A Study on the Changes in the Appraisal Industry in the Era of the 4th Industrial Revolution - Focus on the Factors Affecting Intention to Adopt Big Data in the Appraisal Field
Donggun Yoon,Department of Real Estate Studies, Hanyang Cyber University, 220, Wangsimni-ro, Seongdong-gu, Seoul, South Korea
Jaehwan Kim*,Associate Professor, Major in Real Estate Studies, Faculty of Regional Development, Kongju National University. Yesan, Chungnam, South Korea
The appraisal industry is the first structural change since the implementation of the public land price system in 1989. Since the environment surrounding the appraisal market has changed so far, structural adjustment from the inside is inevitable even though it was not enforced through legislation. This study aimed to identify factors that affect intention to adopt big data in the appraisal field based on the perception of values and environmental factors suggested by Paret et al., Quinn & Baily, Elizabeth & Michael, and Kyung, and propose a relevant guideline to institutions and corporations that consider adopting Big Data. Based on empirical analysis using SEM (structure equation modeling), the result was as follows: first, institutions and corporations that are considering adopting big data in the appraisal field should focus on improving the work process, capturing opportunities, and providing information for decision-making. Second, they must fully review internal factors of the Appraisal industry such as IT development trends and changing environment and select crucial business partnerships to gain competitiveness in the market.
4th industrial revolution, Real estate appraisal, Big data, Real estate industry, Internet of things
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