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Industry leaders see major game-changer in AI and big data

by Mark Cantrell
SmartPM’s platform uses schedule analytics technology to identify critical project risk issues throughout the entire construction lifecycle.

AI automation and big data are set to become major game-changers for the real estate sector over the next few years, a survey of industry leaders suggests.

The survey was carried out by the UK PropTech Association (UKPA), and the British Property Federation (BPF), with the support of REdirect Consulting.

Seeking to gauge the views of industry leaders in both the real estate and proptech sectors, it found that 78% of those surveyed are looking to adopt AI in the next few years.

Sammy Pahal, managing director at the UKPA, said: “As the survey results reveal, 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 to take the lead, making sure that technology is part of the wider business strategy and engagement is maintained at all levels.”

The survey respondents anticipate that cutting edge tools such as AI are expected to revolutionise how property is developed, managed, and experienced in the near future.

According to the findings, 82% see technology as the key to reaching Environmental Social and Governance (ESG) goals, while a similar proportion have a digital or technology strategy in place covering at least part of their business.

In addition, ownership for driving technological innovation and change was found to often sit at a senior level within organisations, showing the property sector is thinking strategically about the opportunities for technology to enhance performance.

The survey also reveals the many challenges and concerns faced by the market.

For the proptech sector in the UK, the data reveals technology providers grappling with the fragmented nature of the property industry (53%), achieving enough sales to grow their businesses (38%), and dealing with legacy systems and processes (36%).

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.”

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