AI In The Real Estate Market Size, Share, Opportunities, And Trends By End-Users (Owners, Developers, Engineers And Architects, Investors), By Deployment (Cloud, On-Premise), By Application (Marketing, Automated Valuation Models, Analysis, Personalized Customer Experience, Design And Planning, Others), And By Geography - Forecasts From 2024 To 2029

The AI in the real estate market is anticipated to expand at a high CAGR over the forecast period.

AI in real estate refers to the application of artificial intelligence technology and algorithms for property search, investment analysis, property management, customer service, and marketing. These tools assist in streamlining procedures, making data-driven choices, improving customer experiences, and optimizing property performance.

Some key components of AI in real estate are property search and recommendation systems, predictive analytics, and automated valuation models (AVMs). AI algorithms employ massive amounts of real estate data to deliver personalized property suggestions to purchasers, renters, and investors.

Artificial intelligence models employ machine learning algorithms to forecast real estate market trends, property prices, and rental yields, allowing for more informed investment decisions and portfolio optimization. AVMs employ property characteristics, market data, and similar transactions to estimate property values.

Market Drivers:

• Increasing demand for personalization is contributing to AI in the real estate market growth

Homebuyers, renters, investors, and real estate professionals are increasingly seeking personalized experiences and advice. AI systems can process massive volumes of data to deliver personalized real estate suggestions, investment insights, and customer support interactions.

Among various products available in the market, Blackshark.ai Roof’s AI-powered brokerage assistant may support the growing business by producing new real estate prospects, making data-driven decisions based on customer profiles, and boosting customer value through proactive cross-selling campaigns to all clients at the appropriate times.

The growing demand for personalization in the real estate market is driving the adoption of AI technology, allowing real estate professionals to provide customized experiences, targeted marketing campaigns, and personalized services that are tailored to the specific needs and preferences of buyers, sellers, investors, and tenants.

• Smart building technologies are contributing to AI in the real estate market growth

The proliferation of smart building technologies, made possible by AI and IoT (Internet of Things), is boosting demand for AI in the commercial real estate industry. Smart building solutions increase energy efficiency, tenant comfort, and building security, resulting in value for both property owners and tenants.

Among various products, one of the products is ComeHome, which is a digital platform that improves the homeownership experience by making it easy for clients to research and purchase residential real estate. It enhances point-of-sale and loan origination processes, allowing companies to better engage with customers and streamline housing transactions.

The real estate business is using AI to improve customer experience, marketing efficacy, virtual property tours, CRM capabilities, predictive analytics, and operational efficiency, therefore revolutionizing the digital landscape of property management.

Market Restraints:

• Complexity of real estate processes hamper the market growth

Real estate transactions require complicated procedures and legal issues. Creating AI systems that can successfully explore and comprehend these intricacies is a problem.

AI in the real estate market is segmented based on different deployment models

AI in the real estate market is segmented based on different deployment models. Cloud-based AI solutions in real estate use internet-based servers to store, process, and analyze data, allowing for scalability, flexibility, and accessibility. They offer real-time data processing, predictive analytics, and collaboration features, as well as resource and service pricing based on subscriptions.

On-premise AI solutions, which are implemented directly within an organization's infrastructure, offer improved data protection, privacy, and customization, making them the preferable choice for real estate enterprises with rigorous regulatory constraints, sensitive data, or particular integration requirements.

• Application Case Study:

SilverWork - Silverwork is a pureplay fintech company committed to revolutionizing the mortgage industry through cutting-edge technology. By leveraging the latest advancements in AI and intelligent automation, Silverwork empowers lenders to unlock the full potential of automation and revolutionize their operations. Utilizing Persona Based Bots™ driven by AI, Silverwork enhances the loan processing experience by making predictions and decisions.

North America is anticipated to hold a significant share of the AI in the real estate market

North America, particularly Silicon Valley, is a hotbed of technical innovation, with major AI firms and startups such as HouseCanary, Zillow, Redfin, and Trulia pushing advances in AI technology for a variety of sectors, including real estate.

The North American real estate organizations were among the first to use AI and machine learning technology to improve numerous parts of their operations, including property appraisal, predictive analytics, market analysis, client interaction, and property management.

Overall, North America's technological strength, along with its big and active real estate market, puts it as a crucial participant in the adoption and development of artificial intelligence in the real estate industry.

Key Developments:

• December 2023: Redfin released Redesign, an AI-powered application that allowed users to modify the appearance of walls, floors, and worktops in home photos. The Roomvo-powered program allowed you to see life situations, identify acceptable houses, and experiment with various design concepts.
• July 2023: Roof AI and Percy, a real estate data and analytics leader, collaborated to improve the customer experience and income streams in the real estate market. The agreement would combine their cutting-edge technology to provide real estate brokers and agents with a holistic solution for increased income streams and improved client experience.

Company Products:

• HouseCanary Agile Evaluation: HouseCanary Agile Evaluation is a condition-based house evaluation system that combines cutting-edge technologies to improve the automated valuation model. It employs onsite property inspection and rich contextual data to produce values that are compatible with Inter-Agency Guidelines, allowing for shorter turnaround times and objective data analysis without prejudice.
• AI Interior Designer: REimagineHome AI Interior Designer is a platform that enables users to create personalized interior designs for professionals, architects, home stagers, and personal space aficionados. Its straightforward interface and powerful features take into account space, design themes, and color choices to create unique, personalized designs.

Market Segmentation:

• By End-Users
  • Owners
  • Developers
  • Engineers and Architects
  • Investors
• By Deployment
  • Cloud
  • On-Premise
• By Application
  • Marketing
  • Automated Valuation Models
  • Analysis
  • Personalized customer experience
  • Design and Planning
  • Others
• By Geography
  • North America
    • USA
    • Canada
    • Mexico
  • South America
    • Brazil
    • Argentina
    • Others
  • Europe
    • Germany
    • France
    • UK
    • Spain
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • UAE
    • Israel
    • Others
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Indonesia
    • Taiwan
    • Others