What Has Been the Growth Trajectory for the Generative Artificial Intelligence (AI) In Real Estate Market in Recent Years?
The generative artificial intelligence (ai) in real estate market has seen considerable growth due to a variety of factors.
• The size of the generative artificial intelligence (AI) market in the real estate sector has significantly expanded in the recent past. It's projected to grow from $0.59 billion in 2024 to $0.77 billion in 2025, with a compound annual growth rate (CAGR) of 30.7%.
The expansion during the historic period can be credited to numerous factors such as increased urbanization, a greater demand for customized properties, the rise in the adoption of intelligent building technologies, expanded data availability, and increased investment in AI research and development.
What are the Forecasted Growth and Key Factors of the Generative Artificial Intelligence (AI) In Real Estate Market?
The generative artificial intelligence (ai) in real estate market is expected to maintain its strong growth trajectory in upcoming years.
• The real estate market for generative artificial intelligence (AI) is predicted to witness a significant increase in the coming years, with projections of reaching $2.23 billion by 2029, growing at a compound annual growth rate (CAGR) of 30.4%.
The surge during the forecast period can be tied to factors such as the rising demand for new building projects, an increase in disposable income, the growth of proptech startups, heightened interest in platforms, and a stronger desire for personalization. Looking forward, we can expect major trends to develop, including advancements in technology, integration with smart homes, property security systems, augmented reality, and virtual tours.
What Main Forces Are Fueling Expansion In The Generative Artificial Intelligence (AI) In Real Estate Market?
The increasing requirement for new buildings is predicted to stimulate the expansion of generative artificial intelligence (AI) in the real estate market. Due to factors such as population growth, urbanization, and a necessity for modern infrastructures and housing, new constructions are more prevalent. The usage of generative AI in real estate contributes to the construction process by enhancing building designs, streamlining planning procedures, and forecasting material requirements. This ultimately results in more effective and economical project management. For example, a 5.6% growth in annual construction output was reported by the Office for National Statistics, a UK-based statistical authority, in February 2023, a notable increase from the monumental 12.8% rise in 2021. Hence, the rising requirement for new buildings is a driving force behind the development of generative artificial intelligence (AI) in the real estate market.
How Is the Generative Artificial Intelligence (AI) In Real Estate Market segmented?
The generative artificial intelligence (AI) in real estate market covered in this report is segmented –
1) By Component: Services, Software Tools, Platforms
2) By Deployment Mode: Cloud-Based, On-Premises
3) By Application: Property Valuation, Building Design, Predictive Maintenance, Energy Management, Other Applications
4) By End-User: Real Estate Agents, Property Managers, Architects, Engineers, Other End-Users
Subsegments:
1) By Services: Consulting Services, Integration Services, Support and Maintenance Services, Data Analytics Services
2) By Software Tools: AI-Powered Property Valuation Tools, Predictive Analytics Software For Market Trends, AI-Based Investment Tools, Virtual Property Tours And Visualization Tools
3) By Platforms: AI-Driven Real Estate Platforms, Cloud-Based Property Management Platforms, AI-Based Real Estate Marketplaces, Real Estate CRM Platforms With AI Integration
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What New Trends Are Influencing the Generative Artificial Intelligence (AI) In Real Estate Market?
Top corporations in the generative artificial intelligence (AI) in real estate industry are creating advanced AI-driven real estate assistants to increase the precision of property assessments, simplify deal processes, and augment customer interaction. These AI-powered real estate assistants are sophisticated digital aids created to facilitate an array of operations in the real estate sector using AI technology. For instance, in June 2024, Keller Williams Realty Inc., a real estate firm based in the US, unveiled KWIQ, an innovative AI-powered real estate assistant. The ambition is to escalate the performance and competency of property agents through the provision of numerous tools and features. KWIQ aids these agents in creating diverse types of content such as newsletters, social media content, and listing descriptions, thereby simplifying their marketing strategies. Ultimately, it aims to equip these agents to operate more intelligently and productively while improving their client service delivery.
Who Are the Key Players in the Generative Artificial Intelligence (AI) In Real Estate Market?
Major companies operating in the generative artificial intelligence (AI) in real estate market are include:
•Compass Inc.
• Rocket Companies
• Autodesk Inc.
• Zillow Group Inc.
• Yardi Systems Inc.
• Redfin Corporation
• C3.ai Inc.
• DataRobot Inc.
• Keller Williams Realty Inc.
• Matterport Inc.
• H2O.ai Inc.
• Matellio Inc.
• Rex Real Estate Exchange Inc.
• LocalizeOS Inc.
• HouseCanary Inc.
• Hyro Inc.
• BigOhTech Inc.
• Roof Ai Inc.
• RisingMax Inc.
• SmartZip Analytics Inc.
• Entera Inc.
What Is The Most Dominant Region In The Generative Artificial Intelligence (AI) In Real Estate Market?
North America was the largest region in the generative artificial intelligence (AI) in real estate market in 2024. The regions covered in the generative artificial intelligence (AI) in real estate market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
