The real estate sector is one of the most profitable industries. It has also experienced a massive rise in housing development projects that have created high demand for infrastructure. Development in the real estate industry will be further promoted by using digital technologies. Globally, new innovative digital technologies have been introduced into the real estate industry, transforming constructing, selling, and management of properties. The real estate industry uses digital transformation for better efficiencies, cost reduction, and enhanced decision-making to deliver better customer experiences and satisfaction.
Artificial Intelligence plays a significant role in the real estate industry by transforming its marketing and sales landscape. With the help of AI, Augmented Reality (AR) and Virtual Reality (VR) will make a big impact on the real estate industry. It has been estimated that the virtual reality (VR) market in real estate alone could generate as much as $2.6 billion by 2025. However, sizeable financial investments are being made in AR/VR technologies within real estate.
AR/VR technology makes the biggest impact on real estate in virtual home tours that create a seamless 3D experience. Specifically, VR home tours provide buyers with added confidence to make purchases without being physically involved and facilitate a more global real estate market. Such virtual and augmented technologies allow prospective buyers to experience a property from anywhere globally, transforming the purely local real estate market with global opportunities to connect buyers with properties.
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