The European real estate sector continues to flourish but competition for deals is fierce and speed is often of the essence: so much so that, according to recent Drooms research over 50% of real estate professionals in Europe are compromising on the quality of their due diligence to complete transactions quickly.
This year has seen a sharp rise in the world’s interest in artificial intelligence (AI), making it increasingly difficult for the legal sector to ignore the potential disruption it could undergo because of this new phenomenon.
New research published by Drooms, the provider of virtual data rooms in Europe, has found that the use of artificial intelligence (AI) in real estate transactions is increasing despite perceived barriers such as a lack of relevant skills to implement AI technology.
The terms fintech and proptech are bandied around a lot these days. Indeed many would agree that their free and almost interchangeable use has made the terms into something of a cliché. However, buzz words and their exact definition aside, the increasing role technology is playing in industry shows no signs of dissipating.
The financial services industry has understood the potential hidden in applications of Artificial Intelligence (AI) for some time. Of the 5,000 FinTech start-ups identified by a 2016 report by Ernst & Young, a large number are set to bring intelligence to a banking world that often lacks innovation.
Despite unpredictable economic and political headwinds, the European real estate sector continues to flourish, albeit in some regions more than others. Successful transactions depend on high quality and detailed due diligence, but competition for the most lucrative deals can sometimes lead organisations to compromise on this stage of the process.
The media discussion about artificial intelligence (AI) has gravitated heavily around the idea that machines will soon replace humans, leaving them with nothing to do, or at best forcing humankind to become data scientists. Almost certainly there is some truth in the rhetoric that AI will take over from humans in certain jobs eventually, but certainly in the financial services that time is not now. The truth is that AI is not about to automate most professions but rather complement human intelligence.
Global Virtual Data Room Market: This research report focuses on Past-Current Share, Size, Trends, Analysis, Segment Forecast.
The global Virtual Data Room market has seen a potential growth over the past years. The Virtual Data Room industry is estimated to reach USD 1,836.47 Million in 2022, growing at a CAGR of 13.90% between 2017 and 2022 according to this study.