According to a research report published by Research Dive, the lease management market is estimated to harbor vast revenue that will surpass $6,252.3 million by 2027 with a significant CAGR of 6.7%.
The lease management market growth is due to excessive use of software as a service which is a part of cloud services. This permits access to varied platforms on the World Wide Web in a cost effective way. The increasing demand for smart building projects will also enhance the market growth. These all aspects are responsible for boosting the market.
On the other hand, awareness gap about the lease management software and higher investment costs for the software implementation in the organizations will pull down the market. Moreover, updating and maintaining the software on a regular basis is considered as expensive. These factors are the major restraints on the market.
The report divides the market into segments based on component, deployment mode, enterprise size, end use industry and regional outlook.
Service Segment to be the Most Lucrative
This segment is anticipated to rise from a healthy market size of $2,268.7 million in 2019 to a substantial CAGR of 6.3% during the forecast period. The service segment is preferred because it presents end to end optimized results to the organization, provides business insights, and controls data efficiency. These facets are leading this segment’s growth.
On premise segment to Garner the Highest Revenue
This segment is estimated to surpass with a CAGR of 5.4% in the forecast period, from a healthy market size of $2,002.9 million in the year 2019. The main reason for this segment’s surge is augmented security control over the external services and minimum costs for the organizations.
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Large Enterprise Size Segment to be the Most Profitable
This segment is considered as promising as is growing with a CAGR of 5.8% during the forecast period, beating the $2,199.3 million mark in the year 2019. Large enterprises require smooth operational work; hence adopting the lease management software simplified the functioning. This is the major factor that is firing up the market growth.
Manufacturing Segment to Generate Significant Revenue
This particular segment is expected to harness CAGR of 6.3 % in the forecast period, from a considerable market size of $1,137.3 million in the year 2019. The lease management software is used in the manufacturing units as they work better on contract and lease of the dealers. Apart from this, all the transactions are monitored till the last detail. These traits are enhancing the market of this segment.
North America Region to Expand Business at a Considerable Growth Rate
This region will raise a significant CAGR of 5.9% during the estimated forecast period, from a noteworthy market size of $ 1,219.6 million in the year 2019. Many companies are establishing themselves in this region and investing in the operational flow. The usage of advanced lease management software by the companies’ is driving the market growth. These are the major aspects that are boosting the market.
Key Players and Business Strategies
- Lease Accelerator Inc.
- CoStar Realty Information Inc.
- AppFolio Inc.
- Trimble Inc.
- RealPage Inc.
- Oracle Corporation
The lease management market players are focusing on developing novel strategies such as merger and acquisition and advanced technical developments. These are the effective strategies followed by the startup as well as established organizations.
The report consists of various facets of all the vital players that are operative in the market such as financial performance, current strategic moves, product portfolio, developments and SWOT (strength, weakness, opportunities, and threats) scrutiny.
Research Dive is a market research firm based in Pune, India. Maintaining the integrity and authenticity of the services, the firm provides the services that are solely based on its exclusive data model, compelled by the 360-degree research methodology, which guarantees comprehensive and accurate analysis. With unprecedented access to several paid data resources, team of expert researchers, and strict work ethic, the firm offers insights that are extremely precise and reliable. Scrutinizing relevant news releases, government publications, decades of trade data, and technical & white papers, Research dive deliver the required services to its clients well within the required timeframe. Its expertise is focused on examining niche markets, targeting its major driving factors, and spotting threatening hindrances. Complementarily, it also has a seamless collaboration with the major industry aficionado that further offers its research an edge.
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