Real Estate Firms In India Are Rapidly Adopting AI Technology

Many real estate businesses in China and India are adopting AI technology rapidly to develop construction applications. Those apps would use machine vision to simplify the process of surveying and analyzing structures and buildings.

On July 15, Zion Market Research stated in a report that the Asia Pacific contributes about 40% of the world construction market. It is estimated to become the "AI-in-construction" market with the fastest growth within the next five years.

The rapid growth in the region is due to the fast adoption of AI-powered platforms by real estate businesses in emerging countries, like India and China. Some of the AI platforms include deep learning, code frameworks, pre-built algorithms, and machine learning.

Per the report, the world's "AI-in-construction" market had the value of around 312 million dollars in 2o17. And it is expected to reach 3,161 million dollars in the next five years.

This leads to an increase in the adoption rate of AI tech by most construction start-ups worldwide for a variety of applications.

The report estimates that Europe is going to see a remarkable growth rate in the "AI-in-construction" market in the next couple of years.

The report said that the construction industry is adopting AI tech rapidly to get insights and precise data which then be used to increase workplace safety, operational efficiency, and productivity.

Besides, the increasing need to improve the safety measures for construction sites also contribute to this rapid AI adoption growth.

Moreover, software development gives a particular construction project its needed information such as warranty details on building material, and data on commissioning.

On the other hand, many businesses are trying to automate their businesses by rapidly adopting deep and machine learning tech. It is also a significant factor in the growth of the regional market.