AI In Real Estate Global Market Report 2024

“AI In Real Estate Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.

This report focuses on ai in real estate market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.

Reasons to Purchase

• Gain a truly global perspective with the most comprehensive report available on this market covering 50+ geographies.
• Understand how the market has been affected by the COVID-19 and how it is responding as the impact of the virus abates.
• Assess the Russia - Ukraine war's impact on agriculture, energy and mineral commodity supply and its direct and indirect impact on the market.
• Measure the impact of high global inflation on market growth.
• Create regional and country strategies on the basis of local data and analysis.
• Identify growth segments for investment.
• Outperform competitors using forecast data and the drivers and trends shaping the market.
• Understand customers based on the latest market shares.
• Benchmark performance against key competitors.
• Suitable for supporting your internal and external presentations with reliable high quality data and analysis
• Report will be updated with the latest data and delivered to you within 3-5 working days of order along with an Excel data sheet for easy data extraction and analysis.
• All data from the report will also be delivered in an excel dashboard format.

Where is the largest and fastest growing market for ai in real estate? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The ai in real estate market global report ” from The Business Research Company answers all these questions and many more.

The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.

• The market characteristics section of the report defines and explains the market.
• The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
• The forecasts are made after considering the major factors currently impacting the market. These include:

The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.

The impact of higher inflation in many countries and the resulting spike in interest rates.

The continued but declining impact of COVID-19 on supply chains and consumption patterns.

• Market segmentations break down the market into sub markets.
• The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
• The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
• The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.

Scope

Markets Covered:

• 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
• Companies Mentioned: Compass Inc.; Redfin Corporation; REX Real Estate; Lexalytics Inc.; Microsoft Corporation
• Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
• Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
• Time series: Five years historic and ten years forecast.
• Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
• Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.
• Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
• Delivery format: PDF, Word and Excel Data Dashboard.

Executive Summary

AI in real estate entails the utilization of artificial intelligence technologies and techniques to enhance different facets of the real estate industry. This involves employing computer systems and algorithms capable of analyzing extensive data sets, learning from patterns and trends, and providing intelligent predictions or recommendations in areas such as real estate transactions, property management, customer service, and market analysis.

Key AI technologies in real estate include machine learning, natural language processing (NLP), and computer vision. Machine learning is a branch of artificial intelligence that focuses on developing algorithms and models enabling computers to learn, make predictions, or decisions without explicit programming. Various AI solutions in real estate encompass chatbots, customer behavior analytics, advanced property analysis, customer relationship management (CRM), data analytics and visualization, lead generation and marketing, as well as property management, catering to diverse enterprise sizes ranging from large enterprises to small and mid-sized enterprises (SMEs). Applications of AI in real estate span design and planning, construction, and promotion and sales.

The AI in real estate market research report is one of a series of new reports from The Business Research Company that provides AI in real estate market statistics, including AI in real estate industry global market size, regional shares, competitors with a AI in real estate market share, detailed AI in real estate market segments, market trends and opportunities, and any further data you may need to thrive in the AI in real estate industry. This AI in real estate market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The ai in real estate market size has grown exponentially in recent years. It will grow from $164.96 billion in 2023 to $226.71 billion in 2024 at a compound annual growth rate (CAGR) of 37.4%. The expansion observed in the historical period can be attributed to several factors, including advancements in market analytics and forecasting, the integration of chatbots and virtual assistants, innovations in property valuation and prediction, improvements in property search capabilities, and the automation of processes in property management.

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 anticipated growth in the forecast period can be attributed to a focus on data security, the provision of personalized real estate services, an increased emphasis on market forecasting and trends analysis, improvements in customer interaction, and a growing demand for smart building solutions. Noteworthy trends expected in the forecast period encompass personalized customer experiences, the application of predictive analytics for property valuation, enhanced property search capabilities, the integration of virtual tours and visualization, and the automation of property management processes.

The anticipated growth of the AI in real estate market is closely tied to the increasing adoption of Internet of Things (IoT) devices. IoT devices are physical objects embedded with sensors, software, and connectivity capabilities that enable them to collect and exchange data over the internet. In the real estate sector, AI utilizes both AI and IoT devices for various applications such as market and leasing analytics, predictive maintenance, utility management, and enhancing the overall tenant experience. According to the State of IoT-Spring 2022 report by IoT Analytics in May 2022, there were 12.2 billion active endpoints in 2021, reflecting an 8% increase in the total number of IoT connections. The IoT industry is expected to see a further 18% growth, reaching 14.4 billion active connections in 2022. Hence, the increasing adoption of IoT devices is a key driver propelling the growth of the AI in real estate market.

The growth of AI in real estate is also influenced by the expanding internet penetration worldwide. Internet penetration, defined as the percentage of the total population in a given country or region that uses the Internet, plays a crucial role in shaping the adoption and impact of AI in the real estate industry. It empowers real estate agents with the ability to predict market trends, understand buyer preferences, and make informed decisions. According to a report published by the International Telecommunication Union (ITU) in July 2023, an estimated 5.4 billion people, constituting 67% of the world's population, were using the Internet in 2021. This marked an increase of 1.88% from 2022, with approximately 0.1 billion people coming online during that period. The growing internet penetration is thus contributing significantly to the growth of AI in the real estate market.

Technological innovations represent a prominent trend gaining traction in the AI in real estate market, with companies actively adopting new technologies to maintain their competitive positions. In September 2022, Restb.ai, a Spain-based computer vision provider for real estate, introduced the MLS Suite for Multiple Listing Services in AI in real estate. This suite comprises software tools designed to streamline MLS updates, offering AI-powered technologies to automate the listing entry process, enhance security for IDX and VOW website users, and enrich MLS data to increase its overall value. The AI Tagging function within the suite enables users to automatically extract information about property attributes, including property descriptions. Moreover, the suite includes features such as MLS Agent and compliance, automating the identification of any violations of MLS or association regulations, optimizing compliance operations.

Major companies operating in the AI in real estate market are strategically focusing on developing technological innovations, such as AI-driven price engines, to gain a competitive edge. An AI-driven price engine is a software system leveraging artificial intelligence (AI) and machine learning (ML) techniques to optimize pricing strategies. In December 2023, Housing.com, an Indian-based real estate search portal, launched an AI-driven Price Trend Engine. This innovative feature utilizes machine learning and artificial intelligence to provide users with critical pricing data and insights, empowering them to make informed decisions in property transactions. The Price Trend Engine is anticipated to have a significant impact on the real estate industry by increasing transparency and simplifying the processes of buying, selling, and renting properties.

In May 2021, CoStar Group, a US-based analytics and marketing services company, acquired Homes.com for $156 million. This strategic acquisition extends the CoStar Group's portfolio by seamlessly bringing together agents, buyers, and sellers for house sales, enhancing the online home-purchasing experience in real estate. Homes.com, a US-based online real estate portal, utilized AI and data analytics to provide property listings, home valuations, and market insights, reflecting the increasing integration of AI in real estate operations.

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 & Volkers AG, Zillow Group Inc., Opendoor Technologies Inc., Knock Inc., Offerpad Solutions Inc., Homelight Inc., Reali Inc., Ribbon Home Inc., Orchard Home Loans Inc.

North America was the largest region in the AI in real estate market in 2023. The regions covered in the ai in real estate market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

The countries covered in the ai in real estate market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain

The AI in the real estate market includes revenues earned by entities by providing services such as property search and recommendation, price estimation and valuation, customer service. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.