Technology has transformed every aspect of the modern human experience and real estate is no exception. According to the 2018 Revision of World Urbanisation Prospects by UN DESA, 68 percent of the world’s population is projected to live in urban areas by 2050. Naturally, there’s a growing demand for affordable housing, transport, and other infrastructure. And these demands drive innovation. Concerns around sustainability and security have also posed challenges that need to be addressed.
The Future of Real Estate Tech
Let us take a look at some of the technologies that are set to lead to the greatest transformations in the future of real estate tech.
#1 Artificial Intelligence and the Data Revolution
We live in an age where an increasing amount of data is generated every day, and the potential to leverage this data to revolutionise the real estate industry is immense. Artificial intelligence solutions, many of which are witnessing mainstream adoption already, require large amounts of data anyway, and predict real estate prices, generate insights from the data, and even prevent budget overruns.
Consider IBM’s TRIRIGA, which uses data, AI, and IoT to deliver insightful solutions for intelligent real estate and facilities management. The technology capable enough to improve space and facility utilization, optimize lease administration and accounting and maximize capital projects. Many CRE firms are applying AI and machine learning in their processes, and the future is likely to see an increase in the popularity of these technologies.
