Shibuya-ku, Tokyo, Japan, Japan, Jan 17, 2022, 00:24 /Comserve / -- Lease management market is predicted to grow at a CAGR of 6.7% in the forecast period by generating a revenue of $6,252.3 million by 2027.
Lease management software are used to simplify data and help in efficiently managing critical data. The lease management software are designed to meet the business requirement of asset based finance companies spanning the entire life cycle of the lease. Lease management can assure the organization to track the asset, documentation, budget and productivity of a business for smooth workflow.
The pandemic has created a positive impact on the global lease management market. Most of the organizations are adopting virtual workplaces for employees to maintain physical distance among the employee. The lease management software integrates all the facility management data helping the organization to work remotely without any interruptions, which is predicted to drive the lease management market in the estimated period.
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The demand for the lease management is majorly driven by the increasing demand for the smart building projects to efficiently use the lease management software. Organizations are focusing more in the advancement of technology like artificial intelligence, big data and internet of things for construction of smart buildings making use of the lease management software, which is predicted to be the biggest driving factor for the market in the estimated period. Moreover, adoption of SaaS model among organizations is predicted to drive the market in the estimated period. SaaS model helps the organization to increase the productivity of the employee by providing them remote access across the globe all the time in a most cost effective manner.
Lack of awareness is predicted to be the one of the major reasons to hinder the market growth in the estimated period. Besides lesser awareness, cost involved for setting up of lease management software and maintenance cost of these software is very high, which is predicted to hinder the market in the estimated period. In addition due to the higher cost, the SME and startup organizations cannot adopt these software which is predicted to be the biggest restraint for the market in the estimated period.
On the basis of component, the lease management market is divided into solutions and services. Solution segment is predicted to grow with a CAGR of 7.4% in the forecast period by generating a revenue of $2,565.9 million by 2027. Service segment is predicted to grow with a CAGR of 6.3% in the forecast period by generating a revenue of $3,686.4 million by 2027.
On the basis of deployment mode, the lease management market is divided into cloud and on-premise. Cloud sub segment is predicted to grow with a CAGR of 8.1% in the forecast period by generating a revenue of $3,200.0 million by 2027. On-premises sub-segment is predicted to grow with a CAGR of 5.4% in the forecast period by generating a revenue of $3,052.3 million by 2027.
On the basis of enterprise size, the lease management market is divided into small & medium and large. Small and medium enterprise size sub segment is predicted to grow with a CAGR of 7.9% in the forecast period by generating a revenue of $2,807.3 million by 2027. Large enterprise size sub-segment is predicted to grow with a CAGR of 5.8% in the forecast period by generating a revenue of $3,445.0 million by 2027.
On the basis of end use industry, the lease management market is divided into retail, education, government, manufacturing and others. Manufacturing sub segment is predicted to grow with a CAGR of 6.3% in the forecast period by generating a revenue of $1,860.7 million by 2027. Education sub- segment is predicted to grow with a CAGR of 7.5% in the forecast period by generating a revenue of $1,275.0 million by 2027.
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On the basis of region, the lease management market is divided into North America, Europe, Asia-Pacific and LAMEA. North America market is predicted to rise with a CAGR of 5.9% in the forecast period by generating a revenue of $1,923.8 million by 2027.Asia-Pacific region market is predicted to rise with a CAGR of 7.4% in the forecast period by generating a revenue of $1,785.0 million by 2027.
The major key players in the lease management market are LeaseAccelerator, Inc, NAKISA, CoStar Realty Information Inc., AppFolio, Inc, Trimble Inc, RealPage, Inc., Oracle Corporation, SAP, and IBM among others.
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