With the release of consumer-ready AI tools like ChatGPT and Google’s Bard making powerful labour-saving tech available as never before, a study released by Bloomberg last month estimated that the market for generative artificial intelligence will grow to $1.3 trillion in revenue by 2032.
Now the sector is predicted to grow at 42 percent over the next decade, AI has the potential to revolutionise industries which previously had been slow to adopt new technologies, including real estate, with executives in Asia’s property sector now grappling with how to prepare for their companies for the coming changes.
In a survey set to end on Friday 4 August, Mingtiandi and Yardi are currently polling real estate executives across Asia Pacific about what technologies their companies currently use, how they expect AI to change the industry and the steps they and their colleagues are taking to prepare for the coming transformation.
Mingtiandi readers who have yet to take the 3-minute survey can do so via the link above until 10:00 PM Hong Kong time on Friday. All responses will be kept anonymous with results of the poll to be published in Mingtiandi later this year.
Survey Series Continues
To date the 15-question survey has received over 100 responses with 35 percent coming from individuals representing companies managing at least $1 billion in property assets.
The survey is the fourth such study of tech adoption in Asia conducted by Mingtiandi and Yardi with the results of this year’s poll set to be compared to the earlier versions in 2017, 2020 and 2021.
Central to this year’s survey is the readiness of Asia’s real estate sector for implementing AI-powered systems and what steps companies are taking to ensure their ability to leverage the new technologies.
AI leverages large pools of data to generate intelligent responses to prompts ChatGPT having shown the technology’s ability to answer customer service queries, generate images and even write news articles.
With publicly available sets of real estate data still a rarity in Asia, as well as challenges in standardising units and methodology presenting hurdles to developers and complicating implementations, analysts have yet to make projections of how and when AI will start to have an impact on companies in the market.
The current survey marks the first effort to harness the insights of Asia’s real estate professionals regarding the potential and challenges for AI implementation in the industry, and we look forward to hearing from you.