Disruptive forces shaping the real estate sector
Disruptive forces can pave the way for explosive growth or undermine the business models of reputable giants, all in a relatively short period of time. A true disruptor often sends shockwaves through multiple sectors simultaneously, as technology has blurred the lines of traditional business. The speed of technology adoption across sectors varies widely — some sectors, such as life sciences, have been consistently at the cutting edge of technology and others, such as real estate, have been relatively slow to adopt until the recent past. Regardless of where, when or how you started, it is now clear that technology adoption is no longer a casual run, but a sprint. As a strong business leader, understanding the disruptive forces, emerging trends — both digital and non-digital — and how they interact with each other can mean the difference between extinction and thriving.
While investment in real estate technology is exploding, the time frames that these will hit your business model are anywhere from yesterday to 20 years in the future. There are three technology trends explored in this piece, in differing phases of impact on real estate, hospitality and construction today — the sharing economy, smart technology, and big data analytics, which are likely to continue dominating discussions on the future of real estate for many years to come.
Technology is advancing at an unprecedented rate, bringing us into what is considered to be the fourth industrial revolution. The fourth industrial revolution encompasses the Internet of Things, but goes beyond simple device connectivity toward being an Internet of Everything. At its core is the combination of big data, analytics and physical technology. The aim is to provide increasingly enhanced, customized offerings to help meet the needs of individuals and organizations that can adapt and evolve to changing situations and requirements over time. While we have explored three technologies likely to impact real estate, hospitality and construction in differing ways, we have only scratched the surface of what’s happening and what’s possible.
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