Within the broader PropTech industry, property management systems (PMS) have continually evolved to enhance building operations. Initially focused on basic operations (e.g., booking, invoicing), PMS now offers cloud and mobile-based solutions emphasizing user experience and accessibility. Currently, PMS is expanding its capabilities across both guest-facing and back-end operations, partially enabled by partnerships / integrations with access control providers, with applications extending to new types of real estate (e.g., office, student housing).
In the larger PropTech market, U.S. PropTech private growth capital investment and M&A deal volume reached an all-time high in 2021 driven by economic factors (e.g., low-cost capital environment) and technological advancements (e.g., cloud computing). Notable PMS acquisitions reflect this trend, such as Entrata’s 2024 acquisition of Colleen AI and Yardi’s 2017 acquisition of WUN Systems.
Looking ahead, key real estate trends such as artificial intelligence, smart buildings, and the Internet of Things (IoT) are set to attract new market entrants and potentially create new industry leaders. Non-traditional PMS companies are expected to increase their presence, further diversifying and enhancing the use cases of PMS across the built environment.
