Cloud Technology and Smart Infrastructure Drive Saudi Property Management Software Growth

In 2023, the property management software industry in Saudi Arabia generated revenue of USD 46.7 million. This market is expected to grow at a CAGR of 6.8% throughout the forecast period, reaching USD 73.8 million by the decade's end.

The primary factors driving this growth include the increasing adoption of systematic property management solutions and the rising demand for SaaS (Software-as-a-Service) models within the real estate and construction sectors.

The construction industry's adoption of property management software in Saudi Arabia is set to accelerate, spurred by significant investments. The majority of industry growth is linked to ongoing and upcoming projects in urban development, transportation, and utilities. The "National Transformation Program 2020" and "Saudi Vision 2030" are central to these initiatives, focusing on enhancing urban development, boosting city competitiveness, and attracting investments.

Smart infrastructure initiatives will be rolled out in five cities, featuring advanced technologies like smart-controlled cameras and waste disposal systems, which will drive the demand for software solutions. As mega-projects such as AMAALA and NEOM gain traction and government support for home maintenance companies like B8ak and FalconViz continues, the property management software market is expected to experience substantial growth.

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Key Insights:

• In 2023, the solutions segment led the market with over 65% market share.
• There has been a surge in demand for digital property management solutions.
• The need to minimize in-person meetings and improve virtual collaboration among teams is increasing.
• Solutions are enhancing client management and streamlining payment and digital financing processes.
• Cloud deployment led the market in 2023, with expectations of a 7.0% CAGR growth.
• Cloud technology facilitates remote data storage, management, and processing over the internet.
• The property managers category held more than 75% of the market in 2023 and is projected to grow at a CAGR of 7.2% from 2024 to 2030.
• Property managers are the primary users of property management software, focusing on tenant satisfaction and lease renewals.
• The market is fragmented, with various domestic and international players.
• Companies are introducing new products to stay competitive, such as Focus Softnet Pvt. Ltd.'s Compositible ERP, featuring AI and RPA technologies.
• Key partnerships are being formed for revenue generation, such as RealPage Inc.'s collaboration with Airbnb on the Migo solution, aimed at making housing more affordable.
• RealPage Inc. and Measurabl Inc. partnered to advance ESG solutions in real estate, focusing on automation, reporting, compliance, and decarbonization.
• Lodgify introduced the Lite Plan, a vacation rental software without recurring monthly fees, allowing owners to manage bookings and reservations efficiently.

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