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AI tech boosts Indian real estate sector

According to a recent report, the real estate companies in India are quickly adopting AI technology for the development of applications that comprise machine vision for easy analysis and surveying of buildings and structures.

Reports said that the Asia Pacific, that contributes nearly 40% in the global construction market, is estimated to be the fastest-growing “AI-in-construction” market by 2024.

The report said that the growth in the Asia-Pacific, “is owing to the extensive adoption of the AI-based platforms, such as machine learning and deep learning, code frameworks, and pre-built algorithms by the real estate companies in emerging economies, such as China and India”.

It said, additionally, the development of creating information modelling is software that gives information on a construction project, warranty details regarding the material used, and commissioning data.

This has resulted in increased AI adoption by most of the construction start-ups globally for various applications, the findings showed.

According to the report, the global “AI-in-construction” market was valued at US $312 million in 2017 and is expected to reach US $3,161 million by 2024.

“The construction sector is adopting AI to obtain precise data and insights to increase productivity, operational efficiency, and ensure safety at work. AI operates on algorithms related to image recognition to find out search criteria,” the report said.

In addition, the need for safety measures on construction sites is also projected to drive this market’s growth.

Furthermore, huge investments made by construction companies from the emerging economies globally in the adoption of the advanced AI technology for construction applications is also likely to contribute toward the global growth of the AI-in-construction market.

Europe is projected to witness a remarkable rate of growth in the global “AI-in-construction” market in the upcoming years, due to the huge investments made by construction companies in AI technology for support, training, and digital platforms.

Also, the rising adoption of the machine and deep learning technologies by companies to automate their business model is also considered as one of the major factors that contribute to this regional market’s growth, the report said.

OpenGov earlier reported that the Indian Institute of Technology-Madras (IIT-M) is launching a platform, AI4Bharat, to build AI solutions to address India-specific problems and to accelerate innovation.

According to an official release, the AI4Bharat platform will facilitate a community of AI professionals, students, domain experts, policymakers, and academics to collaborate and solve challenges in agriculture, healthcare, smart cities, digital India, and sustainability.

A key feature of the project is that it will focus on more India-centric issues. Much of the research in AI today is primarily driven by problems faced by western countries, one of the co-founders, Dr Pratyush Kumar, said. For instance, building autonomous cars takes priority over building systems that can monitor the condition of rural roads.

Its aim is “shifting the focus to India”. This is where domain experts and the government play an important role – identifying problems that are unique to India and can be dealt with by using AI technology. The project will use AI technology to, for example, translate content between Indian languages or build a system to help farmers get real-time information on their crops.

The platform is also open to students who will be trained in AI and related fields. Its first milestone is to create a community of 100 AI experts and 50 domain experts.

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