Global Artificial Intelligence (AI) in Real Estate Market 2023-2030

Global Artificial Intelligence (AI) in Real Estate Market 2023-2030

Global Artificial Intelligence (AI) In Real Estate market Size, Share & Trends Analysis Report by Technology (Machine Learning, Natural Language Processing (NLP), and Computer Vision), by Applications (Chatbots and Virtual Assistants, Customer Behavior Analytics, Advanced Property Analysis, Customer Relationship Management (CRM), and Others), and by Enterprise Size (Large Enterprises, and Small & Mid-sized Enterprises (SMEs)), Forecast Period (2023-2030)

The global artificial intelligence (AI) in real estate market is anticipated to grow at a CAGR of 10.24% during the forecast period (2023-2030). The market’s growth is attributed to advanced artificial intelligence capabilities. AI technology advancements enable it to approximate human cognitive functions and accomplish jobs in situations that are real. It results to more advanced AI apps capable of managing complicated tasks and offering significant insights in the real estate market. According to the Urban Land Institute, in September 2022, the global AI market was valued at $136.55 billion, and it is expected to grow to between $1.8 trillion and $2.6 trillion over the next decade. This growth reflects the advancement of AI technology and its increasing ability to replicate human thought processes and perform tasks in real-globe environments.

Furthermore, with the increasing use of AI technology, a wide range of tools have been developed, ranging from natural language processing (NLP) to generative AI. These tools are becoming more sophisticated and easier to access.

Segmental Outlook

The global artificial intelligence (AI) in real estate market is segmented on the technology, Applications, and Enterprise Size. Based on the technology, the market is sub-segmented into machine learning, natural language processing (NLP), and computer vision. Based on the Applications, the market is sub-segmented into chatbots and virtual assistants, customer behavior analytics, advanced property analysis, customer relationship management (CRM), and others. Furthermore, on the basis of enterprise size, the market is sub-segmented large enterprises, and small and mid-sized enterprises. The computer vision subcategory is expected to capture a significant portion of the market share within the technology segment. This is attributed to the growing acceptance of IoT devices and sophisticated technologies such as Big Data and machine learning, in addition to the expanding adoption of smart devices and internet services globally, are driving market growth.

The Chatbots and Virtual Assistants Sub-Segment is Anticipated to Hold a Considerable Share of the Global Artificial Intelligence (AI) In Real Estate Market

Among the applications, the chatbots and virtual assistants sub-segment is expected to hold a considerable share of the global artificial intelligence (AI) in real estate market. The segmental growth is attributed to the growing personalization and enhanced customer engagement. AI-powered persona chatbots, referred to in the context of Instagram, Facebook, and WhatsApp, are being used in the real estate market to improve consumer interaction. These chatbots can interact with prospective buyers and sellers, respond to inquiries, and deliver personalized information. The customized interaction has the potential for significantly enhancing the real estate consumer experience. For instance, in September 2023,Meta is launched artificial intelligence-driven persona chatbots across Instagram, Facebook and WhatsApp and giving developers the power to create their own versions of AI assistants, as the US tech giant attempts to increase platform engagement.

Regional Outlook

The global artificial intelligence (AI) in real estate market is further segmented based on geography including North America (the US, and Canada), Europe (UK, Italy, Spain, Germany, France, and the Rest of Europe), Asia-Pacific (India, China, Japan, South Korea, and Rest of Asia), and the Rest of the World (the Middle East & Africa, and Latin America). Among these, North America is anticipated to hold a prominent share of the market across the globe, owing to the rapid adoption of advanced technologies, in addition to the existence of significant players, are projected to provide significant growth prospects for the market. For instance, JLL Launched 'World-First' Commercial Real Estate AI Tool. The adviser stated that they aim to provide commercial property insights to clients in a more comprehensive way. Company plans to offer tailored solutions to clients in the near future.

The Asia-Pacific Region is Expected to Grow at a Significant CAGR in the Global Artificial Intelligence (AI) In Real Estate Market

Among all regions, the Asia-Pacific regions is anticipated to grow at a considerable CAGR over the forecast period. Regional growth is attributed to the rising data-driven decision making across the globe. The use of AI in real estate enables data-driven decision-making, that has grown more essential in a rapidly changing market. AI is capable of processing and analyzing massive amounts of data, allowing real estate professionals to make informed investment and marketing decisions. According to the India Brand Equity Foundation (IBEF), in May 2023, the Indian real estate market has seen a considerable increase from Rs. 12,000 crore ($ 1.72 billion) in 2019 to an estimated Rs. 65,000 crore (US$ 9.30 billion) by 2040. It is projected that the sector will reach a market size of US$ 1 trillion by 2030, with an estimated contribution of 13% to the country’s GDP by 2025. Residential property sales achieved an all-time high in FY23 with a value of Rs. 3.47 lakh crore ($ 42 billion) and a volume of 379,095 units sold. Additionally, retail, hospitality, and commercial real estate have seen significant growth.

Market Players Outlook

The major companies serving the artificial intelligence (AI) in real estate market include Avaamo, ComplyAdvantage, Kasisto, Inc., Kastle, Kukun, Inc., and others. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers and acquisitions, partnerships, collaborations, funding, and new product launches, to stay competitive in the market. For instance, in March 2023, Magicbricks launched AI-powered marketing solution tool 'Project Market Scanner (PMS)' for developers and real estate agents. In real time, the technology connects consumers with eligible properties.

The Report Covers

Market value data analysis of 2022 and forecast to 2030.

Annualized market revenues ($ million) for each market segment.

Country-wise analysis of major geographical regions.

Key companies operating in the global artificial intelligence (AI) in real estate market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.

Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.

Analysis of market-entry and market expansion strategies. Competitive strategies by identifying ‘who-stands-where’ in the market.