Majority of real estate leaders to adopt AI in next few years
More than 78% of industry leaders in real estate are looking to adopt AI in the next few years, according to a new survey from the UK PropTech Association and the British Property Federation.
The report, which was supported by Redirect Consulting, said leaders in the sector viewed AI and automation and Big Data as the two major industry game-changers in the next three to five years.
An 82% majority of respondents cited technology as the key to reaching ESG goals, while a similar proportion had a digital or technology strategy in place covering at least part of their business.
More than 78% of industry leaders in real estate are looking to adopt AI in the next few years, according to a new survey from the UK PropTech Association and the British Property Federation.
The report, which was supported by Redirect Consulting, said leaders in the sector viewed AI and automation and Big Data as the two major industry game-changers in the next three to five years.
An 82% majority of respondents cited technology as the key to reaching ESG goals, while a similar proportion had a digital or technology strategy in place covering at least part of their business.
Roles tasked with driving technological innovation and change were found to often sit at a senior level within organisations. Researchers said this showed the property sector is thinking strategically about the opportunities for technology to enhance performance.
Additionally, the findings showed that 53% of technology providers are grappling with the fragmented nature of the property industry. Some 38% were concerned with achieving enough sales to grow their businesses, while 36% said that legacy systems and processes proved challenging.
Sammy Pahal, managing director at the UKPA, said: “It’s clear that technology and innovation is moving up the agenda, with the majority of the responsibility now with C-suite professionals and senior managers, making sure that technology is part of the wider business strategy and engagement is maintained at all levels.”
Pahal added that the UKPA has a tech and innovation programme that can support individuals to navigate digital transformation.
Callum Board, client success director for REdirect Consulting, said: “The challenge around legacy systems and processes can certainly be met through tech innovation and an increase in investment into the UK proptech sector.
“Investment in the sector has certainly seen an uptick over the past 12 months and, as these survey results show, we can expect more property companies to adopt new technologies, such as AI to beat industry inefficiencies. As an industry, we stand ready to meet the challenges head on.”
Image © CHINE NOUVELLE/SIPA/Shutterstock
