QUEBEC, QC / ACCESSWIRE / October 11, 2023 / The real estate sector seems to be experiencing a profound shift, with 3D digital twins becoming an integral tool for property marketing. Valued at approximately $11 billion in 2022, this market is projected to grow at a compounded annual rate of 37.5% through 2030, indicating considerable opportunities for market penetration in the near future.
For more context, the U.S. residential real estate market, worth $33 billion in 2020, saw 5.64 million transactions that year. With approximately 3 million agents, many affiliated with the National Association of Realtors (NAR), the industry is embracing digital transformation. The rise of the internet and mobile computing has altered home-buying behaviors, challenging traditional practices. Despite the pivotal role of visual content in online listings, the provider sector remains fragmented and unregulated. As their market value and influence on purchasing decisions grow, immersive 3D tours are gaining immense popularity and reshaping this industry.
With that in mind, there are two players in this arena in focus: Urbanimmersive Inc. (OTC:UBMRF)(TSXV:UI.V) and the current market leader Matterport Inc. While both companies offer innovative solutions, there are distinct advantages that set Urbanimmersive apart.
First, let's explain what a 3D twin is. A 3D digital twin refers to a digital representation or model of a real-world building, property, or infrastructure. It accurately captures and simulates both the physical appearance and functional characteristics of the asset. Each 3D twin is made using a 360° camera or sophisticated 3D camera.
Urbanimmersive's Technological Advancements In Property Showcasing
Urbanimmersive's 3D tours represent an intersection of real estate and technological innovation. A recent report by Zillow Group, Inc. revealed that 43% of new-construction buyers prefer 3D home tours over in-person viewings, compared to just 20% for existing home buyers. This underscores the growing demand for technological solutions in the real estate market.
The implementation of Digital Twins offers a potentially compelling value proposition for the real estate industry. Firstly, they significantly reduce costs associated with physical site visits. Secondly, they facilitate quicker decision-making by providing an immersive and comprehensive view of the property. Lastly, as an engaging marketing tool, they captivate potential buyers, leading to increased interest and conversions.
While Matterport has been a pioneer in the 3D space, Urbanimmersive distinguishes itself with cost-effective, feature-rich 3D Digital Twins. Beyond the standard offerings, Urbanimmersive's tours are fully equipped with standout functionalities such as UiMeet3D video conferencing and an innovative Ultra-Fast Scanning App. These features ensure a thorough and vivid remote exploration of properties. Moreover, the precise integration of detailed floor plans offers exact room measurements, a sought-after feature among real estate photographers aiming for enhanced operational efficiency and consistency.
Comparative Analysis: Urbanimmersive Vs. Matterport
Matterport, headquartered in Sunnyvale, California, has made significant strides in spatial data, offering products ranging from 3D cameras to capture services. Their primary objective is the digitization of physical spaces across various sectors.
However, feedback from industry professionals indicates certain advantages of Urbanimmersive over Matterport. Testimonials suggest faster processing speeds and cost savings with Urbanimmersive. For enterprises with high photography volumes, Urbanimmersive's platform offers attributes that enhance operational speed, accuracy and overall efficiency, setting it apart from competitors.
Beyond 3D Tours
Urbanimmersive has expanded its portfolio to include print solutions. Their HomeVisit printing facilities cater to real estate agents, offering a range of print materials from 12-, 8-, 6- or 4-page brochures to customizable photo books. The ePrint system streamlines the printing process, emphasizing both quality and efficiency, aligning with the growing trend of customization, where 35% of new-construction buyers intend to customize their homes during construction.
Additionally, Urbanimmersive's platform for creating single-property websites offers further customization, branding options for agents and brokers and features like lead tracking and social sharing. The design flexibility - encompassing galleries, videos, 3D models and floor plans - aims to optimize user engagement and provide a unique first impression to prospective buyers. Each single-property website stores all of your media and keeps every aspect of the listing in your control.
Financial Trajectory And Prospective Developments
Urbanimmersive, headquartered in Saint-Hubert, Québec, has showcased consistent growth patterns and is achieving near-breakeven cash flow, in contrast to competitors like Matterport, which has a higher burn rate. Functioning as a B2B SaaS platform, Urbanimmersive primarily serves the real estate sector with AI-driven solutions designed to create unparalleled 3D marketing experiences.
For Q3 2023, despite reporting a slight dip in total revenue of $2.6 million (down from $2.8 million in 2022), the company observed an encouraging uptick in software revenue by 7.7%. Over the nine-month period ending June 30, 2023, revenue increased by 37%, reflecting the resilience and strategic direction of the firm despite the Federal Reserve's aggressive changes to monetary policy.
With a recent successful private placement and restructuring of loans and promissory notes, the company appears to be in a solid financial position.
Finally, strategic initiatives, like its acquisition of Tourbuzz in 2018 and the roll-out of innovative products like the 3D emulation-powered website and UiMeet3D, highlight its commitment to future growth and long-term financial success.
Urbanimmersive's Bold Leap Forward
Like so many industries, the future of real estate may lie in the digital world, and companies like Urbanimmersive are at the forefront of this transformation. With comprehensive solutions, cutting-edge technology and a clear vision for the future, Urbanimmersive seems poised to disrupt the growing 3D digital twins market. As the industry evolves, it's crucial for investors to keep an eye on pioneers like Urbanimmersive, which are setting the gold standard in property marketing.
Featured photo by Daniel Barnes on Unsplash.
Contact:
Simon Bédard
simonbedard@urbanimmersive.com
SOURCE: Urbanimmersive Inc
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