Saudi Arabia Property Management Software Market Size & Share Analysis - Trends, Drivers, Competitive Landscape, and Forecasts (2024 - 2030)

Saudi Arabia Property Management Software Market Data

Saudi Arabia Property Management Software Market Trends & Drivers

Increasing Construction Activities is Driving the Market

• Increasing investments in the construction sector are expected to drive the demand for property management software in Saudi Arabia. The construction industry is expected to witness strong growth in the coming years, owing to the various construction projects are in ongoing and tender/bidding phases, related to the urban, transport, and utility sectors.
• There are a large number of ongoing construction projects. Moreover, the country is expected to witness tremendous growth in construction activities supported by the government. For example, the Ministry of Municipal and Rural Affairs has launched the “application of smart city concepts” initiative as one of the municipal transformation projects emanating from the National Transformation Program 2020 and the Saudi Vision 2030. The major aim of the initiative is to enhance urban development in the country through the application of this initiative, which will further increase the level of satisfaction of people, boost the competitiveness of cities, and urban sustainability.
• Furthermore, this initiative also aims to improve the efficiency of city management, minimize the negative environmental impact, attract local & foreign investments, and create job opportunities. The government has also planned to target five cities in the country to apply the concepts of smart cameras, smart parking, smart solid waste disposal, smart lighting, and environmental pollution monitoring, which are expected to drive the need for property management software and its services in the country.
• With mega-projects, such as AMAALA, King Salman Park, QIDDIYA, Red Sea project, Jabal Omar, Diriyah Gate, NEOM, and King Abdullah Financial District, the Saudi Arabian government has also invested $2 million in home maintenance startups such as B8ak, FalconViz, Ajeer, and Muqawiloon, which will further drive the market for property management software in the country.

Lack of Technical Skills

Although property management solutions are witnessing huge adoption, there is still a lack of technical expertise required to operate and maintain these solutions. Large properties, both commercial and residential, need highly skilled technical managers to manage advanced software such as surveillance, leasing, workplace, and contract management. However, organizations have not been proactive in recognizing property management as a separate profession. This has led to a lack of professionals in the workplace and property management. This may hamper the market growth to some extent.

Saudi Arabia Property Management Software Industry Outlook

Component Insights

• In Saudi Arabian markets, the solution category held the larger market share over 65% in 2023. This was primarily due to the surging demand for digital property management operations, need to reduce the number of meetings as much as possible, and requirement for improving the coordination between coworkers and managers who are working virtually.
• Additionally, solutions help companies systematically manage their clients and offer easy procedures for payments and digital financing.

During the study, we have analyzed two components in the report:

• Solutions (Larger Category)
• Services (Faster Category)

Deployment Analysis

• The deployment of software via the cloud held the larger market share in 2023, and it is projected to record a higher CAGR, of 7.0% during the forecast period. The cloud helps enterprises use remote servers hosted on the internet to store, manage, and process critical data.

Below are the following ways to deploy property management software:

• Cloud (Larger and Faster-Growing Category)
• On-Premises

End User Insights

• In the Saudi Arabian market, the property managers category held the larger market share, of over 75%, in 2023, and it is projected to grow at the higher CAGR, of 7.2%, during 2024–2030.
• Property managers have become the prime users of property management software, as it allows them to keep up with a variety of tasks across numerous residential and commercial properties, to keep their tenants happy and willing to renew their leases.

The end users covered in the report are:

• Property Managers (Larger and Faster-Growing Category)
• Housing Associations
• Others

Competitive Analysis

The market has a high degree of fragmentation owing to the presence of many domestic and international players. To increase market share, companies are involved in product launches to remain competitive. For instance, in October 2021, Focus Softnet Pvt. Ltd. launched ERP Focus X, which features AI and composable ERP. Focus X is powered by next-gen AI and robotic process automation (RPA) and equipped with enhanced integrations for quick, secure banking, as well as dedicated portals for customers and vendors.

Additionally, the key players are partnering with other players for revenue generation. For instance, RealPage Inc. has partnered with Airbnb to launch a solution called Migo, to make housing more affordable. The solution offers the technology to make it easier for residents and property owners, by integrating with service providers to make Airbnb work better in apartments.

Saudi Arabia Property Management Software Market News

• RealPage Inc. has partnered with Measurabl Inc. to streamline environmental, social, and governance (ESG) technology for real estate. With this partnership, they bring advanced solutions connecting asset management and boardroom strategies to advanced automation across maintenance work order systems and leasing offices. Moreover, they are able to deliver effective reporting, compliance, and decarbonization solutions to customers.
• Lodgify has launched Lite Plan, a vacation rental software plan with no monthly subscription fees. The plan enables owners to manage vacation rental businesses, including a booking engine and reservation system.