Business | 9 min read
Artificial Intelligence (AI) Startup Ideas and Business Opportunities
Nowadays, AI startups are a fast-growing area. Businesses that adopt AI get many benefits in maintaining their competitive advantage.
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They use AI opportunities to achieve transparency, efficiency, and creativity to be on the wave of the trend-driven market. Moreover, using AI in business is a competitive advantage.
In this article, we’ll describe and analyze some worthy AI project ideas. The presented examples will give you an idea of how AI along with machine learning is already being used and will be used in the business world.
How does AI impact on business?
For many businesses, artificial intelligence (AI) is an opportunity to reduce operational costs, increase efficiency, grow revenue, and improve customer experience. Even new to AI businesses can reap major rewards.
By transforming your business with the right AI technology, you may gain an ability to:
save time and money by automating and optimizing routine processes and tasks;
increase productivity and performance;
make business predictions based on outputs from AI technologies;
predict customer preferences and offer personalized experience;
generate quality leads and grow your customer base;
maximize sales opportunities.
Many business owners consider that AI has the power to change almost everything about the way they do business — and could contribute up to $15.7 trillion to the global economy by 2030. In order to be on the wave of AI acceleration, analyze the AI ideas and changes it brings.
AI opportunities for business
For many enterprises, AI business ideas inspire them to create great value and pass that value over to the customer in the most effective way. AI significantly reduces business overall costs and overheads. In which way? It automatically identifies customers’ inquiries or complaints and responds to them without human intervention.
For instance, in the IT industry, AI-driven systems help in 2 steps: creation and consumption.
– At the creation stage: AI assists designers and developers during the product development process.
– At the consumption stage: as people are using the product, AI delivers massively improved user experiences with personalization, anticipatory design, augmented reality, voice interfaces, computer vision, and more.
AI offers a great opportunity for digital transformation. Done right, AI won’t eliminate jobs — it will upgrade them. AI business ideas can remove some of the repetitive tasks and provide companies with the freedom to apply creativity. The AI sphere has already been placed in dozens of niches. Let’s check out what changes it has already brought.
Artificial intelligence business ideas with examples
As you can consider, AI has a massive effect on business, providing it with lots of opportunities. Here are some examples of AI business ideas in different spheres.
Nowadays, AI ideas are widely used in modern medicine. With the help of AI, it gets easier to take over the management of patient medical records and other relevant data. It stores, processes, and indexes data, ensuring easy access to it anytime. AI startup ideas for healthcare apps.
Сyclica is decentralizing the discovery of better medicines by combining its deep roots in Artificial Intelligence (AI) and protein biophysics with an innovative business model. They maximize predictive signals with innovative AI engines such as MatchMaker™ and POEM™.
Another US-based AI for drug discovery is Atomwise. This software analyzes existing medication data and studies its contents. By employing the Atomwise, hospitals can come up with ways of modifying the existing medication and create new types of drugs to cure different diseases.
IT services and security apps
The extreme rise of the digital world entails numerous cyber-attacks and data hacks. One of the most effective and innovative ways to deal with hacks is to implement AI ideas in IT solutions, security, and services. Let’s have a look at the existing AI business ideas.
AI2 is an AI-based platform, developed by MIT’s Computer Science, Pattern X, and Artificial Intelligence Laboratory (CSAIL). The platform is about to foresee cyberattacks in the form of contextual modeling.
ForAllSecure is an AI startup launched and based in Pittsburgh, USA. This software can find bugs and determine whether they are exploitable or not. Such bugs lead to unexpected results and change the behavior that causes serious security breaches. To prevent clients from various hacks and attacks, it provides its users with an accurate app and computer testing.
Customer-centric AI ideas are aimed to solve the problems of automatic response to common customer inquiries. Moreover, AI helps to determine the market group to which specific customer belongs.
In the near future, customer-centric AI will even contact customers to address them at any point in the customers’ journey. For now, there are already chatbots that can answer simple questions and offer relevant products/services based on customers’ answers and interests.
AI startup ideas for customer-centric apps.
Hipmunk is a platform that is used to search for beneficial travel deals. To help people search and reserve more easily, Hipmunk created its “Hello chatbots” that can be easily integrated with Facebook, Slack, or Skype.
ItsAlive is a French startup that is considered to be one of the best AI chatbots for Facebook Messenger. ItsAlive helps businesses to shorten the response time to FAQs by detecting keywords in Facebook Messenger and answering through the chatbots.
Energy and cost-saving apps
AI startup ideas in these two spheres are aimed to reduce energy usage and the cost of financial operations. Let’s look at the applied ideas.
Digit is an effective AI startup idea that helps consumers to optimize savings based on their own personal habits and goals through the mobile app. The app analyzes various factors such as monthly income, current balance, and spending habits. As a result, people get the suggested plan of transferring money to the savings account.
Invenia Lab is a team of scientists that implement machine learning for energy saving. They actively work on fundamental research with a focus on AI, time series forecasting, and decision-making.
AI is helping recruiters to avoid repetitive processes and get back to effective interaction with candidates. Artificial intelligence project ideas in recruiting means automated backend processes, quicker CV sorting, and intensive applicant tracking.
XOR is an AI assistant recruiting tool for companies working in tech, retail, healthcare, and restaurants. XOR implements chatbots to interact with applicants and candidates. It makes the application process quicker and effective and decreases the drop-off rates at the same time.
Restless Bandit is a recruiting platform that uses an intelligent bot to connect with qualified candidates. Restless Bandit builds the algorithm around millions of CVs, applicant profiles, and job descriptions to ensure the discovery of top candidates.
Publishing and writing apps
For writers and publishers, AI helps to find and produce great content and find the reader who would appreciate it most. The following AI startup ideas do a favor for the given spheres.
Yseop is a software that turns structured data into intelligent comments and recommendations in natural language. Yseop writes financial reports, summaries, marketing documents, and more in multiple languages, including English, Spanish, French & German.
Boomtrain acquired by Zeta Global is an AI-powered marketing platform that interacts relevantly with users at every touchpoint, increasing engagement and retention.
Successful AI-based businesses
The US-based company Roam Analytics builds an AI platform for the healthcare industry that uses Natural Language Processing (NLP). It enhances and analyses the content of patients’ electronic medical records. Roam analytics has other AI tools for data analysis and storage, that’s why it is widely used in US and European hospitals.
H2O.ai is a visionary Silicon Valley open-source software company that focuses on bringing AI to enterprises. This company was included in the AI 100 is CB Insights' annual ranking of the 100 most promising AI startups in the world.
Codegreen Energy helps to save billions of dollars with its energy-efficient AI-enabled mobile application. It helps to save energy and reduce operating costs through comprehensive on-the-ground analysis.
LivePerson transforms people’s communication with brands. Leading brands like Citibank, HSBC, Orange, and The Home Depot, use the conversational commerce solutions to orchestrate humans and AI. As a result, they create a beneficial relationship with their millions of consumers.
Graphcore is a hardware systems company that created a new processor, the Intelligence Processing Unit (IPU). The IPU’s unique architecture means developers can run current machine learning models orders of magnitude faster.
Invest in your business productivity
Our article aims to provide you with examples of existing AI ideas to implement or invest in. Whether you work in healthcare, marketing & sales, financial sector, AI brings you many opportunities. Primarily, it makes fiscal sense for startups.
Our team can support your AI business ideas and help with their realization. If you’re looking for a trustworthy partner to start your journey in the world of AI, Cadabra Studio is the best choice for you. Contact us.