The global lease management market is expected to gain significant momentum in the forecast period 2019-2026. The service sub-segment is set to gain the highest market share. The on-premise sub-segment is predicted to dominate the market. The North American region is expected to further add to the market growth.
New York, USA, Aug. 03, 2021 (GLOBE NEWSWIRE) -- A recently published report by Research Dive states that the global lease management market is predicted to witness significant growth in revenue of $3,721.6 million in 2019 to over $6,252.3 million by 2027, rising at a steady CAGR of 6.7% from 2019-2027.
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Impact of COVID-19 on the Global Lease Management Market
The COVID-19 virus started spreading all over the world at a fast pace leading to the declaration of a pandemic. In the midst of this, multiple industries faced challenges as the economy was considerably weak. Also, most medical professionals’ advice people to follow the norms laid down during the lockdown due to which several corporate switched to working remotely. The lease management software played a significant role in ensuring that the process was smooth as it helped manage a majority of the data. This ensured the steady growth of the global lease management market during the pandemic.
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Growth Drivers: Lease management is a technology used to track progress of businesses at regular intervals. Various organizations have been switching to working on the cloud to ensure better working and safety of data. The software allows users to find extensive access to other platforms that are hosted on the cloud using the internet. To add further, by implementing SaaS, most of the companies are able to gain remote access at in an economical manner. These factors are predicted to boost the growth of the global lease management market in the forecast period.
Restraints: The lease management requires constant maintenance and regular upgrades to ensure its efficiency which is an expensive process. Also, the pricing of the software itself is on the higher level making it inaccessible to the smaller start-ups and SMEs. Additionally, there is also an immense lack of awareness about the software among multiple organizations. These aspects of the market are predicted to restrain its growth in the analysis period.
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The report has categorized the market into multiple segments based on component, deployment mode, enterprise size, and end use industry.
Service Sub-Segment Predicted to Dominate the Market
By component, the service sub-segment is garnered revenue of $2,268.7 million in 2019 and is set to rise further at a CAGR of 6.3% in the analysis period. This service segment provides accurate end to end solutions which can assist in ensuring that a firm is able to handle their data in the right manner. It also presents business insights which are further expected to help contribute to the growth of the segment in the analysis period.
On-Premise Sub-Segment Set to Gain the Highest Market Share
By deployment mode, the on-premise sub-segment accounted for revenue of $2,002.9 million in 2019 and is set to grow further at a CAGR of 5.4% in the forecast period. The segment ensures advanced security which allows for better control on external services of organizations. It is also a more cost-effective option which is expected to contribute the growth of the segment in the analysis period.
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Large Enterprise Sub-Segment Predicted to Gain Significant Revenue
By enterprise size, the large enterprise is anticipated to gain the highest revenue rising from $2,199.3 million in 2019 at a CAGR of 5.8% in the forecast period. Larger organizations require an efficient manner of functioning as they manage multiple processes which is where lease management plays a significant role. This has led to a vast number of organizations opting for lease management which is anticipated to assist in the growth of the segment.
Manufacturing Sub-segment Predicted to Experience Rapid Growth
By end use industry, the manufacturing sub-segment garnered revenue of $1,137.3 million in 2019 and is expected to gain momentum at a CAGR of 6.3% in the analysis period. This growth is primarily due to the use of the lease management software by the manufacturing units. Most of their work process relies on lease and contracts with dealers which need to be monitored with caution. These factors are set to add to the growth of the segment in the forecast period.
North America is known for an extensive number of organizations which are also predicted to invest in the software to ensure smoother functioning of the company. This is set anticipated to drive the growth rate of the region.
Key Market Players
The report also contains an extensive list of key players whose strategies have assisted in the growth of the market. These include mergers, product launches, partnerships, and collaborations. Some of them are as listed below –
1. LeaseAccelerator, Inc
2. CoStar Realty Information, Inc
3. Trimble, Inc
4. Oracle Corporation
7. AppFolio, Inc
8. RealPage, Inc
The report also provides an overview of many important aspects including financial performance of the key players, SWOT analysis, product portfolio, and latest strategic developments.
In July 2020, LeaseAccelerator a renowned expert in Lease Lifecycle Automation launched EZLease, an application that can automatically calculate the lease making the process low cost and easier. The software used for the accounting process is the only one of its kind in the market and can provide the necessary support to both the lessees and lessors within one application. It also provides an automated journal entries complete with the detailed calculations and processes added to it.
The report also offers several industry-top tactics and approaches such as top strategic moves & developments, product/service range, business performance, Porter five forces analysis, and SWOT analysis of the foremost players, functioning in the global industry. Click Here to Get Absolute Top Companies Development Strategies Summary Report.
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