GEC NEWS WIREThe Middle East real estate sector is on the brink of a transformative era driven by digital advancements that are set to redefine traditional practices. Today, CaaS Research unveiled insights from its latest report, “Middle East IT Industry Foresight 2024: Real Estate,” highlighting the profound impact of digitalization across property management, customer relations, market analysis, and cybersecurity.
According to the findings, a significant majority of respondents underscored the critical role of technology within their real estate organizations, with 48.7% emphasizing its extreme importance and 36.9% considering it very important. This underscores a robust acknowledgment of technology’s pivotal role in enhancing property management operations.
The survey also revealed a proactive stance towards the adoption of IoT devices for smart building management and energy efficiency, with 36.3% of respondents already implementing these technologies extensively. However, 41.4% expressed a need for further enhancements, signaling ongoing efforts to optimize building management through technological advancements.
Jayakumar Mohanachandran , chief research officer at CaaS Research, commented, “The digital transformation of the real estate sector fosters an environment of innovation, where companies are encouraged to explore new technologies and strategies to enhance their services. This innovation extends beyond sales and marketing to encompass property management, customer service, and post-sale services. As companies compete in this digitally driven market, differentiation becomes key, leading to a more diverse and dynamic real estate landscape.”
Furthermore, the report highlights the transformative potential of AI and big data in revolutionizing the real estate landscape. “AI can automate routine tasks, deliver more accurate property valuations, and provide personalized customer service through chatbots and virtual assistants,” noted Shoeb Mohammad, lead research analyst at CaaS Research. “Meanwhile, big data analytics empower companies to process vast amounts of information, identifying market trends, investment opportunities, and customer preferences with unprecedented precision. These technologies enable data-driven decision-making, operational optimization, and tailored client offerings.”
For more information about the report and its findings, please visit:https://research.iamcaas.com/middle-east-it-industry-foresight-2024-real-estate/
