The latest technology evolution is the Internet of things (IoT). Inter of things is a network of physical devices, home appliances, vehicles and other devices embedded with electronics, software, sensors, actuators which enable these devices to connect and exchange data. Some of the most prominent devices are wearable devices, smart home appliances and connected cars. The recent development in the internet of things is the innovation of beacon technology. Beacons are simple devices that emit any URL the provider wishes to. When a person is within the range of a beacon, their app equipped phone will automatically pick up with Bluetooth signal and notify the customer that there is a beacon nearby. One of the major problems with real estate industry is the contact that needs to be established by the customer with the service provider. Real Estate Industry Research and Market Reports suggests that the people prefer to establish connect via email or message rather than a physical or phone contact. Using a Beacon, information about a home is transmitted to anyone nearby with a mobile device. Beacons aren’t a sign with a phone number to call or an app requiring a user to send a text to receive information. The visitor doesn’t have to initiate contact, the Beacon does that. The Real Estate Business Review reveals that the global real estate market is growing at an annual rate of 5.8% reaching nearly USD 4,235 Billion by 2022. On the other hand IT in real estate market is expected to grow at a CAGR of 12.3% during the period 2016-2021 reaching nearly USD 8.8 Billion and alongside, global beacon technology is currently estimated at USD 175 Million expected to grow at CAGR of 80% during the period of 2016-2024. Combining these two factors reveal huge untapped potential in this industry.
The advantages of beacon technology are innumerable with significantly less number of cons. The marketers are able to put proximity marketing to its best use as companies can decide on what information needs to be sent by saving up on costs of print proximate marketing. The beacons are themselves proactive and initiate contact with the buyer rather than requiring the customer to contact the firm. Thus, combining technology with convenience. It allows for automatic information dissemination to the prospective client even before the human interaction has begun. The beacon not only ensures customer attraction but also provides customer engagement. In order to save time and effort on part of all the parties involved, beacon technology even sends link to virtual videos to the potential buyer. It helps in tapping into instant opportunities as some buyers are keen on making a purchase or gathering pricing information as they tour the property. Analytics also form a major task in the real estate market. Beacon technology enables detection of features of a property that are viewed frequently by buyer thus, increasing the efficiency of push notifications. Footfall can be analyzed for a particular site which can assist in better marketing or scheduling.
Beacon technology is dominant in developed countries where top real estate companies like Makelaardij Hoekstra (Netherland), Redfin (US), Mobile Doorman (US), Spiceheart (UK), A Vendre, A louer (France) are making use of this technology. Using this innovative technology shall enable these companies to emerge as global leader in this sector.
The high growth rates in Both IT and Beacon technology industry combined with the huge market size of the real estate industry could prove to be a goldmine for investors and entrepreneurs. The future of this industry seems to be bright with real estate firms partnering with IT companies to deploy these beacon technologies. The focus however could still remain mostly to developed or fast paced developing nations and companies with huge financial resources.
Key Topics Covered in the Report
Real Estate Market Research Reports
Real Estate Industry Analysis
Market Research Reports for Real Estate
Real Estate Industry Research Report
Real Estate Market Research Reports Consulting
Real Estate Business Review
Real Estate Industry Research and Market Reports
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Ankur Gupta, Head Marketing & Communications