The global Self Storage Software market was valued at USD 3940.03 million in 2022, and it is expected to reach USD 7872.09 million in 2028, at a CAGR of 12.23% over the forecast years.
Growing Need to Efficiently Manage Complex Supplier Ecosystems to Propel Further Growth in The Global Self-Storage Software Market
Covid-19 Impact & Market Status
The recent COVID-19 outbreak started in Wuhan (China) in December 2019 and has rapidly spread around the world since then. As of March 2020, China, Italy, Iran, Spain, the Republic of Korea, France, Germany, and the United States were among the countries with the highest number of positive cases and reported deaths. Increase in cases of COVID-19 across the globe is resulting in economic slowdown. Developed countries are strongly affected by this pandemic. However, adoption of collaborative software applications, security solutions, Big Data, and AI are expected to increase during the forecast period due to increasing social distancing rules. Different end-users are adopting self-storage software solutions to overcome supply chain risks which can be caused due to COVID-19. Self-storage software providers are launching new products with advanced functions to cope with social distancing regulations during COVID-19 pandemic. This in turn increases the demand for self-storage software and is projected to have a slightly positive impact on the global self-storage software market in the next few years.
This research report offers a detailed market outlook of the global self-storage software market depending upon the current economic situation and developments in the application, type, and regional segments.
It does a deep analysis of the impact of covid-19 on the market and recovery strategies applied by market players to restore the growth trends and maintain market competitiveness. The in-depth insights documented in the report enable well-informed investment decisions by for the new payers, aspirants, and also the well-established ones in the global self-storage software market.
Cloud Self-storage Software Type to Emerge as the Most Lucrative Segment
The global self-storage software market is divided into two types: cloud and on-premise. Cloud-based self-storage software solutions, for example, can import data globally for all business divisions. They also provide convenience by allowing access from anywhere at any time. Furthermore, the trend of rising cloud-based self-storage software and applications is one of the primary factors contributing to the market's growth due to the economic and operational benefits.
Backed by Immense Development Potential North America Self-Storage Software Market to Sail Ahead
Performance analysis of global self-storage software market based on regional segmentation states that North America is the most mature market for self-storage software adoption and investments. The region is likely to garner maximum revenue share of global self-storage software market in the years ahead, mostly from 2021 to 2028.
This is evident from rapid investments in new digital technologies, shift in user preferences, applications in various industry verticals such as gaming, content creation, social media, and conference across leading countries in the region such as Canada and United States.
Additionally, technological advancements due to various research and developments initiatives, the presence of tech giants, commercial mergers and partnerships, expansions of the leading companies in regional and global market are improving the growth feasibility of global self-storage software market in North America.
During the projection period, the North America region is likely to hold a considerable market share in the self-storage software market, with the United States leading the pack. The region's dominance is attributable to the increasing adoption of modern technologies. In addition, the region has a large presence of self-storage software suppliers, which is expected to propel the industry forward. In the year 2000, self-storage was first launched in the North American region. More than 2.63 billion square feet of rentable space is expected to be available across more than 54,000 storage facilities in the United States alone. Factors such as an increase in the number of storage facilities and the launch of light versions of self-storage software with fewer capabilities and lower rates are predicted to help the region's market growth.
Self-storage software provides various features from one platform such as accepting tenant payments via ACH bank account transfers or credit cards, automatically send invoices via paper mail or email, and provide interactive facility maps for location tracking, etc. During the forecast timeframe, this is expected to drive demand for self-storage software. The industry is expected to grow in the coming years as more tenants seek real-time storage unit availability, the option to reserve units online, and the capacity to electronically gather signatures for facility contracts.
During the COVID-19 epidemic, self-storage software providers are releasing new solutions with additional features to deal with social distancing requirements. This, in turn, boosts demand for self-storage software, which is expected to have a somewhat favourable impact on the worldwide self-storage software market in the coming years.
Storage space, such as rooms, lockers, containers, and/or outdoor space, sometimes known as "storage units," is rented to renters on a short-term basis in the self-storage market. Businesses and individuals are among the tenants of self-storage facilities. Self-Storage Software is a sort of management software designed to satisfy the needs of small to large facilities with user-friendly and adaptable functionality. Some of the most popular self-storage software includes features like facility maps, specific payment choices, customer internet access, and gate entry integration.
These are some key factors bringing thumping growth of global self-storage software market, ensuring market size growth of approximately 81.40 USD billion by 2028 at a CAGR of 7.3% from 2021 to 2028.
Facility managers utilise self-storage software to monitor access, keep track of occupied and vacant storage units, and automate billing. Storage rental companies can use self-storage software to manage their facilities and clients' information. Self-storage software shows the status of each storage unit in real time, whether it's unoccupied or occupied with past-due rental payments. To manage all forms of self-storage operations, self-storage software connects with a variety of software and hardware. Accounting software, such as QuickBooks, gate control systems, credit card processors, and driver licence scanners are examples of widespread integration software and hardware. Due to an increase in demand for self-storage software among end-users, the worldwide self-storage software market is expected to grow at a quick pace during the forecast period.
The demand for warehousing services is likely to grow as the e-commerce sector expands, boosting the self-storage software market in the coming years. Another key factor expected to enhance the market during the projected period is the growing popularity of cloud-based self-storage software. Accepting tenant payments by ACH bank account transfers or credit cards, automatically sending invoices via paper mail or email, and providing interactive facility maps for location tracking are all aspects of self-storage software. During the forecast period, this is expected to drive demand for self-storage software.
However, during the forecast period, the high cost of self-storage software is projected to restrain the market. Nonetheless, the worldwide self-storage software industry is expected to rise as the demand for effective management of complex supplier ecosystems grows.
The major players of the global self-storage software market are Easy Storage Solutions, Empower Software Technologies, Madwire LLC, Syrasoft Management Software, 6Storage, Unit Trac, StorEDGE, QuikStor Security & Software, Corrigo, U-Haul, AndraTech Software, Trackum Software, and The Storage Group.
Among all other established and emerging companies and investors. These market players are spread across the world and are aggressive in developing new technologies to lead the market and improve revenue growth. Furthermore, the market players to stay ahead of the competitive landscape are unravelling strategic initiatives like mergers and acquisitions, new product portfolios, and technological innovations.
Latest Innovations in the Global Self-storage Software Market: Snapshot
Cloud Based Self-Storage Software to Gain Popularity in the Near Future
- Because of its multiple benefits, cloud-based self-storage software, which includes a centralized database maintained online, is gaining favor among businesses.
- Data can be imported internationally for all business units using cloud-based self-storage software solutions. They also provide convenience by allowing access from anywhere at any time. Furthermore, the trend of rising cloud-based self-storage software and applications is one of the primary factors contributing to the market's growth due to the economic and operational benefits.
- Cloud-based computing solutions are rapidly being adopted by small and medium-sized businesses (SMBs), including self-storage operators. The global use of software-as-a-service (SaaS) climbed from 62% to 79% in 2017, according to "App Developer Magazine.
Self-storage Software Market Scope
|Revenue forecast in 2028
|USD 7872.09 million
|CAGR of 12.23% during 2021-2028
|Product Type, Applications, Regions
|North America, Europe, Asia Pacific, South America, Middle East and Africa
|Key Players Profiled
|Easy Storage Solutions, Empower Software Technologies, Madwire LLC, Syrasoft Management Software, 6Storage, Unit Trac, StorEDGE, QuikStor Security & Software, Corrigo, U-Haul, AndraTech Software, Trackum Software, and The Storage Group.
Key Segments of the Global Self-storage Software Market
Type Overview, (USD Billion)
Size of Enterprise Overview, (USD Billion)
- Small and Medium
Regional Overview, (USD Billion)
- Rest of Europe
- Rest of Asia Pacific
- Rest of South America
Middle East and South Africa