Lease management market expected to reach $8.44 billion by 2032, driven by demand for software solutions.
From GlobeNewswire: 2024-12-08 09:00:00
The Lease Management Market, valued at USD 5.01 billion in 2023, is expected to reach USD 8.44 billion by 2032, growing at a CAGR of 6.00%. The demand for software solutions simplifying lease tracking, managing, and reporting is driving market growth.
Organizations seek cost reduction and operational efficiency, increasing the need for lease management software. Solutions like automated tracking, document management, and reporting features streamline processes and minimize operational risks. The market is witnessing growth across retail, real estate, healthcare, and manufacturing sectors.
Cloud-based lease management solutions are in high demand due to advantages like scalability and real-time data retrieval. Artificial Intelligence and machine learning are transforming lease management systems, enabling automation of processes and better decision-making. North America dominates the market, with the Asia-Pacific region projected for significant growth due to urbanization and infrastructure development.
In 2023, the software segment held the largest market share, driven by the need for automated lease tracking and compliance with accounting standards. Commercial applications accounted for the majority of market revenue, showcasing the critical role of lease management software in various industries. Commercial organizations in retail, manufacturing, and healthcare sectors are adopting lease management solutions to manage leased assets and comply with new accounting standards. The growth is driven by the need to optimize portfolios and reduce operational costs.
LeaseQuery launched a new solution to help businesses comply with lease accounting standards. IBM introduced an AI-powered lease management solution to streamline negotiations and enhance reporting for real estate businesses.
SNS Insider offers consulting services like Go To Market Assessment and Total Addressable Market (TAM) Assessment. They aim to provide clients with current market data and consumer insights to make confident decisions in changing circumstances.
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