Market Trends of Self-storage Software Industry
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.
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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.
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