The global Lease Service Management market size was USD 4.49 Billion in 2022 and is expected to register a revenue CAGR of 6% over the forecast period, according to the latest report by Reports and Data.
The revenue growth of the Lease Service Management market is being driven by the growing demand for centralised Lease Service Management solutions. Businesses are increasingly recognizing the importance of having a unified platform to manage leases across multiple corporate divisions and locations. By using centralised Lease Service Management solutions, companies can improve their lease administration, reduce errors, increase data accuracy, and simplify the Lease Service Management process.
The growth in revenue of the Lease Service Management market can be attributed to the need for businesses to comply with lease accounting regulations such as ASC 842, IFRS 16, and GASB 87. These regulations require businesses to disclose their lease obligations on their balance sheet, leading to a significant increase in the complexity and amount of lease-related data that needs to be managed. To comply with these regulations and ensure accurate financial reporting, companies are seeking Lease Service Management solutions. Moreover, the adoption of cloud-based Lease Service Management solutions is also contributing to the market's expansion. Cloud-based tools enable businesses to manage their leases from any location, providing real-time data access, automated processes, and easy stakeholder collaboration, resulting in improved Lease Service Management effectiveness and reduced costs.
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The implementation of lease accounting standards such as ASC 842 (Accounting Standards Codification), IFRS 16 (International Financial Reporting Standards), and GASB 87 (Governmental Accounting Standards Board) has significantly impacted the Lease Service Management market. These accounting standards require companies to recognize lease obligations on their balance sheets, which has increased the complexity and amount of lease-related data that needs to be maintained.
To comply with these regulations and ensure accurate financial reporting, businesses are turning to Lease Service Management solutions. These solutions help companies centralize lease data, automate lease calculations, track lease terms and payments, and generate the necessary financial reports. By utilizing Lease Service Management tools, organizations can streamline their Lease Service Management processes, reduce errors, and enhance compliance with the accounting standards.
Additionally, the adoption of cloud-based Lease Service Management solutions has contributed to the growth of the Lease Service Management market. Cloud-based tools offer several advantages such as remote access to lease data from anywhere at any time. They also provide real-time data updates, automated workflows, and easy collaboration among stakeholders. These features enhance the efficiency and effectiveness of Lease Service Management while reducing costs associated with manual processes and infrastructure maintenance.
Top Companies Operating in the Global Lease Service Management Market:
IBM Corporation, SAP SE, LeaseAccelerator Inc., Accruent LLC, RealPage Inc., LeaseQuery LLC, Odessa Technologies Inc., Nakisa Inc., Visual Lease, and Planon Corporation
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The global market is further segmented into type and application:
Platform Outlook (Revenue, USD Billion; 2022 - 2032)
Deployment Outlook (Revenue, USD Billion; 2022 - 2032)
Application Outlook (Revenue, USD Billion; 2022 - 2032)
Regional analysis provides insights into key trends and demands in each major country that can affect market growth in the region.
Some Key Highlights from the Report
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Overall, the combination of lease accounting standards and the adoption of cloud-based Lease Service Management solutions has fueled the revenue growth in the Lease Service Management market. Businesses are recognizing the importance of efficient Lease Service Management to meet regulatory requirements, improve financial transparency, and optimize their lease portfolios.
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