Press release
AI In Real Estate Market Size, Growth Drivers, Trends And Analysis 2024-2033
AI In Real Estate Market
The ai in real estate market size is expected to see exponential growth in the next few years. It will grow to $731.59 billion in 2028 at a compound annual growth rate (CAGR) of 34.0%. The growth in the forecast period can be attributed to emphasis on data security, personalized real estate services, market forecasting and trends analysis, enhanced customer interaction, demand for smart building solutions. Major trends in the forecast period include personalized customer experience, predictive analytics for property valuation, enhanced property search, virtual tours and visualization, automated property management.
Market Overview -
AI in real estate refers to the use of artificial intelligence technologies and techniques to enhance various aspects of the real estate industry. It involves the application of computer systems and algorithms that can analyze large amounts of data, learn from patterns and trends, and make intelligent predictions or recommendations related to real estate transactions, property management, customer service, and market analysis.
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IOT Surge Fuels The Expansion Of AI In Real Estate
The increasing adoption of IoT devices is expected to propel the growth of AI in real estate market going forward. IoT devices refer to physical objects or devices that are embedded with sensors, software, and connectivity capabilities to collect and exchange data over the internet. AI in real estate uses both AI and IoT devices for market and leasing, predictive maintenance, utility management, and tenant experience. For instance, in May 2022, according to the State of IoT-Spring 2022 report by IoT Analytics, in 2021, there were 12.2 billion active endpoints, an 8% increase in the total number of IoT connections. The Internet of Things industry is anticipated to increase by 18% to 14.4 billion active connections in 2022. Therefore, the increasing adoption of IoT devices is driving the growth of AI in real estate market.
Competitive Landscape -
Major companies operating in the ai in real estate market report are Compass Inc., Redfin Corporation, REX Real Estate, Lexalytics Inc., Microsoft Corporation, Avaamo Technologies Pvt. Ltd., CAPE Analytics LLC, CognitiveScale UK Ltd., ComplyAdvantage, Hyro Technologies Inc., Entera SAS, Oracle Corporation, SAP SE, International Business Machines Corporation, Addepto, Keyway Technologies Inc., HouseCanary Inc., TRIGIGA Inc., GeoPhy Inc., Enodo Inc., Autohost Inc., Propic AI Inc., DEXMA Inc., Skyline AI Inc., Jones Lang LaSalle Inc., Engel & Völkers AG, Zillow Group Inc., Opendoor Technologies Inc., Knock Inc., Offerpad Solutions Inc., Homelight Inc., Reali Inc., Ribbon Home Inc., Orchard Home Loans Inc.
Technological Leap For AI In Real Estate Automation
Technological innovations are a key trend gaining popularity in the AI in real estate market. Companies operating in the AI in real estate market are adopting new technologies to sustain their position in the market. For instance, in September 2022, Restb.ai, a Spain-based computer vision provider for real estate, launched MLS Suite for Multiple Listing Services for AI in real estate. MLS suite is a collection of software tools designed to update MLSs. The AI-powered technologies were developed to assist Multiple Listing Services in automating the listing entry process, providing security for IDX and VOW website users, and enriching and increasing the value of MLS data. It includes the product's AI Tagging function, which allows users to extract information about the attributes of a property automatically. It also includes property descriptions, MLS Agent, and compliance, which automates the identification of any MLS or association regulations violations, such as the improper use of listing images, to optimize compliance operations.
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Key Segments -
The ai in real estate market covered in this report is segmented -
1) By Technology: Machine Learning, Natural Language Processing (NLP), Computer Vision
2) By Solution: Chatbots, Customer Behavior Analytics, Advanced Property Analysis, Customer Relationship Management (CRM), Data Analytics And Visualization, Lead Generation And Marketing, Property Management
3) By Enterprise Size: Large Enterprises, Small And Mid-sized Enterprises (SMEs)
4) By Application: Design And Plan, Construction, Promotion And Sales
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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