The global tenant billing software market size is expected to reach USD 544.21 million by 2027, registering a CAGR of 8.4% over the forecast period, according to a new report by Grand View Research, Inc. Rapidly growing adoption of automatic tenant metering and smart grid technology is a primary factor propelling the growth of the market. The market growth can be ascribed to growing demand for real-time tenant utility consumption.
Several
commercial properties still use manual tenant metering and bill generation as
part of their tenant sub metering workflow. However, the manual metering not
only makes the process slow but often builds several errors and inconsistencies
for owners and occupants. Whereas, automated metering tracks revenue recovery
in real-time and drills down to individual occupants. Moreover, it offers improved
experience by showing occupant’s real-time transparency into their utility
costs.
Rapidly
increasing number of retail stores, hotels, business buildings, airports, and
industrial sites is also offering promising growth prospects for the market.
North America accounted for the largest market share in 2019 on account of
rising demand for advanced tenant billing software in the region. Furthermore,
enterprises of all sizes are creating a huge demand for cloud-based billing
software in North America, thus boosting the market growth in this region.
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Tenant Billing
Software Market Report Highlights
- The tenant billing software
market is anticipated to witness substantial growth during the forecast
period owing to rising adoption of machine learning and IoT in
various residential and commercial areas
- The cloud deployment segment
accounted for the largest market share in 2019 owing to increasing
adoption among small, medium, and large enterprises and benefits offered
in terms of decreasing disputes with occupants
- The on-premise deployment
segment is expected to witness significant growth over the forecast period
owing to the benefits offered including easy integration with the
enterprise’s existing IT infrastructure and high level of data security
- Based on application, the
commercial segment is expected to witness the fastest growth over the
forecast period owing to increasing number of shopping stores, hotels, and
business buildings
- North America dominated the
market in 2019 owing to the extensive adoption of cloud-based tenant
billing software by enterprises of all sizes, coupled with growing real
estate industry in the region
- Key players in the market
include Delmon Solution; Commercial Water & Energy Co.; Honeywell
International Inc.; Entronix Energy Management, Inc.; Enertiv; TEAM
(Energy Auditing Agency Ltd.); Accuenergy Ltd; MACH Energy; SystemsLink
2000 Ltd; Semsys; and IOTomation Ecotech Pvt. Ltd. New product or software
development remains a key strategy among the leading players in the market
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Tenant Billing
Software Market Segmentation
Grand View Research has segmented
the global tenant billing software market based on deployment, application, and
region:
Tenant Billing
Software Deployment Outlook (Revenue, USD Million, 2016 - 2027)
- Cloud
- On-premise
Tenant Billing
Software Application Outlook (Revenue, USD Million, 2016 - 2027)
- Residential
- Commercial
Tenant Billing
Software Regional Outlook (Revenue, USD Million, 2016 - 2027)
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- France
- Spain
- Asia Pacific
- China
- India
- Japan
- Latin America
- Brazil
- Mexico
- Middle East & Africa
About Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco. The
company provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, we offer
market intelligence studies ensuring relevant and fact-based research across a
range of industries, from technology to chemicals, materials and healthcare.
For more info visit @ https://www.grandviewresearch.com
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