It’s no secret that the artificial intelligence industry is booming, with new innovations being developed almost daily. Yet, the industry is still in its infancy, meaning it’s the perfect time to start an AI-based business. However, with so many options, it can be difficult to know where to begin.
In this article, we explore seven AI business ideas and explain the benefits of starting one of your own. Keep reading to learn more.
Why Should You Start an AI Business?
Artificial intelligence offers emerging entrepreneurs intriguing opportunities today. By leveraging AI capabilities in innovative ways, new businesses can solve problems and provide value. Here are a few compelling reasons to consider an AI venture:
Quickly Growing Industry
The AI sector is expanding rapidly as organizations adopt machine learning and other technologies. With market forecasts predicting the industry will reach $1,811.75 billion by 2030, there are plenty of opportunities for new players to capture this growth. And launching now will let you establish expertise before competition proliferates.
Honeymoon Period
While AI is advancing quickly, consumer understanding lags behind. This presents a “honeymoon” window in which AI capabilities feel novel and exciting. As a result, savvy branding and messaging can capture public intrigue in AI’s potentia, but conveying transparency will be key for ensuring long-term trust.
Many Opportunities for Innovation
AI is not one technology, but a toolkit with diverse applications. This means entrepreneurs can pick a specific problem to tackle, rather than engaging in direct competition with AI giants. Whether you improve hiring, medical diagnosis, or another domain, targeted AI solutions have substantial breakout potential.
Scalability
Once an AI model is trained, it can be deployed cheaply at scale. Because business costs to acquire additional customers are lower than human-driven companies, AI startups with thoughtful data pipelines and infrastructure can grow at a rapid rate.
7 AI Business Ideas
With so many possibilities, it can be difficult to choose just one area of business in which to focus. Not to worry, here’s a list of seven AI business ideas that could prove profitable.
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AI-Powered Customer Service
AI-powered customer service bots are becoming more commonplace on customer-facing websites, such as eCommerce stores. This is because they allow businesses to provide constant customer service without having to hire teams of agents. Not only does this keep customers happy, as there are no frustrating time constraints regarding their issues, but it also means businesses can save money on human labor.
AI customer service bots work as small embedded windows usually at the bottom of a website. Users can click them to expand the window and start a chat with an AI customer agent where they can ask questions and even handle returns. Crucially, however, AI customer service chatbots are trained to identify situations that require human agents and hand off issues accordingly.
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Marketing and CRM Software
Marketing and customer relationship management (CRM) are two areas that require data input, processing, analysis, and interpretation. Though there are many applications available that are capable of processing information, AI makes it possible for software to provide users with data interpretation. AI-powered CRM software, for example, could identify positive and negative trends in customer reviews thanks to its ability to understand text and context.
It’s estimated that AI within the CRM industry will reach a worth of $79 billion in 2023, so by entering this field, your business could enjoy a high level of success. However, marketing and CRM software is not easy to develop and requires many features in addition to AI data analysis, such as social media post scheduling, collaborative tools, and SEO monitoring.
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AI Task Management Tools
AI itself is not capable of replacing a human project manager, but it certainly has a place in AI task management tools. For example, AI can be used to automate tasks and trigger events based on certain parameters without the need for a manager to outline the required rules. Generally speaking, AI in task management works best as a plugin or SaaS extension.
For instance, you might build a task management platform that has three levels of users paying different prices like basic, pro, and advanced. With each tier of users having access to a different level of functionality, you could even save AI capabilities for the advanced tier, giving users an incentive to upgrade. This is an excellent AI business idea if you’re looking to make recurring passive income.
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AI-Generated Content Mill
AI content generators like ChatGPT and Claude.ai are commonly used to generate written content. While AI-generated contentI is not typically on par with human writing, with a little training, AI content generators can produce a quality approximation of human content. This makes them an ideal option for SEO-focused articles and web copy.
As a result, you might consider starting an AI-based content mill. A content mill is a platform that rapidly produces written content for marketing purposes, traditionally by a vast team of low-paid writers. Using AI, you can copy this business model and circumvent the need to hire writers, but be warned: the quality will not be the same as that of a human team.
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Stock Market Analysis Software
Artificial intelligence is excellent at analyzing data and making predictions based on said data. In fact, generative AI models like GPT use its training data to predict the most likely relevant response to user input–as people believe this to mean it has a solid understanding of content, it’s clear that AI can predict outcomes accurately.
Consequently, using AI to build a stock market analysis platform that predicts the best stocks to buy and sell is a lucrative idea that will be enticing to many professional investors and newbies alike. However, even the most experienced traders agree there is a certain level of luck and randomness associated with stock trading, meaning that your AI market analysis software would be better suited to making educated suggestions, rather than fully autonomously trading.
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Personalized Education Software
You may have used education apps like Duolingo that use AI-powered personalization to provide users with unique experiences tailored to their progress level and knowledge. Using AI technology, you may consider developing your own personalized education platform that cultivates a positive learning experience for all levels of users. This will ultimately help users hone their weaknesses and fix their knowledge gaps, leading to a more cohesive education.
Personalized AI education technology can be applied to publicly available platforms like Duolingo or used for internal use. For example, you could build an internal training platform that leverages AI to help employers easily create courses for their employees.
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Automated Stock Management
Effectively managing stock levels and quickly responding to changes is a crucial part of any product-based business. While most businesses use stock management software to help keep track of stock levels and identify when to order new products, AI can take this to the next level through intelligent automation.
By integrating AI into stock management software, you can provide users with an intelligent system that’s capable of predicting when stock levels are likely to be low, identifying when new stock needs to be ordered, and analyzing data trends.This will help businesses save money and reduce stock losses, making it a desirable system for companies of all sizes.
Need Help Getting Started? AI Development Solutions From Idea Maker
AI-powered businesses are no doubt lucrative, but developing artificial intelligence models and integrating them with software is no easy feat. AI development requires specialist expertise and access to many resources, making it difficult to start an AI business from scratch. Thankfully, Idea Maker is here to help.
At Idea Maker, we have a team of artificial intelligence experts and software developers dedicated to providing our clients with exceptional platforms. So, if you’re looking to start an AI-based business, schedule a free consultation with our experts today.
