If I have to mention one technology that has completely revolutionised the world, I would name Artificial Intelligence. AI technology has widespread into almost all industry verticals like healthcare, retail, ecommerce, finance, education, e-learning, etc.
What are Siri, Alexa, and Okay, Google? These AI chatbots take your input and offer the most relevant answers. Recently, we have seen how ChatGPT has become one of the most talked-about AI tools globally.
AI is not a new concept; it has existed since the 1950s. Earlier, it was all about a machine's ability to perform various tasks without human intervention. Technology has advanced, so this old definition can no longer apply to AI.
88% of CEOs reveal that they use AI in their day–to–day tasks.
Not just that, as per Gartner Surney, the AI software market will cross $135 billion by 2025.
Also, a recent EY Survey revealed that 80% of businesses plan to invest in AI in the upcoming years.
In today's business landscape, AI tools play a pivotal role in areas such as data security, data processing, and process automation, etc. Exploring innovative AI (Artificial Intelligence) Business Ideas is crucial for staying competitive and unlocking new possibilities in this dynamic technological era.
If you are an entrepreneur, investing in AI can hit a fortune. You only need to hire an AI development company with a good team of AI developers.
This post discusses some highly potential AI business ideas for entrepreneurs and startups. However, before that, let's check out what AI is and how it works.
What is Artificial Intelligence?
Artificial Intelligence is all about creating intelligent machines that can function like humans. With AI, you can have machines, primarily computers, that behave and make data-centric decisions like humans. As we can term these machines intelligent, this technology is called Artificial intelligence.
With AI, businesses can perform many tasks, such as streamlining processes, automating processes, offering customer services, etc. AI is wider than these tasks. AI can also be used for interpreting speech, playing games, identifying patterns, processing data, recommending products, generating content, etc.
Some examples of AI are self-driving cars, chatbots, AI-based voice assistants, conversational bots, email spam filters, etc.
Machine Learning is also a branch of Artificial Intelligence. Have you seen product recommendations when you visit an ecommerce site like Amazon? Well, it is machine learning.
The ML technology is based on AI algorithms. Dedicated Developers feed data to these AI algorithms, which use statistical techniques to process and analyse data. Based on this refined data, AI algorithms learn how to become better at tasks.
Pros of Starting an AI Business
Consider using AI in your business. However, before you do it, it would be better to think of all the benefits and limitations of AI. Let's check out some pros first.
1. Real-time analytics
Data is the new power in the 21st century. Today, businesses receive a considerable amount of data from various sources. It can have a significant impact on decisions. Handling this massive amount of data manually might take days or weeks.
That is where AI comes into the picture. AI can help process and analyze this data in real-time and offer highly valuable insights to you. With these insights, you can make data-driven decisions on time.
2. Business process automation
Employees spend a significant amount of time performing repetitive tasks. For example, data entry. You can use their creative hours for more meaningful tasks by employing AI to perform those repetitive tasks.
With AI-based process automation, businesses can delegate repetitive tasks to the machine and save time and money. Meanwhile, employees can work on their specialties.
3. Improved customer experience
Another way you can use AI is to improve your customer service department. Today, millennials don't just want high-quality products or services; they expect gratitude from employees.
Various businesses have to interact with clients regularly. They have to hire customer support executives to perform these tasks.
AI can come to your rescue here. You can develop AI chatbots that can take up the workload of your representatives. With continuous training and data-feeding, these chatbots are becoming more sophisticated and human-like. They can easily understand queries and quickly solve customers' problems, offering a seamless user experience.
4. Cutting costs
You can cut down costs on your resources by a significant margin by adopting AI. You can assign more complex responsibilities to people who regularly work on repetitive tasks. AI can function in those repetitive tasks with automation.
Not just that, AI can also remind you of maintenance, updation requirements, etc. You can avoid breakdowns and downtime of machines as well. Overall, you can save a lot.
5. Improved data security
AI can also play a significant role in data security. It can assign permission controls to stakeholders carefully to avoid data breaches. Also, AI can detect fraud attempts on data. You can have an added security layer with AI to prevent a data breach.
You can hire an Artificial Intelligence development company to develop custom software that can help in data security.
6. Predictive Analytics
Another reason why you should invest in AI is predictive analytics. Making better predictions at any project stage can help earn some brownie points. AI can process a large amount of data and offer you highly valuable data insights to make future predictions.
AI can easily understand and comprehend even minor points inside the data. It can develop relevant predictions that can help you get a competitive edge.
Cons of Starting an AI Business
Let’s check out some limitations of AI now.
To reap all the benefits of AI, you must design custom software per your business requirements. However, it might cost you a lot. Even though you get a significant advantage by developing AI software, not all companies can afford it.
2. Lack of Creativity
Another limitation of AI technology is creativity. AI is as smart as its creator. It cannot match the emotional quotient of humans. However, it might get better when it continuously learns things, but it still needs to match humans.
3. Accuracy Issues
Mitigating errors entirely is not possible with AI. Like humans, AI can also make errors. It depends on the way the algorithms are programmed. You have to supervise the results AI produces to ensure accuracy and precision.
Programs contain errors, so you must take additional security measures to ensure data security.
When you implement AI in your processes, you will become dependent on these programs entirely and build your processes accordingly. However, when AI processes malfunction, you must deal with the consequences.
Why should you launch your AI business idea in 2023?
Artificial Intelligence is still an emerging technology with unmatched potential. Entering into the market can help get a competitive edge. With its unparalleled potential, you can take your business to the next level by smartly using it in your processes and operations.
For example, if you have an ecommerce business, you can develop smart chatbots to communicate with your customers. When they have any issues or doubts, these chatbots can guide your customers in a smart and guided manner.
With an AI startup, you can bridge the gap by helping companies with data-driven decisions. Smart AI algorithms can help businesses to process and analyze a large amount of data. You can get valuable data insights that can be used to make data-centric decisions for your business.
Top 10 Profitable AI (Artificial Intelligence) Business Ideas for Entrepreneurs in 2024
Now, let's discuss how to start an AI business or adopt AI in your existing business. We will discuss the top 15 AI business ideas for you.
1. Personalized Health Monitoring
We have seen drastic paradigm shifts in the healthcare industry post-Covid-19. AI can help in making it more efficient and productive. For example, you can develop wearable devices that monitor health vitals and predict possible health conditions before they become severe.
You can establish high-end machine-learning algorithms that help patients get real-time health updates and insights.
You can offer your users a subscription-based model and partner with healthcare providers for monetization. However, you must work hard on data security, R&D costs, and regulatory issues.
2. Energy-Oriented Business
Sustainable energy is a new buzzword, and the world knows its importance now. You can develop a high-quality system that regulates energy consumption efficiently with AI. For example, you can create an intelligent grid that monitors usage patterns or a home system that can regulate energy consumption without human intervention.
You can get software subscriptions and partner with utility companies for monetization. Sometimes, you can also get government grants to develop AI tools that help build sustainable energy resources.
However, you must work on infrastructure requirements, technological limitations, and consumer adoption rates.
Cybersecurity is another concern that is hard to deal with. Frequently, you come across various data breaches and hacks. An AI-based cybersecurity can be a highly valuable asset for any company or business to meet such data theft challenges.
AI-based cybersecurity tools can have ML algorithms to identify and address cyber threats in real-time. They can protect businesses against such data hacks and safeguard sensitive information.
You can charge a minimum fee from companies to use the software developed by you.
4. Logistic and Supply-Chain
Developing AI software or tools for logistics and supply-chain business can also be a profitable venture. Manufacturers find various challenges while managing logistics and supply chains. They must respond quickly to vendors' responses and keep the departments up-to-date.
AI-based apps can quickly and accurately handle complex challenges associated with fuel, route, and transportation costs. These AI apps can also interpret and analyze a large amount of data and offer valuable insights. Also, you can cut down costs on warehouse staffing and other overheads to a large extent.
5. AI Video Generator App
You must have seen Instagram reels where you can morph or swap your faces with celebrities. Such videos are popular today. Millennials want high-quality video generator apps to rule social media.
You can develop AI video generator tools that allow businesses to create videos without human intervention. A feature of creating videos based on text content can be a profitable venture for you.
You can have a subscription-based monetization model with in-app purchases.
6. E-Recruitment Automation App
We all know how tiresome and boring recruitment processes are. You can create a highly automated recruitment platform that can easily streamline business hiring processes.
HR recruiters can quickly evaluate resumes, shortlist candidates, conduct interviews, and forecast the right job fit.
At the same time, you can also reduce your recruitment costs by eliminating all manual recruitment processes. You can have a subscription-based model for monetization. Also, you can charge a commission fee for each candidate your platform recruits.
7. AI Workflow Automation
Some various tasks and workflows require automation for better management and improved productivity. Streamlining these workflows will not solve the problem as it still requires regular monitoring by humans.
With AI, you can automate these workflows completely without human intervention. You can achieve accuracy and precision and improve productivity and efficiency by automating these workflows.
You can develop AI software for workflow automation and charge a licence fee for monetization.
8. Content Creation with AI
ChatGPT is an ideal example to discuss how AI can help in content creation. Not just content, AI can also help in software development by writing code for you. This is a content-driven world, and AI-based tools can help generate high-quality, original, and highly relevant content for your business needs.
You can have in-app purchases or a subscription model to monetize this business idea.
9. Smart Agriculture
It is time for smart farming as resources like land and water are finite. You can develop an AI tool or smart agriculture solutions to optimize the use of farming resources, analyze soil quality, predict weather conditions, analyze and review received data, and offer better data-driven recommendations to farmers. You can create more sustainable and efficient farming with these solutions.
You can monetize this software or app with subscription fees or offer consultancy services to agriculture-based businesses.
10. Automated Financial Consultation
Millennials are investing heavily in various assets at very early ages. They are becoming more financially aware and need high-quality financial consultation to invest correctly.
AI-driven financial apps can help them with data-driven financial advice and recommendations.
They can process a large amount of data and derive highly valuable and actionable inputs. Not just that, such AI tools can offer personalized strategies, risk assessments, and portfolio management services as well. People can easily manage their wealth with such actionable inputs and consultations.
You can charge subscription-based fees or monetize data as well.
11. Team Collaboration App or Software
Teams must work together to achieve a singular goal in any organization. However, we have seen various hurdles and challenges when it comes to team collaboration.
With AI, you can create a custom AI team collaboration tool or software that can help multiple team members from different teams to collaborate and work efficiently.
This AI app can effectively handle communication and coordination challenges to produce better outcomes.
An ideal virtual platform where team members can collaborate, exchange ideas, work on tasks, and track project management efficiently.
You can go for a subscription-based model to monetize the app.
12. Photo Editing App
Plenty of AI-based photo editing tools and apps are available in the market. Why do you need to develop one more app? Businesses now understand the importance and power of visuals.
High-quality, original, and message-driven images can help businesses forward their reach and gather more likes, shares, and comments on social media platforms.
You can develop an AI-driven photo editing app with highly advanced features and functionalities. You can harness the power of AI to allow businesses to edit photos without manual intervention can work for them.
You can go for a subscription-based model to monetize this idea.
13. Virtual Personal Assistants
You can also help businesses by developing AI virtual personal assistants that can be as effective as human personal assistants. The trend of virtual personal assistants is increasing, thanks to a wide range of tasks they can perform regularly.
These VPAs can handle various work like accounting, supply chain management, inventory management, email replies, process monitoring, etc.
You can charge an hour-based fee for these virtual assistants to monetize this idea. Also, you can go for a subscription-based model for businesses looking for long-term assistance.
14. Voice and Image Recognition Tool
Developing a voice and image recognition app or tool can help perform multiple machine-based visual tasks like performing image-based searches, guiding robots, self-driving cars, etc.
Voice and image recognition tools have many other applications. You can develop a real-time tool that accurately recognizes images and voices to perform various tasks precisely.
You can have a subscription-based monetization model. Also, you can go for in-app purchases.
15. AI-based Business Analysis
AI can also be used in business analysis. You can harness the power of AI to deliver highly advanced, valuable, and in-depth real-time analysis to businesses. They can leverage such valuable data-driven insights to make data-centric decisions.
AI business analysis tools can evaluate data patterns and translate them into user-friendly insights to give power to businesses to get a competitive edge.
Though the collaboration of AI and business analysis is still in its primary stage, it shows immense potential in the future.
You can go for a subscription-based model to monetize this idea.
How much does it cost to build an AI-based business solution?
There is no straightforward answer to this question. It depends on various factors like
- Software cost
- Workforce cost
- Training and maintenance cost
- The AI development company you have hired
- The location of the company
- The complexity of the AI solution you want to develop
- The scope and size of the project
- The amount of time required to create the product
Consider ManekTech As Your Trusted Artificial Intelligence Development Partner
ManekTech is a leading AI ML development company with the right mix of advanced tools and expert AI developers to meet your AI needs. We have the state-of-the-art infrastructure and tools to cater to your complex needs.
Our AI developers are well-versed in the technology and have relevant experience developing highly unique, business-centric, and robust AI solutions that perfectly match your business needs.
AI is an emerging technology with immense potential. It will change the whole landscape of businesses and how they are run. Adopting AI at this stage will give you a competitive edge over others.
If you are an entrepreneur, you can harness the power of AI to build highly unique software or apps that can transform the world in a good way.
We have discussed some brilliant AI business ideas to give you glimpses of how AI can change the world. You need to hire an AI development company and discuss your business idea with them to get started.