HOA Property Management Software Market to Reach $18.0 Billion, Globally, by 2032 at 7.1% CAGR: Allied Market Research
NEW CASTLE, Delaware, Sept. 17, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, "HOA Property Management Software Market by Type (Rental Properties and Homeowners Associations), and Deployment Mode (On-premise and Cloud): Global Opportunity Analysis and Industry Forecast, 2024-2032". According to the report, the hoa property management software market was valued at $9.5 billion in 2023, and is estimated to reach $18.0 billion by 2032, growing at a CAGR of 7.1% from 2024 to 2032.
Prime Determinants of Growth
Increasing demand for efficient and automated property management solutions in homeowners associations (HOAs) and growing adoption of cloud-based software solutions for better accessibility and scalability in property management are the factors expected to propel the growth of the global HOA property management software market. However, resistance to change and traditional methods of property management within some HOAs and concerns regarding data security and privacy in the use of property management software is anticipated to hamper the growth of global market.
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Report Coverage & Details:
| Report Coverage | Details |
| Forecast Period | 2024–2032 |
| Base Year | 2023 |
| Market Size in 2023 | $9.5 billion |
| Market Size in 2032 | $18.0 billion |
| CAGR | 7.1% |
| Segments covered | Type, Deployment Mode and Region. |
| Drivers | Increasing demand for efficient and automated property management solutions in Homeowners Associations (HOAs) . |
| Growing adoption of cloud-based software solutions for better accessibility and scalability in property management. | |
| Opportunities | Integration of advanced technologies like AI and IoT to enhance the functionality and efficiency of property management software |
| Restraints | Resistance to change and traditional methods of property management within some HOAs. |
| Concerns regarding data security and privacy in the use of property management software. |
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The on-premise segment to dominate the market in 2023
By component, the on-premise segment held the highest market share in 2023, accounting for the HOA property management software market revenue and is estimated to maintain its leadership status during the forecast period, as many HOAs have traditionally preferred having software installed and managed on their own servers and infrastructure. This gives them a sense of control over their data and operations, which is further expected to propel the overall market growth. However, the cloud segment is expected to attain the largest CAGR from 2024 to 2032 and is projected to maintain its lead position during the forecast period, as cloud-based solutions offer greater flexibility, scalability, and accessibility. HOAs are increasingly recognizing the benefits of cloud software, such as lower upfront costs, automatic updates, and the ability to access data from anywhere with an internet connection, which drives the segment growth in the HOA property management software market.
The rental property segment to maintain its lead position during the forecast period
By application, the rental property segment accounted for the largest share in 2023, the HOA property management software market revenue, owing to property management software is widely used by landlords and property managers to efficiently manage rental properties, handle tenant communication, and streamline rent collection processes, which is further expected to propel the overall market growth. However, the advance analytics segment is expected to attain the largest CAGR from 2024 to 2032 and is projected to maintain its lead position during the forecast period, as more HOAs are recognizing the need for specialized software to manage their communities effectively. As HOAs deal with tasks like maintenance requests, financial management, and communication with residents, the demand for tailored property management software solutions is increasing. Thereby, driving the growth of this segment in the global HOA property management software market.
Asia-Pacific region to maintain its dominance by 2032
By region, the North America segment held the highest market share in terms of revenue in 2023, owing the region having a well-established property management industry with a high adoption rate of technology solutions. Many HOAs in North America are familiar with the benefits of property management software and have integrated these tools into their operations to improve efficiency and communication with residents, anticipated to propel the growth of the market in this region. However, the Asia-Pacific segment is projected to attain the highest CAGR from 2024 to 2032, owing to the rapid urbanization and growth of HOAs in countries like China, India, and Australia. As more HOAs in the Asia-Pacific region recognize the need for efficient property management solutions, which further is expected to contribute to the growth of the market in this region.
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Leading Market Players: -
- Infor
- ResMan
- MRI Software
- Chetu
- Rockend
- Entrata
- CoreLogic
- PropertyBoss Solutions
- AppFolio
- Buildium
The report provides a detailed analysis of these key players in the HOA property management software market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different countries. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
Recent Development:
- In December 2020, Ninth Wave, the leading enabler of secure data connectivity between financial institutions and third-party FinTech applications, collaborated with Vantaca, a FinTech software provider helping community association management companies and financial institutions across the country engage and empower the communities they serve.
- In November 2023, DoorLoop, the leading all-in-one property management software automating everything from listing units to accounting, expanded its offerings to homeowners associations. The homeowners association (HOA) board members, community managers, and other relevant stakeholders can enjoy seamless real estate management for their communities. DoorLoop is widely renowned within the residential and commercial real estate sectors for providing one of the easiest-to-use property management solutions in the market.
- In October 2022, MRI Software, a global leader in real estate solutions, presented its vision for the next generation of its open and connected technology platform, MRI Agora™, at the Ascend users conference in New Orleans on October 23-26. The MRI Agora platform will enable real estate businesses to make better decisions through connected data, automate mundane tasks, and differentiate through technology. The new platform is the next generation in the open and connected journey that MRI pioneered years ago for real estate technology.
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