How Extended Reality is Impacting the Real Estate Industry
The global real estate industry is undergoing a transformative revolution powered by the rapid advancement of Extended Reality (XR) technologies. Extended Reality encompasses Virtual Reality (VR), Augmented Reality (AR), and Mixed Reality (MR), and its integration into the real estate sector is reshaping how properties are marketed, designed, and experienced.
As XR technologies mature, they offer a wide range of applications within the real estate market, from immersive virtual property tours to augmented reality visualization of architectural designs.
This fusion of real and virtual worlds holds the potential to enhance the accessibility, efficiency, and overall experience of the global real estate market, making it a dynamic and compelling area of innovation and investment.
Use-Cases of Extended Reality in the Real Estate Industry
In July 2023, Proptech startup Inspace secured $6 million in funding, co-led by OIF Ventures and B Capital, with continued support from Investible to expand AI technologies within the commercial real estate industry. Further, Inspace launched a platform with $130 billion for virtual property inspections amid the pandemic.
In February 2023, Matterport, Inc. launched Digital Pro, an integrated marketing solution tailored for real estate agents in the United States. By combining Matterport’s 3D digital twin technology with comprehensive marketing services, this offering enhanced the real estate industry’s property marketing capabilities.
In August 2022, Savills Hong Kong joined forces with Inspace XR, a startup specializing in AR/VR, to transform the real estate industry. This groundbreaking move made Savills the first real estate firm to embrace this technology, offering immersive VR experiences to clients.
Read more use-cases of Extended Reality:
➟ Extended Reality in the Entertainment & Gaming Industry
➟ Extended Reality in the Education Industry
➟ Extended Reality in the Engineering and Manufacturing Industry
MUST READ: The Growth and Potential of the Global Extended Reality Market
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Data Sources: GlobeNewswire, Smart Company, Savills, Augray, Matterport, and others
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