Published: April 2022 | Report Code: 12292 | Available Format: PDF | Pages: 186
The U.A.E. property management software market size stood at $53.9 million in 2021, and the Saudi Arabia property management software market stood at $37.0 million in 2021. The growth in the market is mainly driven by the rising demand for the software-as-a-service (SaaS) model of property management, evolving requirement for remotely taking care of property management, and increasing construction activities.
With the increase in the investments in the construction sector, the U.A.E. property management software market is reaching new heights. For instance, the Government of the U.A.E. has approved a total expenditure of $15.5 billion to support social, health, educational, and cultural activities, as well as infrastructure development in the country. Furthermore, 29 development projects worth $544.5 million were approved in Dubai in 2020 for the addition of 8 million square meters of green spaces and parks to residential and commercial areas.
Moreover, in Saudi Arabia, the Ministry of Municipal and Rural Affairs has launched smart city initiative as one of the municipal transformation projects emanating from the National Transformation Program 2020 and the Saudi vision 2030.
In the U.A.E. and Saudi Arabian markets, the solution category held an estimated revenue share of over 70% in 2021. 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.
The deployment of software via the cloud is projected to record a higher CAGR during the forecast period in the market. The cloud helps enterprises use remote servers hosted on the internet to store, manage, and process critical data. The increasing volume of data generation through websites and mobile apps, rising focus on delivering customer-centric applications, for driving customer satisfaction; and surging need to control and reduce capital expenditure and operational expenditure are a few factors driving the growth of the U.A.E. & Saudi Arabia property management software market in this bifurcation.
Property managers face different challenges depending on whether they are managing commercial or residential properties. However, there are a number of issues that are common to both types of properties, including those in screening potential renters, handling renter turnover, collecting rent, and managing amenities. Hence, 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 cloud technology is one of the major breakthroughs in the software industry, greatly changing the way software applications are delivered to clients. This change has enabled software developers to focus more on the technological aspect of software, while outsourcing the management aspect to cloud service providers. Hence, cloud computing and SaaS-integrated services have become a preferred method of delivering services.
Moreover, real estate companies are data-driven, and employees rely on up-to-date information to make crucial decisions. Offline networks make it difficult to access data from anywhere, thus creating a huge roadblock throughout the decision-making process. On the other hand, SaaS solutions allow users to access information from any location, using any device with an internet connection. Besides, the SaaS model plays a vital role in enabling multi-vendor platform integration in existing systems. Property managers may use a SaaS platform to integrate their property solutions with advanced payment systems, for quick and easy transactions. These advantage of the SaaS model will boost the market growth in the coming years.
Major players in the market have been involved in product launches to remain competitive. For instance:
The report offers comprehensive market segmentation analysis along with market estimation for the period 2017–2030.
U.A.E. Market Segmentation by Component
U.A.E. Market Segmentation by Deployment
U.A.E. Market Segmentation by End User
U.A.E. Market Segmentation by Application
Saudi Arabia Market Segmentation by Component
Saudi Arabia Market Segmentation by Deployment
Saudi Arabia Market Segmentation by End User
Saudi Arabia Market Segmentation by Application
The key driver for the property management software market in the U.A.E. and Saudi Arabia is the rising construction activities.
Based on component, the Saudi Arabia and U.A.E. property management software industry is dominated by solutions.
The deployment segment of the property management software market in Saudi Arabia and the U.A.E. will witness the higher CAGR in the cloud bifurcation.
Advanced technologies and systems are trending in the Saudi Arabia and U.A.E. property management software industry.
Players in the property management software market of the U.A.E. and Saudi Arabia are engaging in product launches, collaborations, and partnerships.
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