The real estate industry will be unrecognizable in the near future. Technology and data is rapidly changing the course of the industry. Looking back over the history of business, the technological evolution started with hardware development, IBM, which was the catalyst into the software business, Microsoft. Within the last decade, the software business has become the catalyst to the evolution of cloud based data programs. Compiled with the advancements of the internet, this environment has produced some of the most success companies of this century, think Amazon.
The next phase in the evolution of technology is big data and artificial intelligence.
This phenomenon has been coined as the 4th industrial revolution. Big data that lives in the cloud is now together with artificial intelligence becoming connected and used to influence the customer experience in various sectors, including real estate. Artificial intelligence is the mechanism that tells us how one piece of data interacts and relates to the other millions of data pieces available. Through this process, AI is able to provide opinions, advice, and take specified action based on the patterns and relationships comprised within this notion of big data.