How AI Can Help Facilitate Buying Of Smart Homes Easier In the Real Estate Industry
By Rakesh Reddy
It is undeniable that technological transformation is imperative for the real estate sector to reach its expected heights. This is an opportune time for new systems such as smart home technology, to be introduced and for previous industry practices to be reassessed.
The global smart home industry is poised to witness a remarkable growth rate of over 25% annually and is anticipated to attain a valuation of over 500 billion USD by the year 2030. This upward trajectory can be attributed in part to the significant role that artificial intelligence (AI) plays in the sector’s growth.
The emergence of AI has greatly enhanced the proficiency of smart home systems. The exponential progress of AI has resulted in increased convenience and an improved standard of living through seamless operations and connectivity. With AI integration, smart home products located in the living room, dining room, kitchen, or at the entrance can be effortlessly managed via a singular device or application, rendering them user-friendly and accessible to all.
The value proposition of AI lies in its capacity to mimic human cognitive function by analysing and processing data, executing pre-programmed tasks, and acquiring knowledge of user behaviour. This capability enables AI to forecast and apply the future decisions of the user, a power that is particularly promising for AI-enabled smart home products.
AI can produce operational efficiencies and significant budget savings if employed correctly. This is most applicable to smart homes which is currently facing the challenge of making homes truly smart in in all aspects.
Consumers opt for AI-enabled smart homes primarily for improved device inter-operability, access control, and energy saving benefits. The smart home facilities driven by AI include device connectivity, sensor feedback, and data analysis. The smart technology ecosystem and functionality can be added to almost any electronic device, such as entertainment systems, security systems, appliances, thermostats, and lighting. The home automation system unifies all home devices into an integrated smart network resulting in a seamless interface with the living space that enhances comfort, convenience, and efficiency.
The increased importance of safeguarding homes and personal spaces has been a key driver in the adoption of AI-powered smart home technologies. Cutting-edge biometric authentication techniques, including facial recognition, retinal scans, fingerprint scans, and others, can be employed by AI-powered smart locks and security cameras to effectively restrict entry to authorised individuals alone. These sophisticated systems assist in the identification of individuals and can thereby enable or restrict access as deemed appropriate by the system.
Moreover, the implementation of AI-powered systems enables proactive surveillance and assessment of potential security risks, thus reducing the likelihood of manual errors. These smart home systems are equipped to autonomously execute their designated tasks. Additionally, in the event of any suspicious activities, they promptly alert the homeowner. This empowers the homeowner to quickly take appropriate measures, thereby improving the overall security of the residence.
Incorporating AI into smart home systems offers a multitude of sustainability advantages, one of which is its ability to reduce energy consumption. With AI’s capacity to regulate energy distribution and consumption, homeowners can enjoy substantial cost savings.
Integrating AI-powered smart home systems can effectively monitor household appliances and accurately predict their energy consumption patterns and maintenance requirements for optimal usage. These systems can dynamically adjust the usage of appliances to maintain optimal energy consumption levels within pre-defined limits. AI also has the capability to acquire knowledge about the energy usage patterns of residents and modify them appropriately, by regulating lighting, temperature, and other settings in real-time. Notably, this technology presents significant potential for cost savings while ensuring that the comfort of living spaces is not compromised.
Overall, AI has the capacity to transform the real estate sector for all stakeholders including homebuyers, investors, and developers. AI can be applied to all aspects of the consumer journey beyond the living experience which can be especially beneficial for complex products such as smart homes. Customer support can be amplified with AI-driven chatbots and databases to allow greater speed, personalisation, and accessibility to the correct information. Furthermore, assessing the value of a new smart home property and projecting its prospective market value is an intricate undertaking. Numerous variables affect the cost, which can fluctuate unexpectedly over time. AI can rapidly analyse property information along with existing market data and public information to predict future outcomes.
(The author is Mr. Rakesh Reddy, Director, Aparna Constructions, and the views expressed in this article are his own)
