Last year was a big year for artificial intelligence (AI). If AI were a movie, the 2024 Oscars would have bestowed it with just about every award from Actor in a Supporting Role to Best Picture to Visual Effects.

It propelled innovation across many industries, from real estate to entertainment to healthcare and insurance and more.

2023 saw the introduction of generative AI tools like ChatGPT, which sparked widespread interest in its benefits, as well as controversy in creative fields like writing and the potential for the technology to displace humans.

Despite some of the important challenges that come with the rapid advancement of AI, it continues to transform the way many industries operate by automating processes, generating valuable insights quickly, optimizing the customer experience and improving overall efficiency. 

Here are three use cases for how AI is delivering significant benefits to a wide range of industries.

While these are not all directly focused on the real estate industry, it's easy to see how each of these areas could be applied - if it's not already happening - within our business models. 

1. Forecasting models

AI algorithms can identify complex patterns in large datasets to make more accurate predictions of market trends, revenue and other financial metrics.

In real estate, for example, forecasting models use historical data to predict future real estate trends and their impact on demand and home prices. AI is also used in home value estimate models, which can estimate the value of a home based on a number of factors including location, size, whether the house was recently renovated and previous sale data.

In manufacturing industries, forecasting models can help predict the future failure of machines, among other things.

For instance, AI-powered predictive maintenance allows manufacturers to schedule maintenance and repairs proactively, which can reduce unplanned downtime. Demand forecasting using machine-learning algorithms can help manufacturers plan production according to their customer’s needs.

AI is also transforming forecasting in healthcare and insurance by enabling more accurate risk assessment and diagnosis, helping healthcare providers and insurers better anticipate and manage patient needs. Insurance companies are now using these same models to forecast risk and predict future claims and losses to help them more accurately price policies. 

2. Recommendation systems 

AI enables recommendation systems to provide personalized content suggestions by using data analysis, pattern recognition and machine-learning capabilities.

In real estate, AI-powered recommendation systems are used to provide personalized property recommendations to potential buyers, ensuring they only receive listings that are relevant to them. 

Thanks to AI, consumers can now receive personalized agent recommendations with just a few clicks of a button.

In June 2023, Wahi launched the first and only AI-powered realtor recommendation system in Canada that can connect consumers with top realtors in their area who are the best match for their needs. Think of it as a matchmaking site for real estate.

In the entertainment industry, streaming services like Netflix use AI algorithms to analyze user data, preferences, and viewing habits to provide personalized content recommendations. By understanding individual user behaviour and preferences, the recommendation system can suggest movies and shows, for example, that will most likely resonate with the viewer. 

The same technology is being used in retail for personalized product recommendations. These are based on factors such as browsing history and past purchases to bring a highly personalized customer experience to those shopping at online marketplaces like Wal-Mart or Amazon.

The data-driven insights also help retailers better understand and serve their customers’ needs.  

3. Image processing 

AI in image processing is used to recognize and classify specific elements within images. From face detection to medical imaging to finding property listings based on images, the technology has a wide range of applications across multiple industries.

Generative AI, a deep-learning model that can generate new content such as images, is now being used in real estate to filter homes for sale using images.

Traditional real estate searches require users to browse through hundreds of listings, each with 10 to 20 photos, to find the design aesthetic they’re looking for. Generative AI enhances the home search experience by allowing consumers to search for properties using an image-based filter.

By using generative AI to annotate images in real estate listings using descriptive tags and labels, consumers can filter for properties that match their preferences.  

Health care has also seen some major advances thanks to AI’s image processing capabilities. Algorithms can analyze images like x-rays, CT scans and MRIs for disease detection, helping medical professionals make faster diagnoses. 

AI is also being used in image processing for security for everything from facial recognition to fraud protection.

While facial recognition technology enabled by AI image processing is commonly used now to unlock one’s mobile phone, for instance, it’s also used for comparing captured faces against a database, crowd monitoring, intrusion detection and more. AI’s ability to proactively monitor and detect threats has revolutionized image processing for numerous security applications. 

Whether we’re aware of it or not, AI has not only revolutionized many industries — it’s also well entrenched in our daily lives.

From our smart home devices to streaming services to navigation apps, AI powers a plethora of technologies and services that enhance the quality of our lives through greater personalization, more convenience and increased efficiency,

Benjy Katchen is the CEO of Wahi, a digital real estate platform that redefines real estate by giving control back to Canadians, including access to market data, agent-level insights on the latest listings, and the ability to match consumers with the right Realtor for them.