Tenant Billing Software Market 2020 and Forecast 2021-2027

                                          
Report Overview: Tenant Billing Software Market


The global tenant billing software market size was valued at USD 182.11 million in 2020 and looks set to grow at a compound annual growth rate (CAGR) of 7.3% over the forecast period 2021-2027. The market is expected to witness incremental growth in the forthcoming years owing to the increasing adoption of smart grid technology in the tenant billing process.


The tenant billing software helps organizations to split up utility costs between tenants, departments or cost centers. The software is ideal for organizations that manage or own numerous properties, including airports, residential housing, service stations, retail parks, and ports.
In recent years, tenant billing techniques have been shifted from manual to automatic billing techniques. This automatic technique has improved the tenant billing system, thereby decreasing human involvement for meter readings or invoice creation. An automatic billing software operates through cloud-connected meters to gather consumption data and further use that data to send bills without the engagement of individuals for invoice creation or meter readings. Whereas, manual tenant billing practice comprises individuals going to tenants and recording the utility usage for each month. This manual process is slow, inefficient and prone to errors. Thus, the tenant billing software was established to evade the errors and streamline the work through automation.
Introduction of automatic tenant metering is the key factor fueling market growth. Automatic tenant meter provides real-time data of tenant’s utility consumption and avoids inaccuracies and unfairness of dividing costs across tenants by floor area. Furthermore, it reduces the cost of manpower, which is comparatively high in manual readings. Besides, it helps to assess an occupant’s bill instantly from any desired place via mobile application. Thus, this precision in the billing procedure enhances the transparency between the tenant and the owner, which, in turn, is expected to fuel the market growth over the forecast period.

Furthermore, automated billing software helps users in getting over cumbersome spreadsheets and gain a streamlined error-free billing process. Moreover, the Internet of Things (IoT) based meter reading is competent in incorporating either with existing infrastructure or installed IoT hardware to extract data from tenant meters. Additionally, IoT allows to control the energy usage practices and monitor patterns of the occupant’s expenses. This forecasting practice further helps consumers in their budgeting.


Deployment Insights: Tenant Billing Software Market

The cloud segment accounted for the largest share of more than 65.0% in 2019. Cloud-based tenant billing software activities are opening up as an emerging trend in the billing market as the data collected by the software can be stored in the cloud, which is accessible to all departments. Moreover, increasing adoption among small, medium, and large enterprises is boosting the demand for cloud-based billing software in the market.

The cloud-based software enables facility management companies, commercial property owners, or other sub tenanted property clients to store various supplier contracts against subtenant meters. This information then can be used to automatically generate an occupant’s bill based on energy usage over an annual, monthly or four-week basis. Besides, it saves property managers’ indirect costs of money recovery and fewer disputes with tenants as well as direct costs included in automating a labor-intensive procedure.

The on-premise deployment segment is anticipated to witness considerable growth over the forecast period. The growth is attributed to the associated benefits such as easy integration with the enterprises existing IT infrastructure and a high level of data security than a cloud-based billing software. On-premise billing software offers ownership and control over hardware, data, and software platform. The above-mentioned benefits of on-premise deployment software are contributing to the growth of the on-premise deployment segment over the forecast period.

Application Insights: Tenant Billing Software Market

In terms of application, the tenant billing software market has been classified into commercial and residential. The residential segment accounted for the largest share of more than 55.0% in 2019. Tenant billing software helps property owners to manage tenant information, property information, lease information, resident subscriptions, owner information, and their history. Moreover, using multiple billing solutions help in generating bills automatically and delivering them via email or getting them printed for posting.


The commercial segment is anticipated to be the fastest-growing segment over the forecast period. The growth is ascribed to various factors including an increasing number of retail stores, hotels, business buildings, airports, and industrial sites as well as improvement in IT infrastructure. Furthermore, commercial tenant billing software eliminates manual billing and increases administrative productivity.

Regional Insights: Tenant Billing Software Market

North America accounted for the largest share of over 25.0% in 2019. The growth is attributed to the large-scale adoption of cloud-based tenant billing software by enterprises of all sizes and growing smart grid hospitality and real estate industry in the region. Europe accounted for the second-largest share of more than 20.0% in 2019. The growth can be attributed to the rising presence of a large number of commercial and residential buildings, along with a high degree of digitalization in the region.

Asia Pacific is anticipated to witness the fastest growth during the forecast period. Factors such as government regulations, rising cloud-based solutions, growing population, and increasing need to focus on customer relationship management are the key factors assisting the market growth in the region. Besides, technological advancements such as Artificial Intelligence (AI) and machine learning are expected to increase the adoption of tenant billing software in the region.

Key Companies & Market Share Insights: Tenant Billing Software Market

Some of the prominent players in the market are Tenant billing software providers are focusing on new product development, product enhancement, and partnerships, which, in turn, would help to increase their market presence. For instance, in April 2019, TEAM (Energy Auditing Agency Ltd.) announced the development of its software portfolio with the launch of the next-generation Sigma Tenant Billing solution. This application will enable organizations to precisely and efficiently allocate utility costs between tenants, departments or cost centers delivering transparent accountable billing. Furthermore, this software will allow users to monitor and manage their tenant’s energy consumption through one system. Some of the prominent players in the tenant billing software market include:

Key companies Profiled: Tenant Billing Software Market Report

 	
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
 	
IOTomation Ecotech Pvt. Ltd.

This report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2016 to 2027. For the purpose of this study, Trusted Business Insights has segmented the global tenant billing software market report on the basis of deployment, application, and region:

Deployment Outlook (Revenue, USD Million, 2016 - 2027)

 	
Cloud
 	
On-premise

Application Outlook (Revenue, USD Million, 2016 - 2027)

 	
Residential
 	
Commercial