so that users can connect over social media, impacting project
collaboration and space utilization. The lease management software is able to
support device data from sensors, meters, and smartphones, thereby driving
operations, decisions, and facilities automation. Unlike traditional analytic
tools, the lease management software is already integrated with the Real Estate
Financial Modeling (REFM) business process as well as is pre-configured for
business use. This solution is able to offer real-time analytics, predictive
analytics, and newly emerging cognitive analytics and presence analytics.
Emerging technologies, such as IoT,
are considered to be one of the biggest opportunities, as they can act as a
game-changer technology for real estate managers. The adoption of IoT will
significantly simplify operations, as lease data can be automatically collected
through sensors, which can later be analyzed for maintenance operations at the
maximum efficiency. The use of IoT will significantly lessen the pressure on
lease management tools and help in getting accurate results in minimum time.
IoT is still in the nascent stage but holds immense growth potential in the
future. Hence, as the market of IoT evolves, it will definitely impact the
market of the lease management software across the globe.
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North
America to hold the largest market size during the forecast period
The
North American lease management market is already mature for lease management
systems, and a significant number of new installations of lease management and
upgrade of the existing lease management solutions. Currently, the United
States (US) holds the highest share in the lease management market as it is
home to large telecom giants, well-established suppliers, as well as end-user
industries that continuously adapt to newer technologies for improved business
productivity and work efficiency.
Market
Players
Market
players profiled in this report include Accruent (US), IBM (US), Oracle (US),
RealPage (US), SAP (Germany), Trimble (US), AppFolio (US), Odessa (US), CoStar
Group (US), Nakisa (Canada), LeaseAccelerator (US), LeaseQuery (Singapore),
Spacebase (US), RAAMP (US). These players offer various lease management
solutions and services to cater to the demands and needs of the market. Major
growth strategies are adopted by the players including acquisitions,
partnerships, collaborations and agreements, and new product launches/product
enhancements.
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