Lease Management Software Market
Global lease management software market is expected to reach a value of around USD 3,565 million by 2027, at a CAGR of around 14.2% between 2019 and 2027.
NEW YORK, UNITED STATES, August 20, 2020 /EINPresswire.com/ — Facts and Factors Market Research has published a new report titled “Lease Management Software Market By Product Type (On-Premise and Cloud-Based) and by Vertical (Hospitality, Real Estate, Telecommunications, Retail, Healthcare, Public Sector, Manufacturing & Logistics, Higher Education, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2019 – 2027”. According to the report, the global lease management software market was valued at approximately USD 1,075 million in 2018 and is expected to reach a value of around USD 3,565 million by 2027, at a CAGR of around 14.2% between 2019 and 2027.
Lease management software assists commercial real estate experts in formulating, examining, and distributing leases as well as relevant documentation. It also provides a central databank that saves the information and built-in financial analysis tools. This helps end-users in effectively handling lease payments, preparation of abstracts & stacking agendas, and exact examining of lease-level financial information. Lease management software also integrates its working with real estate portfolio management software to demonstrate property owners with a complete outlook of their real estate possessions. Lease management software helps in simplifying management operations and fulfilling business objectives.
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New Lease accounting principles to steer the market growth
Accounting standard codification 842 and global financial reporting standard 16 are likely to totally alter the laws that regulate the accounting protocols for leases. Due to this, simple worksheets and physical processes will not be sufficient to maintain lease data and do lease calculations. This, in turn, will favorably impact the expansion of lease management software industry during the forecast timeline.
Moreover, infrastructural growth across the globe is propelling the need for real-time access to property information. Apart from this, the growing focus of property or real estate owners on improving scalability, cost-efficacy, and time-efficiency will propel the demand for property management software. All these factors will further impel the growth of the lease management software market over the forecast period. In addition to this, asset & product differentiation along with the escalating need for the SAAS model of property management will further drive the market trends. Nonetheless, security risks, as well as budget constraints related to lease management software, will steer the growth of the market.
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Cloud-based segment to dominate the lease management software market in terms of value
The growth of the segment can be credited to a rise in the number of end-users and firms choosing cloud installation as it is scalable & cost-efficient. The cloud-based segment is set to accrue the revenue of nearly USD 1,070 million by the end of the forecast timeframe.
Real estate management software to lead the vertical segment
The growth of the real estate management software segment can be attributed to its escalating popularity among core property management software providers. Apart from this, the need for creating new software solutions and setting up a suitable framework for fulfilling the business goals of the property owners will further drive the growth of the segment.
North America to majorly contribute towards the overall market earnings during the forecast period
North American market is projected to garner revenue of nearly USD 1,210 by 2027. The growth of the market in the region can be due to the high acceptance of property management software and the huge presence of global as well as regional players.
Some of the major participants in the lease management software business include AMTdirect, AppFolio, Buildium, CoStar Realty Information, Inc., LeaseEagle, Link Systems, Inc. (Prolease), ManageCasa, MRI Software LLC, Nomos One, Odessa Technologies, PropertyBoss Solutions, RAAMP, LLC, Re-Leased Software Company Ltd., Rentec Direct, SimplifyEm, Spacebase, View The Space, and Visual Lease.
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This report segments the lease management software market as follows:
Global Lease Management Software Market: By Product Type Segment Analysis
On-Premise
Cloud-Based
Global Lease Management Software Market: By Vertical Segment Analysis
Hospitality
Real Estate
Telecommunications
Retail
Healthcare
Public Sector
Manufacturing & Logistics
Higher Education
Others
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