Everyone knows that artificial intelligence (AI) is going to transform the world as we know it, yet understanding exactly what that implies is a hard endeavor at this point. In JLL’s recent Global Real Estate Technology Survey, machine learning and generative AI were identified by respondents as the second and third most impactful technologies for the future of real estate. Yet, intriguingly, these technologies were ranked at the bottom of the list in terms of respondents’ knowledge of them.
Technology ranked by expected impact on real estate and level of knowledge
In this article, we explain how AI, and generative AI, in particular, is going to transform real estate, keeping in mind that generative AI in the real estate market is projected to grow from its current value of USD 351.9 million to USD 1.47 billion by 2032.
“Gen AI represents a fresh chance for the real estate industry to learn from its past and transform itself into an industry at technology’s cutting edge.” – McKinsey & Company
Generative AI in real estate market size from 2022 to 2032 (in USD million)
Source: Precedence Research