Self Storage Software Market Size
|2019 - 2029
|Base Year For Estimation
|Fastest Growing Market
*Disclaimer: Major Players sorted in no particular order
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Self Storage Software Market Analysis
The global self-storage software market is projected to grow at a CAGR of 7.57% over the forecast period. The self-storage industry has evolved considerably since its inception in the late 1960s. The main growth factors for this industry can be attributed to the increased awareness of these facilities and urbanization. The principal competitive factors for this industry are the pricing and location of the facility. Seasonal demands drive the occupancy rates.
- The essential benefit of using self-storage software is the incredible convenience it provides. This is true mainly if using a cloud-based self-storage system allows the business to access the data from anywhere with Internet capability. Some software systems visualize available and occupied storage units through the custom storage facility map.
- The increasing rate of urbanization across the globe and improved economic outlook, specifically in emerging economies, are creating a positive outlook for the market. Urban populations widely adopt self-storage spaces due to the rising instances of them moving around more frequently and the increasingly expensive living spaces in cities with reduced wandering areas. In line with this, the rapidly increasing global population facilitates the demand for additional storage as families expand with more material possessions, thus favoring the market growth.
- The implementation of cloud computing has become prevalent for businesses, including self-storage. Today, personalized technology such as laptops, tablets, and company desktops have been phased in for plenty of reasons, starting with a vast cost reduction. Almost every company has found that it makes better business sense to store computer programs online instead of accumulating programs offline, in-house, or on a desktop. So, the emergence of cloud-based self-storage and mobile applications has driven the market.
- Increased Competition in Self storage drives the demand for the market. When the competition is high, there is a high scope of business. With the number of operators rising yearly, it can be tough to stay on top. But the benefits of increased competition are plentiful for both owners and renters. It gives a chance to stand out from the crowd with new amenities, improve marketing efforts, and better serve customers by providing them with more options. It also helps keep rates down as operators have to offer competitive pricing to bring in business.
- Cyber Security concerns about the payment process through software applications could restrain the market. Cybersecurity covers a wide variety of situations and threats. Some are technical and related to technology. Others involve humans, such as a disgruntled employee or a third party with physical access to the system. The potential for financial fraud is higher for online transactions than for in-store dealings. However, with proper processes and tools, it is possible to mitigate the risk of an attack and keep customer data safe to protect the business.
- Further, the novel COVID-19 pandemic has put the world at a standstill, affecting primary operations and leading to an industrial catastrophe. However, the adoption of collaborative software applications, security solutions, Big Data, and AI is expected to increase due to social distancing rules. Different end-users are adopting self-storage software solutions to overcome supply chain risks caused due to COVID-19. Self-storage software providers are launching new products with advanced functions to cope with social distancing regulations during the COVID-19 pandemic. This increases the demand for self-storage software and is projected to positively impact the global self-storage software market in the next few years.
Self Storage Software Market Trends
This section covers the major market trends shaping the Self-storage Software Market according to our research experts:
Cloud-based Self-storage is Expected to Witness Significant Growth
- The most crucial benefit of self-storage software is its incredible convenience. This holds if one is using a cloud-based self-storage system. This allows the business to access the data from anywhere with Internet capability. Some software systems also visualize available and occupied storage units through the custom storage facility map.
- Nowadays, most modern software providers provide some cloud software at this point, as it has the most significant potential benefits for the end-user. For instance, most reputable providers choose to host their data on proven and reliable data networks. This allows customer data to be stored near the customer, providing a fast and secure software connection. This also allows the data to be duplicated on numerous servers, so data is safe in the event of corruption or natural disasters since the software is hosted.
- According to the survey conducted by Unitrends in 2021, 85 percent of the organizations have started using cloud-based Self- storage for backup of the data considering the demands of the customers, owing to the rising adoption of digital payments, video streaming services, connected devices, and smart home devices which may propel cloud-based Self-storage market progress.
- While the cost of cloud-based and conventional self-storage software can vary widely, it's often easy to find it for a cheaper rate than traditional software. The upfront costs are lower because the entire process is more straightforward. Cloud-based self-storage software doesn't need to be mailed to the facility on a disk and installed on the computer. Many programs can be operated right in the Web browser. Operational costs are often lower due to the ease of access from the customer and provider. The maintenance and support are significantly simplified, which usually translates to lower prices for the end-user.
- In September last year, SmartStop Self storage commences the rollout of Self Storage Manager's new cloud version. Similarly, In July last year, Storable, the leading technology company for self-storage operators, and The William Warren Group (WWG), a privately held entrepreneurial real estate company that operates the StorQuest Self Storage family of brands, entered into a Facility Management Software Development Agreement to co-develop and support customized facility management software and related operating platform solutions based on Cloud for the benefit and continued growth of both businesses. Such developments enhance the cloud-based platform and demand for this market.
North America is Expected to Hold the Major Share
- The North American region was expected to have the most significant market share of the self-storage software market, with the United States occupying most of the market. The dominance in the region is due to the increasing adoption of advanced technologies. Moreover, the area has a robust foothold of self-storage software providers, which is anticipated to drive the market in the region.
- Some of the players in the market of the segment are U-Haul International Inc., The Storage Group, and Domico Software, among others. In addition, the developing trend of online shopping and the development of the e-commerce industry has permitted vendors to rent their storage space in numerous locations. There has been an upsurge in this region's number of innovative players.
- The self-storage concept was first introduced in the North American region in 2000. It is anticipated that more than 2.63 billion square feet of rental space are available across 54,000 storage facilities in the United States alone. Moreover, the self-storage market has been one of the fastest-growing sectors in the United States over the past few decades. Furthermore, various factors, such as the increasing number of storage facilities and the adoption of lighter versions of self-storage software, with limited features and lower prices, are anticipated to contribute to this market's growth.
- The unused storage space is growing, and rates are declining in the United States. This is a sign that the self-storage industry will face a tough time withstanding an economic downfall if it continues through the summer season when people do a lot of moving and, as a result, storing. In areas like Houston, Texas, where self-storage is a historically thriving business, prices are expected to go down an average of 45%. In Minnesota, prices dropped by more than 50% for some storage spaces in April 2021. According to the latest National Self Storage Monthly Report from Yardi Matrix, the street rates for self-storage properties are coming off, and experts are optimistic that the sector will continue to perform well in the last year.
Self Storage Software Industry Overview
The self-storage software industry is quite fragmented, and the competition is fierce, with many companies providing software solutions in the market. The companies are expanding rapidly. As a result, the overall market growth is also rampant globally. Technological advancements are also bringing sustainable competitive advantage to companies, and the market is witnessing multiple partnerships and mergers.
- In August 2022, SecureSpace Self Storage, which operates over 25 facilities in 10 states, acquired an 11-property Central Self Storage portfolio in three states from Pegasus Group. The facilities are in the San Francisco Bay Area, Portland, Oregon, and Austin, Texas. Together, they comprise more than 650,000 square feet in 6,550 units.
- In July 2022, Dell Technologies launched software-driven modern storage solutions such as PowerStore, PowerMax, and Dell PowerFlex across its industry-leading storage portfolio to drive increased intelligence, automation, cyber resiliency, and multi-cloud flexibility. These advancements give businesses a secure and flexible environment to derive critical insights to grow in the digital era.
Self Storage Software Market Leaders
RADical Systems (UK) Ltd
U-Haul International, Inc.
*Disclaimer: Major Players sorted in no particular order
Self Storage Software Market News
- August 2022 - The Storage Group (TSG), a marketing and technology company serving the self-storage industry, has integrated TSG's ClickandStor online-rental tool with cloud-based Enterprise Management Software from Self Storage Manager Inc. (SSM). Owing to this integration, customers using the SSM product will be able to use ClickandStor as part of their website framework, allowing tenants to reserve units online, verify their IDs, and electronically sign a lease.
- August 2022 - PTI Security Systems, a provider of access-control technologies for the self-storage industry, announced an integration with DoorSwap through its cloud-based access-control software, StorLogix Cloud. The addition will simplify and streamline day-to-day management tasks for self-storage facilities using the products. Data can be accessed from anywhere, tenant information is synched in real-time, and enhancements are delivered instantly.
Self Storage Software Market Report - Table of Contents
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Emergence of cloud-based self-storage software and mobile applications
4.2.2 Increasing Competition in Self-storage Market
4.3 Market Restraints
4.3.1 The growth in the unused storage prices and dependency on the season
4.3.2 Cyber Security Concerns about Payment Process through Software Apps
4.4 Industry Value Chain Analysis
4.5 Industry Attractiveness - Porter's Five Forces Analysis
4.5.1 Bargaining Power of Suppliers
4.5.2 Bargaining Power of Buyers/Consumers
4.5.3 Threat of New Entrants
4.5.4 Threat of Substitute Products
4.5.5 Intensity of Competitive Rivalry
4.6 Assessment of COVID-19 Impact on the Market
5. MARKET SEGMENTATION
5.1 Size of Enterprise
5.1.1 Small and Medium
5.3.1 North America
5.3.3 Asia Pacific
5.3.4 Latin America
5.3.5 Middle East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Company Profiles*
6.1.1 Corrigo Incorporated (Jones Lang LaSalle Incorporated)
6.1.2 U-Haul International Inc.
6.1.3 Self-Storage Pro Inc.
6.1.4 DOMICO Software
6.1.5 Storable Group (SiteLink, storEDGE, and SpareFoot)
6.1.6 RADical Systems (UK) Ltd
6.1.7 Syrasoft LLC
6.1.8 QuikStor Security & Software
6.1.9 E-SoftSys LLC
7. INVESTMENT ANALYSIS
8. MARKET OPPORTUNITIES AND FUTURE TRENDS
Self Storage Software Market Research FAQs
What is the current Self-storage Software Market size?
The Self-storage Software Market is projected to register a CAGR of 7.57% during the forecast period (2024-2029)
Who are the key players in Self-storage Software Market?
DOMICO Software, RADical Systems (UK) Ltd, Corrigo Incorporated, Storable Group and U-Haul International, Inc. are the major companies operating in the Self-storage Software Market.
Which is the fastest growing region in Self-storage Software Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Self-storage Software Market?
In 2024, the North America accounts for the largest market share in Self-storage Software Market.
What years does this Self-storage Software Market cover?
The report covers the Self-storage Software Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Self-storage Software Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Self Storage Software Industry Report
Statistics for the 2024 Self Storage Software market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Self Storage Software analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.