What Are The 5 Takeaways From The AI In Real Estate Market Overview 2023
The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
The AI in real estate market is set to witness remarkable growth, fuelled by technological advancements and the increasing adoption of Internet of Things (IoT) devices. According to the latest market report for 2023, the global AI in real estate market is projected to surge from $119.91 billion in 2022 to $164.96 billion in 2023, exhibiting a robust Compound Annual Growth Rate (CAGR) of 37.6%.
Driving Forces: IoT Integration
The increasing adoption of IoT devices plays a pivotal role in propelling the growth of the AI in real estate market. IoT devices, embedded with sensors and connectivity capabilities, facilitate data exchange over the internet. The synergy between AI and IoT devices is evident in market and leasing activities, predictive maintenance, utility management, and tenant experiences. With an estimated 21 billion IoT devices globally by 2030, the AI in real estate market is on a trajectory of continuous expansion.
Key Players in the Landscape
Major players contributing to the dynamic growth of the AI in real estate market include Compass Inc., Redfin Corporation, REX Real Estate, Lexalytics Inc., Microsoft Corporation, and others. These industry leaders are at the forefront of technological innovation, continually adapting to market trends to maintain their competitive edge.
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Technological Innovations: A Driving Trend
Technological innovations are gaining prominence in the AI in real estate market, with companies leveraging new technologies to enhance their market positions. An exemplary case is Restb.ai, a Spain-based computer vision provider, which introduced the MLS Suite for Multiple Listing Services in September 2022. This suite employs AI-powered technologies to automate listing entry processes, enhance data value, and ensure compliance with regulations.
North America emerged as the largest region in the AI in real estate market in 2022. The global market report encompasses regions such as Asia-Pacific, Western Europe, Eastern Europe, South America, Middle East, and Africa, providing a comprehensive view of the industry’s geographical landscape.
The market is segmented based on technology, solution, enterprise size, and application:
- Technology: Machine Learning, Natural Language Processing (NLP), Computer Vision
- Solution: Chatbots, Customer Behaviour Analytics, Advanced Property Analysis, CRM, Data Analytics, Visualization, Lead Generation, Marketing, Property Management
- Enterprise Size: Large Enterprises, Small and Mid-sized Enterprises (SMEs)
- Application: Design and Plan, Construction, Promotion and Sales
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In conclusion, the AI in real estate market is poised for remarkable expansion, driven by technological innovations, IoT integration, and the resilience of the industry in the face of global challenges. The market report serves as a compass, guiding stakeholders through the intricacies of this evolving landscape and illuminating the path to a future where AI transforms the real estate industry.
The AI In Real Estate Global Market Report 2023 provides a market overview for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The market forecast analyzes size, leading competitor market positions. The regions covered in the report include Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa and the countries include Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
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