New York, USA, Jan. 11, 2023 (GLOBE NEWSWIRE) — According to the report published by Research Dive, the global lease management market expected to garner a revenue of $6,252.3 million by 2027, growing rapidly at a CAGR of 6.7% during the forecast period 2020-2027. The inclusive report provides a brief overview of the current scenario of the market including significant aspects of the market such as growth factors, challenges, restraints and various opportunities during the forecast period. The report also provides all the market figures making it easier and helpful for the new participants to understand the market.
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Dynamics of the Lease Management Market
Drivers: Rising demand for software as a service model among various organizations for remote access in a cost-effective manner is expected to drive the growth of the market. In addition, lease management is extensively used to keep a persistent track on the business performance on a daily basis. This factor is further expected to accelerate the growth of the global lease management market during the forecast period.
Restraints: Extortionate cost of implementing the software in an organization is expected to hinder the growth of the market during the forecast period.
COVID-19 Impact on the Lease Management Market
The outbreak of COVID-19 has had a positive impact on the growth of the global lease management market, owing to the occurrence of lockdowns in numerous countries across the globe. Lockdowns led to the closure of all offices and commercial buildings across the globe so as to curb the spread of the virus, and hence shifted towards remote working. Multiple companies across the globe adopted the lease management software that integrated all the facility management data, helping the organization to work remotely in a cost-effective way without any interruption in the operational work.
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Segments of the Lease Management Market
The report has divided the market into various segments based on component, deployment mode, enterprise size, end use industry, and region.
Component: Services Sub-segment to be Most Profitable
The services sub-segment generated a revenue of $2,268.7 million in 2019, and is further expected to surge exponentially during the forecast period. The ability of service component to offer end-to-end enhanced solutions to the organization so as to efficiently control data is expected to bolster the growth of the lease management market sub-segment during the forecast period.
Deployment Mode: On-Premise Sub-segment to be Most Beneficial
The on-premise sub-segment generated a revenue of $2,002.9 million in 2019, and is further expected to grow expeditiously during the forecast period. The high level of security control provided by the application on premises in an economical way is expected to drive the growth of the sub-segment during the forecast period.
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Enterprise Size: Large Enterprise Sub-segment to be Most Lucrative
The large enterprise sub-segment generated a revenue of $2,199.3 million in 2019, and is further expected to grow swiftly during the forecast period. Growing adoption of lease management by large enterprises for smooth and efficient flow of operation is expected to accelerate the growth of the lease management market sub-segment during the forecast period.
End Use Industry: Manufacturing Sub-segment to be Most Remunerative
The manufacturing sub-segment generated a revenue of $1,137.3 million in 2019, and is further expected to surge expeditiously during the forecast period. It is pertinent to monitor all transactions in smallest detail in the manufacturing industry, and is lease management is widely used here. This factor is expected to stimulate the growth of the sub-segment during the forecast period.
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Region: North America Region to Have the Highest Growth Rate
The North America region is expected to grow rapidly with a CAGR of 5.9% during the forecast period.
Immaculate presence of large enterprises in this region is expected to bolster the growth of the market. In addition, massive investments made by the companies to create an ideal operational flow within the organization is further expected to stimulate the growth of the regional lease management market during the forecast period.
Key Players of the Lease Management Market
1. LeaseAccelerator, Inc
2. CoStar Realty Information, Inc
3. Trimble, Inc
4. Oracle Corporation
5. IBM
6. NAKISA,
7. AppFolio, Inc
8. RealPage, Inc
9. SAP
These players are working on developing strategies such as product development, merger and acquisition, partnerships and collaborations to sustain the market growth.
For instance, in January 2023, MRI Software, LLC, a provider of real estate and investment management software to real estate owners, investors, and operators, acquired AMTdirect, a provider of lease administration and lease accounting services, in order to expand its market share in the global lease management market.
The report also summarizes many important aspects including financial performance of the key players, SWOT analysis, product portfolio, and latest strategic developments. Click Here to Get Absolute Top Companies Development Strategies Summary Report.
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