Artificial intelligence is going to be the very pillar businesses ought to be built on.
When computer scientist Andrew Yang says AI is the new electricity, he means common sense and not a hypothetical proposition. In 2019 O’Reilly published a book in which it listed many factors which hold back in AI implementation, one of which is the company’s culture not recognizing the need for artificial intelligence. It is quite natural that old-time companies are grounded in their methods and rarely think of coming out of their silos. However, for new entrepreneurs this shouldn’t be a hurdle – needless to say, artificial intelligence is going to be the very pillar businesses ought to be built on – finding AI-driven ideas should be on their priority list, at least to stay relevant and successful. Just in case you are looking for some inspiration, go through these top 10 AI business ideas and find what works for you.
1. Virtual Assistant Business:
There is a rising demand for virtual assistants, thanks to the work-from-home culture. Starting a virtual assistant business is quite easy as it comes with low overhead. All that you need is a good AI algorithm to design the application’s functionality. A virtual assistant typically uses advanced AI, RPA, NLP, and machine learning to create data models. It counts as a good investment option for an AI start-up as the global intelligent virtual assistant market size is expected to grow at 28.5% by 2028.
2. AI powered IoT start-up:
IoT business is almost mainstream. From being an addendum to the principal business functionalities, it has emerged as a main driver of growth. Companies are inventing new applications day in and day out in areas like anomaly detection, cloud robots, elastic cloud computing, etc. The efficiency of IoT lies in leveraging the sensor technology and AI comes to its rescue with the ability of smart analysis of the collected data.
3. AI based tax return service:
Filing tax is the most cumbersome task in countries like India. However, with governments taking steps to include artificial intelligence, now it is very easy to get along with the circuitous process without having to fear missing out on minute details. Tax returns are a process that comes with a great amount of data, which again makes it a good case for machine learning applications. Though it cannot replace humans altogether, definitely it can make the job easier through seamless integration.
4. Automated recruitment business:
AI is not new to the recruitment business; however, it lags in many areas. There is no dearth of recruitment apps that use AI and most of them are notorious for reducing a candidate profile to a categorical ‘yes’ or ‘no’ option, leaving other factors null. This is exactly the area where a newbie can look into providing companies with a recruitment application as able as a well-meaning human being.
5. AI powered cyber-security application business:
Have a passion for going after the digital goons? Then probably developing AI-powered cyber-security apps should be the venture should you look into. Increasing digitalization is giving way to a growing number of Cyber-crimes and hence the cybersecurity applications in the market. In a report, Reinventing Cybersecurity with Artificial Intelligence, it is stated that there is a compelling case for using AI in cybersecurity with three out of four executives believing that using AI allows for responding faster to new cyberattacks.
6. AI augmented E-learning application business:
Without any doubt, e-learning is going to be the norm of the day in the education sector. But, like any other unconventional technology, this too comes with certain caveats. Issues like impersonal approach in training, and letting machines decide what is ideal for a student, have been major concerns for teachers and students as well. Artificial intelligence can very well bridge this gap in identifying the subtle and diverse needs of the students.
7. Subscription based delivery apps:
Subscription based delivery apps have gained quite a popularity with business owners because they overcome the lacunae of other models efficiently. Artificial intelligence makes this experience more conducive to business growth, as it enables the applications with providing personalized discovery experience for customers and optimizing the operational strategy via predictive analytics for business owners.
8. Vulnerability detection application:
Vulnerability detection is a critical function for preventing code manipulation. Due to limited time and resources, software engineers take support applications that automate this process. As a vulnerability scanner typically uses a database to compare details about the target attack surface, machine learning algorithms find a perfect application for not just optimizing but scaling up the process.
9. AI personal shopping assistant:
Personal shopping assistants basically cuts-out middlemen to provide customers with a personalized and in-store experience, which otherwise comes at a hefty price. What if this experience is personalized, like having the store on your palm? AI makes this experience much more interesting by enabling owners to find inventory-based information without having to depend on a human being. AI connects customers’ shopping history to the manufacturer’s recommendation to help customers make informed decisions.
10. AI online poker playing business:
Now getting down to some fun but not so funny business of gaming, Poker has grabbed a lot of attention in the artificial intelligence domain. Unlike chess and go, Poker heavily depends on predicting the hidden cards of the opponents. With the help of predictive analytics, Artificial intelligence can sort out the problems of uncertainty and complexity to a large extent. Perhaps, poker will no longer remain a game of just cards but rather, evolve into a game of algorithms. Consider yourself lucky if you can see what’s coming.
Source: analyticsinsight.net
