World Construction Today – With time, there have been many technological advancements that have played a significant role in shaping the business framework across industries, however, none have been disruptive or progressive when it comes to artificial intelligence. This is quite evident from the surge in investments that has been witnessed in the field, from $3 billion in 2012 to a staggering $75 billion in 2020, a surge of a whopping 2500%.
That said, although this first-of-its kind tech is revolutionising the way industries work across the globe, the real estate sector has indeed been pretty slow in embracing it. There is a change that is expected because of the rise in the venture capital investment market with the emergence of PropTech, which is expected to increase to $86.5 billion in 2032 from last year’s $18.2 billion. As buyers continue to stick with technologies, AI has assumed a separate position all over the globe, gradually entering the built environment. The reality market of the MEA is going through a similar transition.
As early stages of the transformation did witness the use of unconnected digital technology across various stages of real estate, AI usage has started using more integrated and sophisticated applications with a greater focus on virtual design and construction.
AI has empowered the liberating stakeholders from necessity to use single enterprise wide solution with mix and match tech through varied vendors as per the relative performance across all stages of the product life cycle.
Digital Twins which is an evolving technology has put to the centre stage how AI led solutions can shift the delivery, design and operations of project by creating a huge stir across the industry players. Because of this, it is technology due to which some of the MEA’s biggest projects, such as NEOM, One Human Reality, and Lamina Towers, have taken shape.
While the adoption was done for major developments like the new and master planned CBD, which was controlled by a single owner, it is going to be a common platform across smaller projects in the soon-to-arrive future.
As the developers, contractors, as well as owners of the region start to rethink their purpose and strategy to make AI their goal, a plethora of AI tools and tech are expanding rapidly, thereby expanding the market and making it more cost-effective, and hence broadening the appeal to a more diverse real estate community. The digital twins are currently assisting the urban planners in creating cities that are liveable and could be leveraged by architects in order to design projects, facility managers who are seeking operational efficiencies, and also property developers looking for construction tools and virtual designs.
Although AI is all set to upend the world of real estate, the key to success in the future will involve a range of independent and consistent technologies that can be tagged to create an architectural enterprise road map that covers the entire span of any real estate project.
This will lead to technological approach which is able to explore the right tool for the right time at the right job.
Although many firms are yet to get into the actual potential of the technology, there has been progress that has been made that is propelled by the desire of the region to create digital technology economies. They are confident that AI is a long-term thing and is going to scale up the trajectory of growth in the real estate industry to greater heights.
