The covid-19 adversely impacted the way real estate leaders work. It created unprecedented crisis on the real estate industry thereby hampering the global tenant billing software market. However, to response and emerge from the impact of the covid-19 business leaders in the global tenant billing software market adopted various strategies such as centralizing cash management to boost efficiency, digitization to provide distinctive and safe tenant and customer experience, adopting digital and advanced analytics strategies, and other approaches to engage tenants and customer better services.
At a compound annual growth rate of 7.1%, the size of the worldwide Tenant Billing Software market is projected to reach $499.8 Million in 2027.
This report provides a detailed study of the global tenant billing software market. The key aspects of the global tenant billing software market such as forecasts of the key segments, competitive environment, key segments, market dynamics, key players, market dynamics, major challenges, investment opportunities and more such crucial details of the market segmented by regions, and other categories are detailed in the report.
Residential Category Accounted for more than 55.0% of the Total of the Market
The tenant billing software industry has been divided into two segments based on application: commercial and residential. In 2019, the residential category accounted for more than 55.0 percent of the total. Property owners can use tenant billing software to handle tenant information, property information, lease information, resident subscriptions, owner information, and their history. Furthermore, employing several billing systems aids in the automatic generation of invoices and their delivery through email or printing for posting.
Over the projected period, the commercial category is expected to increase the quickest. The expansion is attributed to a number of causes, including an increase in the number of retail establishments, hotels, office buildings, airports, and industrial locations, as well as improvements in IT infrastructure. Additionally, commercial tenant billing software minimises manual billing and boosts administrative productivity.
The online deployment segment accounted for largest market share
Increasing smart grid hospitality and real estate business, as well as large-scale use of cloud-based tenant billing software by organisations of all kinds, are linked to the region's growth. In 2019, Europe had the second-largest share of more than 20.0 percent. The expanding presence of a significant number of commercial and residential structures, as well as the region's high level of digitization, may be ascribed to the region's expansion.
North America had the greatest share of more than 25.0%
North America had the largest share of more than 25.0 percent in 2019. The region's growing smart grid hospitality and real estate businesses, as well as the widespread usage of cloud-based tenant billing software by organisations of all sizes, are all tied to the region's growth. Europe had the second-largest share of more than 20.0 percent in 2019. The region's development may be attributed to the increasing presence of a substantial number of business and residential structures, as well as the region's high degree of digitalization.
Asia Pacific is likely to grow the fastest throughout the forecast period. The major forces assisting the region's market growth include government policies, developing cloud-based solutions, a growing population, and a growing necessity to focus on customer relationship management.
During the predicted period, Asia Pacific is expected to expand the quickest. Government laws, expanding cloud-based solutions, a growing population, and a growing requirement to focus on customer relationship management are the primary drivers helping the region's market expansion. Furthermore, technical breakthroughs like as Artificial Intelligence (AI) and machine learning are projected to boost the region's usage of tenant billing software.
The rapidly increasing implementation of automated tenant metering and smart grid technologies is a driving the global tenant billing market.
The growing digitization, automation, and need for more effective and timely tenant billing is encouraging further adoption of tenant billing software. Furthermore, the increased need for real-time tenant utility use might be attributed to market expansion.
The global tenant billing software market is anticipated to be worth USD 544.21 million by 2028, growing at an 8.4% CAGR during the forecast period.
Tenant billing software is a technology that helps businesses share utility expenditures among renters, departments, and cost centres by automatically generating bills for tenants. Furthermore, tenant billing software enables transparency between the tenant and the owner, which, along with the requirement to expedite the tenant billing process, is favourably boosting the growth of the tenant billing software market.
Tenant billing strategies have changed from manual to automatic billing in recent years. This automated approach has enhanced the tenant billing system, reducing the need for human intervention in metre readings or invoice production. An automatic billing programme gathers consumption data from cloud-connected metres and uses that data to issue invoices without the involvement of people for invoice production or metre readings. Manual tenant billing, on the other hand, entails personnel visiting to renters and documenting the utility use for each month. This manual procedure is time-consuming, inefficient, and prone to mistakes. As a result, tenant billing software was developed to eliminate mistakes and streamline the process through automation.
The use of automated tenant metering is a major driver driving market expansion. The use of an automatic tenant metre offers real-time data on a tenant's utility use and eliminates the inaccuracy and injustice of distributing expenses between renters based on floor space. It also lowers the cost of labour, which is quite expensive in manual readings. Furthermore, it enables an occupant's bill to be assessed instantaneously from any location using a mobile application.
However, cumbersome monthly billing process of multi-tenanted facilities, issues in addressing property inspection-related operations, problems in real estate billing, data security issues, continuous up-dations are some common issues of the hampering the adoption of tenant billing software.
The precision in the billing system improves transparency between the renter and the owner, which is likely to drive market growth throughout the projection period.
The major players in the global tenant billing software market are IOTomation Ecotech Pvt. Ltd., Semsys, SystemsLink 2000 Ltd, MACH Energy, Accuenergy Ltd, TEAM (Energy Auditing Agency Ltd.), Enertiv, Entronix Energy Management, Inc., Honeywell International Inc., Commercial Water & Energy Co., and Delmon Solution among others.
Latest Innovations in the Global Tenant Billing Software Market:
Optima Energy recently launched tenant billing software. The tenant billing software is used by landlords and managing agents to produce accurate tenant invoices, fiscal utility invoices, etc.
Tenant Billing Software Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2028||USD 544.21 million|
|Growth Rate||CAGR of 8.4% during 2021-2028|
|Segment Covered||Deployment Type, Regions|
|Regions Covered||North America, Europe, Asia Pacific, LAMEA|
|Key Players Profiled||IOTomation Ecotech Pvt. Ltd., Semsys, SystemsLink 2000 Ltd, MACH Energy, Accuenergy Ltd, TEAM (Energy Auditing Agency Ltd.), Enertiv, Entronix Energy Management, Inc., Honeywell International Inc., Commercial Water & Energy Co., and Delmon Solution among others.|
Key Segments of the Global Cold Storage Market
Deployment Type Overview, 2018-2028 (USD Million)
Application Overview, 2018-2028 (USD Million)
Regional Overview, 2018-2028 (USD Million)
- Rest of Europe
- Rest of Asia Pacific
- Rest of South America
Middle East and South Africa