Transparency Market Research delivers key insights on the global lease accounting and management software market. In terms of revenue, the global lease accounting and management software market is estimated to expand at a CAGR of ~10% during the forecast period, owing to numerous factors, regarding which TMR offers thorough insights and forecasts in its report on the global lease accounting and management software market.
Lease accounting and management software is a system designed for managing, accessing, storing, and tracking lease information across single or multiple organizational units and asset types. Lease accounting takes care of the requirement to record and report on all the property, equipment, and other types of leases that an organization holds. Lease accounting and management software is used for various types of leases such as finance leasing, operating lease, and contract hire. The growth of lease accounting and management software is primarily driven by both the public and private sector, and is needed to extract the data that are required to comply with the accounting standards. For instance, the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) recently applied new lease standards. Thus, worldwide, companies are increasingly required to provide detailed insights about leases in their financial statements. The implementation of lease accounting software has enabled business leaders to access specific information, while they enter and renew leases.
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Investments in commercial real estate have increased at a significant rate. A growing commercial sector across the world is the major reason for increasing investment in commercial real estate. The effect of capital flow, technology, cyber risk management, PropTech, and evolution of talent is anticipated to increase investment in commercial real estate and consequently drive the lease accounting and management software market. Real estate is an ideal investment option. Moreover, the simplicity of handling the property by a centralized administration even from a remote location is the main benefit of real estate investment. For instance, in August 2019, MRI Software, LLC acquired Prolease, a provider of lease administration, lease analysis, lease accounting, and workplace management applications, to enable real estate facilities and accounting departments to manage property and equipment leases and boost workplace management. Smart buildings retain tenants, which is a major reason driving the demand for lease accounting and management software. This, in turn, is expected to propel the adoption of lease accounting and management software in the short-term and mid-term, with moderate impact in the long-term due to land availability issues.
Lease Accounting and Management Software Market: Dynamics
The real estate sector is increasingly adopting lease accounting and management software to avoid over-payments and lease penalties, streamline lease accounting practices, and generate higher returns from real estate transactions. Lease accounting and management software incorporates current lease accounting standards and helps real estate executives to make more informed real estate decisions to decrease occupancy and operating costs.
Additionally, due to COVID-19, the real estate sector is increasingly adopting digitized operations and accounting operations due to extensive lockdowns. This, in turn, increases the demand for lease accounting and management software to maintain accounting operations. Hence, increasing adoption of lease accounting and management software in the real estate sector is expected to propel the market during the forecast period.
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Lease Accounting and Management Software Market: Prominent Regions
North America is a hub for new technologies and innovation. The increasing demand for advisory services in North America provides the perfect base for new advances in the lease accounting and management software market. North America held a dominant share of the market in 2020 due to extensive usage of lease accounting and management software to cater to new lease accounting standards. Moreover, the increasing adoption of cloud-based solutions is projected to boost the market. Several new entrants and start-ups have entered the market due to increasing demand for cost-effective lease accounting and management software. Europe offers significant opportunity in the lease accounting and management software market as per the current market scenario. At present, Europe has a large number of residential apartments, which are expected to offer lucrative opportunities for lease accounting and management software. Additionally, a strong network of lessors in Europe also presents lucrative opportunity to the market. The software segment held a major share of the lease accounting and management software market in 2020. It is likely to maintain its dominant position during the forecast period. The European Union has endorsed IFRS 16 Leases for application in Europe. This increases the demand for lease accounting and management software to make the changes in the agreements.
The lease accounting and management software market in Asia Pacific is projected to expand at a robust pace during the forecast period. The rapid adoption of cloud technology is observed in Asia Pacific over the past few years. In the region, large enterprises are expected to adopt lease accounting and management software solutions at a higher rate during the forecast period. South America and Middle East & Africa are expected to be high growth potential regions of the global lease accounting and management software market during the forecast period.
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Lease Accounting and Management Software Market: Key Players
Key players operating in the global lease accounting and management software market are Accruent LLC, CoStar Realty Information, Inc., Deloitte Touche Tohmatsu Limited, IBM Corporation, KPMG International Limited, LeaseAccelerator, Inc., LeaseQuery, LLC, MRI Software LLC, Nakisa Inc., Nomos Limited, PowerPlan, Inc., RealPage, Inc., SMR Group (AMSI), Soft4Lessee, SS&C Technologies, Inc. (Skyline), Tango, Visual Lease, LLC, and Tagetik Software S.r.l.
Global Lease Accounting and Management Software Market: Segmentation
Lease Accounting and Management Software Market, by Component
- Software
- ServicesProfessional Services
- Managed Services
Lease Accounting and Management Software Market, by Deployment
- On Premise
- Cloud
Lease Accounting and Management Software Market, by Application
- Residential & Commercial Real Estate Leases
- Equipment Leases
- Employment & Service Contracts
- Others
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