Indian Real Estate Is Warming Up To AI Technology: Report

AI in real estate
AI in real estate

As Indian gears up for AI revolution with a mission of creating a community of AI experts and domain experts, real estate segment is already warming up to the idea. For those of you who thinks what AI has a role in brick-and-mortar business, here comes the surprise.

AI is making some giant leaps into real estate market. As per a recent report, the real estate companies in India and China are fast adopting Artificial Intelligence (AI) technology in the development of applications that comprise machine vision for easy analysis and surveying of buildings and structures.

In fact, Asia Pacific, that contributes nearly 40 per cent in the global construction market, is estimated to be the fastest growing “AI-in-construction” market by 2024. The report also mentioned that AI-based platforms are increasingly being adapted in real estate aspects like machine learning and deep learning, code frameworks, and pre-built algorithms.

AI definitely comes in handy in hassle-free handling of construction process. It helps in obtaining precise data and insights to increase productivity, operational efficiency, as well as to ensure safety at work.

Image recognition to find out search criteria is another important aspect wherein AI is being used increasingly lately.

“Furthermore, huge investments made by construction companies from the emerging economies globally in the adoption of the advanced AI technology for construction applications is also likely to contribute toward the global growth of the AI-in-construction market,” ET quoted the report’s findings.

Apart from the report’s findings, there are many other aspects wherein AI has creeped in. Like various real estate platforms are increasingly using AI to target their users and potential buyers. Bengaluru-based real estate platform NoBroker uses AI to match the owner and tenant and is reportedly now looking to utilize the funding to ramp up its presence and enhance its tech capabilities to drive growth. The platform has raised $51 million in a Series C funding round and hopes to build tech capabilities in machine learning (ML) and artificial intelligence (AI), helping homeowners make peace with bachelors, and the challenges of operating in a highly consumer-centric business.

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