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Exponential Growth in AI in Real Estate Market: Analysis of Key Drivers, Trends, and Predicted Market Size
AI In Real Estate Market
What Is The Projected Market Size Of The Global AI In Real Estate Market And Its Growth Rate?
The AI in real estate market has seen a significant upsurge in recent years and is projected to grow even further:
• Growth from $222.65 billion in 2024 to $303.06 billion in 2025 (CAGR of 36.1%), driven by market analytics and forecasting, chatbots and virtual assistants, property valuation and prediction, enhanced property search, and automation in property management.
• Expected growth to $988.59 billion in 2029 (CAGR of 34.4%), fueled by an emphasis on data security, personalized real estate services, market forecasting and trend analysis, enhanced customer interaction, and demand for smart building solutions.
What Is Driving The Growth In The AI In Real Estate Market?
The adoption of IoT devices, which refer to physical objects or devices embedded with sensors, software, and connectivity for data collection and exchange over the internet, is key to the growth of AI in real estate. Using both AI and IoT, the real estate sector has transformed market and leasing, predictive maintenance, utility management, and tenant experience. In 2021, the total number of IoT connections increased by 8%, and the IoT industry is expected to expand by 18% in 2022 according to the State of IoT-Spring 2022 report.
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Who Are the Key Players Driving AI In Real Estate Market Growth?
Numerous companies are propelling the growth of the AI in real estate market. These include:
• Compass Inc.
• Redfin Corporation
• REX Real Estate
• Lexalytics Inc.
• Microsoft Corporation
• Avaamo Technologies Pvt. Ltd.
• CognitiveScale UK Ltd.
• ComplyAdvantage
• Hyro Technologies Inc.
• Entera SAS
What Are The Key Trends In The AI In Real Estate Market?
Several major trends are forecasted for the AI in real estate market:
• Personalized customer experience
• Predictive analytics for property valuation
• Enhanced property search
• Virtual tours and visualization
• Automated property management
What Are The Segments Of The Global AI In Real Estate Market?
The market is segmented by various factors:
• Technology: Machine Learning, Natural Language Processing (NLP), Computer Vision
• Solution: Chatbots, Customer Behavior Analytics, Advanced Property Analysis, Customer Relationship Management (CRM), Data Analytics And Visualization, Lead Generation And marketing, Property Management
• Enterprise Size: Large Enterprises, Small And Mid-sized Enterprises (SMEs)
• Application: Design And Plan, Construction, Promotion And Sales
Which Region Leads The AI In Real Estate Market?
North America led the AI in real estate market in 2024. The report also covers substantial insights related to Asia-Pacific, Western Europe, Eastern Europe, South America, Middle East, and Africa.
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What Is Covered In The AI In Real Estate Market Global Market Report?
- Market Size Analysis: Analyze the AI In Real Estate Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the AI In Real Estate Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall AI In Real Estate Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the AI In Real Estate Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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