Market Overview

The Saudi Arabian property management software industry produced revenue of USD 46.7 million in 2023, which is projected to experience a CAGR of 6.8% over the projection period, to reach USD 73.8 million by the end of the decade.

The primary growth driver of the market is the emergence of property management that can be systematically taken care of at hand and an ever-growing demand for the SaaS (Software-as-a-Service) model in real estate, and construction business activities.

Saudi Arabia's property management software is poised to take off in the construction sector due to the high volume of investment. The bulk of the growth of industries is attributed to the fact that the ongoing and upcoming projects are in the urban, transport, and utility sectors. Concepts of smart cities within the "National Transformation Program 2020" or the "Saudi Vision 2030" play the main role in these projects, which are aimed at improving urban development in the kingdom, increasing the competitiveness of these cities, and attracting investments.

The smart infrastructure concepts will be implemented in 5 cities that are going to have smart controlled cameras and waste disposal machines which will lead to the utilization of driving software. As AMAALA and NEOM, the mega-projects of the country, become established and the governments keep on supporting home maintenance companies such as B8ak and FalconViz, the property management software market in the country will experience strong growth.

Key Insights

• The solution category dominated with over 65% market share in Saudi Arabian markets in 2023.
• Demand surged for digital property management operations.
• Need to reduce the frequency of meetings and enhance virtual coordination among coworkers and managers.
• Solutions aid systematic client management and facilitate streamlined payment processes and digital financing.
• Cloud deployment dominated the market share in 2023 and is expected to grow with a CAGR of 7.0%.
• Cloud technology enables the use of remote servers over the Internet for data storage, management, and processing.
• The property managers category held over 75% market share in Saudi Arabia in 2023 and is projected to grow at a CAGR of 7.2% from 2024 to 2030.
• Property managers are the main group or category of users who use property management software in the terms of performing all tasks related the many properties to raise the level of tenant satisfaction and rate of lease renewals.
• The market is unconcentrated with many home players and international competitors being there.

• Companies are coming up with the new products to get an edge in the competition, for instance, Focus Softnet Pvt. Ltd.'s Compositible ERP which consists of AI and ERP focus x.
• Enclosing the Focus X we offer all new AI generation and RPA technologies, as well as bank safety integrations and separate customer and vendor portals.
• Key players are forming partnerships for revenue generation, like RealPage Inc.'s collaboration with Airbnb for the Migo solution.
• Migo wants to make housing more affordable by providing integration with service providers to elevate the Airbnb experience in the apartment buildings.
• RealPage Inc. worked with Measurabl Inc. to take ESG solutions for real estate to the next level.
• The partnership is aimed at bringing the asset management and the boardroom strategies together through the development of advanced automation.
• The partnership enables more reliable reporting, compliance, and decarbonization solutions.
• Lodgify entered the market with Lite Plan, a vacation rental software without recurring payments for monthly fees.
• The Lite Plan provides owners to run a vacation rental business which consists of booking engine and reservation software.

Source: P&S Intelligence