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Artificial Intelligence Picks Pace In Indian Real Estate



Artificial Intelligence Picks Pace In Indian Real Estate

A recent report reveals that Indian real estate firms are adopting Artificial Intelligence at a rapid rate, especially in the construction sector

India and China are adopting and implementing Artificial Intelligence (AI) in the real estate sector at a very rapid pace. The technology is being used for the development of applications that comprise machine vision for easy analysis and surveying of buildings and structures. 

As per the Zion Market Research, the Asia Pacific contributes nearly 40 percent in the global construction market and is estimated to be fastest-growing AI-in-construction market by 2024. 

The growth in Asia-Pacific can be attributed to the extensive adoption of AI-based platforms such as machine learning and deep learning, code frameworks and pre-built algorithms by the real estate companies in China and India. 

Additionally, the development of creating information modelling is software that gives information on a construction project, warranty details regarding the material used, and commissioning data.

Findings have revealed that there is an increased AI adoption by most of the construction startups globally for various applications. While the global AI-in-construction market was valued at $312 million in 2017, it is expected to reach $3,161 million by 2024.

The main motto behind adopting AI in the construction sector is to increase productivity, operational efficiency, and ensure safety at work. AI helps in obtaining precise data and insights. 

The report states that AI operates on algorithms related to image recognition to find out search criteria. The urgent need for safety measures on construction sites is also the reason behind this market’s growth. 

The global growth of the AI-in-construction market is also due to the huge investments made by construction companies from the emerging economies globally in the adoption of the advanced AI technology for construction applications. 

In the coming years, Europe is expected to witness a remarkable rate of growth in the global AI-in-construction market, all thanks to the huge investments made by construction companies in AI technology for support, training, and digital platform.

The report also claimed that the rising adoption of the machine and deep learning technologies by companies to automate their business model is also one of the major factors contributing to the regional market’s growth. 

Source: ET Prime

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