Since the coronavirus pandemic was initially identified, it has spread throughout the globe, affecting nearly every industrial sector. This pandemic has had a significant impact on worldwide economic growth. The lease management market is gaianing tractions during the pandemic. The lease management software incorporates all facility management data, allowing the business to operate remotely without disrupting operations. The growing tendency of working from home is expected to be the most powerful driving force in the global leasing management industry during a pandemic. On the other side, the related costs are extremely expensive, which is expected to hinder the global lease management market throughout the projection period.
Segmentation Based on Component
The service sub-segment is expected to hold the largest market share during the projection period. The service sub-segment was worth $2,268.7 million in 2019 and is expected to grow at a CAGR of 6.3 percent during the projection period. The service component gives end-to-end optimized solutions to organizations to efficiently handle data and deliver business insights, which is expected to boost the service sub-segment market over the forecast period.
Segmentation Based on Deployment Type
The on-premise sub-segment accounted for the highest market share among the deployment type segments. The on-premises sub-segment was worth $2,002.9 million in 2019 and is expected to grow at a CAGR of 5.4 percent during the projection period. On-premises, the application gives increased security control over external services most cost-effectively within the company, which is expected to boost the sub-segment market during the forecast period.
Segmentation Based on End-Use Industry
The manufacturing sub-segment is expected to hold the largest market share during the projected period. The manufacturing sub-segment was worth $1,137.3 million in 2019 and is expected to grow at a CAGR of 6.3 percent during the projection period. The lease management software is widely utilized in manufacturing units since the manufacturing sector works on lease and contracts with all the dealers. All transactions must be tracked in minute detail, which is expected to boost the sub-segment market in the approximated term.
Segmentation Based on Region
The North American region holds the largest market share of global lease management market. The North American region in the global lease management market is expected to grow at an annualized growth rate of 5.9 % over the forecast period. The presence of a significant number of organizations throughout the area and an increase in investment by most companies to establish operational flow within the region are expected to drive the regional market over the forecast period. Companies creating innovative leasing management software for their respective businesses are expected to boost the regional market throughout the forecast period.
Lease management software, often known as a platform, is a technology that supports real estate professionals in drafting, executing, and assigning leases and related documents. The program provides a centralized database that maintains all lease-related information and allows end-users to manage lease outlays, examine lease financial information, and prepare abstracts.
The lease management market is expected to increase at a CAGR of 6.7 percent during the forecast period, producing USD 6,252.3 million in revenue by 2028.
The rise in workplace mobility gained traction due to pandemic all over the world is the primary factor driving market expansion global lease management market. The increased attention of various software developers on technical improvements in terms of lease management solutions as the focus shifts toward the cloud and the spike in demand for smart building projects to efficiently manage lease accelerate market growth. The market is also influenced by the growing demand for SaaS models for effective lease management and the adoption of SaaS models for connecting lease management platforms with modern payment solutions for smooth and easy transactions. Furthermore, the growth in demand for outsourcing services, fast digitalization, and increased investment in effective solutions all positively impact the lease management industry. Moreover, introducing IoT, AI, and mobility technologies for real-time data analysis expands the profitable potential for market participants from 2021 to 2028.
Budget limits for implementing new technology solutions and a lack of technical competence and abilities are projected to hinder industry expansion. The integration of lease management software with older systems is expected to make lease administration more difficult in the forecasted period.
Lease Management Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2028||USD 6,252.3 million|
|Growth Rate||CAGR of 6.7% during 2021-2028|
|Segment Covered||Component, Deployment Type, End-Use, Organization, Regions|
|Regions Covered||North America, Europe, Asia Pacific, Middle East and Africa, South America|
|Key Players Profiled||LeaseAccelerator, Inc., NAKISA,, CoStar Realty Information Inc.,, AppFolio, Inc., Trimble Inc., RealPage, Inc., Oracle Corporation, SAP, IBM|
Component Overview, 2018-2028 (USD Million)
- Conferences & Summits
Deployment Type Overview, 2018-2028 (USD Million)
End-Use Industry Overview, 2018-2028 (USD Million)
Organization Size Overview, 2018-2028 (USD Million)
- Small and Medium Enterprises
- Large Enterprises
Regional Overview, 2018-2028 (USD Million)
- Rest of Europe
- Rest of Asia Pacific
- Rest of South America
Middle East and South Africa