AI in real estate market size is expected to grow from USD 2.2 billion in 2023-e to USD 18.4 billion by 2030, at a CAGR of 34.3% during the forecast period.

Natural Language Processing (NLP) in real estate refers to the application of artificial intelligence and computational linguistics to enable machines to understand, interpret, and generate human-like language. These algorithms analyze property listings, descriptions, and user queries to provide more accurate and relevant search results. This improves the property search experience by understanding user preferences expressed in natural language.

Real estate websites and platforms often use NLP-powered chatbots to engage with users. These chatbots can answer inquiries, provide information about properties, and guide users through the home buying or renting process using natural language. It is employed to analyze sentiment in online reviews, social media, and other platforms. This helps real estate professionals understand public opinion about neighborhoods, properties, and real estate services.

Source: Intent Market Research Analysis

AI in property management and maintenance in real estate introduces innovative solutions to streamline operations, enhance efficiency, and improve overall property performance. AI algorithms analyze historical maintenance data, equipment performance, and environmental factors to predict when equipment or systems are likely to fail. This enables proactive maintenance, reducing downtime and preventing costly repairs. AI-powered systems help manage and optimize facility operations, including heating, ventilation, air conditioning (HVAC), lighting, and security.

Smart building technologies leverage AI to automate and regulate these systems for energy efficiency and cost savings. AI-based platforms automate the creation, assignment, and tracking of work orders for property maintenance. This streamlines communication between property managers, maintenance teams, and service providers, ensuring timely resolution of issues.

European countries, including the United Kingdom, Germany, France, and others, have been adopting AI technologies in various industries, including real estate. The real estate sector is increasingly recognizing the potential of AI to streamline processes, improve decision-making, and enhance customer experiences. Real estate professionals in Europe are using AI-driven analytics for market analysis and insights. These tools help in forecasting trends, identifying investment opportunities, and making data-driven decisions.

The competitive landscape in AI for real estate is diverse, with companies specializing in various aspects, including property valuation, market analysis, investment, sales, and property management. The industry is continually evolving, and new players enter the market with innovative AI applications for real estate. Prominent players in this market include Aalto, Baidu, Buildout, Compass, Endpoint, Evolve, Findigs, Google, Homebot, Intel, Keyway, Mint House, Mosaic Building, Nomad, OJO, Opendoor, Redfin, Redfin, Rex, Rhino, Stavvy, TestFit, The Rockport Group, The Guarantors, Truehold, Up&Up, Xome & Zillow.