The real estate industry is undergoing a revolution. It is now being driven by IoT (Internet of Things) technologies keeping smart homes at the forefront. The new technology facilitates seamless communication between interconnected smart devices which are embedded in everyday objects and offers convenience, efficiency as well as security for homeowners and property managers. It is reshaping modern living and redefining real estate expectations.
The growth of IoT in real estate is evidenced by the booming smart home market, surging from $80.21 billion in 2022 to a projected $338.28 billion by 2030. IoT plays important role in the streamlining of real estate operations to result with cost reductions and productivity enhancements. Gartner reports potential energy savings of up to 30%. Additionally, Deloitte Research highlights that 52% of commercial real estate companies acknowledge IoT and integral role of AI in shaping tenant preferences.
IoT in real estate is changing property search and buying by using sensors and smart devices in homes and offices for automatic energy, security, entertainment and lighting control. Additionally, IoT is simultaneously handling affordable housing shortages smartly. Real estate companies use tailored energy management systems to reduce utility expenses and offer affordable as well as eco-friendly housing options.
IoT in real estate goes beyond safety by providing proactive incident management through smart sensors and devices. Furthermore, it helps the environment by saving energy and water in property management, which meets the growing demand for eco-friendly homes among environmentally-aware buyers.
IoT-powered smart property applications boost customer engagement with personalized and immersive services including virtual visits and online property exploration. Real-time weather monitoring with advanced sensors enhances building resilience against natural disasters.