According to McKinsey, generative artificial intelligence can bring the economy from $2.6 to $4.4 trillion annually, increasing the impact of all AI by 15-40%. It seems like anything that isn't AI may become obsolete or ineffective in the coming years. To remain competitive and relevant, companies should understand the potential impact of AI and develop strategies to incorporate it into their operations.
But which business ideas for artificial intelligence should we consider? In this article, we will try to answer this question by sharing promising directions and unique business ideas not yet implemented — by our CTO, Dmytro Voitekh.
TOP 3 AI Business Opportunities: Navigating the New Digital Frontier
Let's start our research on artificial intelligence business ideas with three innovative opportunities with wide applications and various advantages.
Small(er) Language Models
Large-scale language models (LLMs) started the AI boom but have drawbacks. Only major enterprises have enough finances and server space to train and support proprietary multi-parameter models. In contrast, smaller models are less energy-intensive and no less effective. According to DeepMind research, training smaller models on more data performs better than training LLM on less data.
So, what does it mean? Great results with less computing resources, energy consumption, and memory requirements. As for business product ideas, small language models can be easily implemented on IoT sensors or smart devices.
Autonomous Decision-Making Systems
Autonomous decision-making systems allow AI models to independently analyze data and make decisions without human intervention.
Algorithms discover patterns and dependencies by studying large volumes of data from various sources (from IoT sensors to public databases). Predictive models simulate possible scenarios — and the system makes a decision based on established criteria in an eye-blink. AI can automatically run relevant processes or send recommendations to specialists.
As a result, companies respond to market changes and customer needs in real time. Supply chain businesses thus optimize delivery routes and manage inventory, physicians swiftly come up with diagnoses, and financial experts optimize investment portfolios and rapidly react to fraud.
A subtype of such business software ideas is the growing integration of AI and IoT. AI-enhanced IoT systems not only collect and send data but also learn from it and make decisions. A clear example is smart homes, where AI regulates heating and lighting according to the owner's habits, saving energy.
Multimodal AI
As a rule, AI models work in only one direction and perform specific tasks. Now is the time to focus on technology business ideas like multimodal AI that accepts different types of data — text, sound, images, gestures, etc. Future systems will easily juggle natural language processing (NLP) and computer vision tasks.
Why does it matter? First, it provides better communication with the user. For example, a person can ask their multimodal assistant by voice about an appliance malfunction and get help with step-by-step text and visual instructions. Or imagine that instead of asking the bot for a recipe you simply point the camera at an open refrigerator, and the system will tell you what to cook from available products.
Secondly, such systems ensure better outcomes. In healthcare, they analyze medical records, MRI images, or voice messages from patients with complaints to make more accurate diagnoses. In personalized learning systems, the program can read the confused expression on the student's face and explain the material in more detail.
Top 10 AI Business Ideas
Here are the ideas for artificial intelligence ChatGPT shared with us.
AI-Powered Chatbots and Virtual Assistants
Natural language processing (NLP) and machine learning algorithms work miracles in customer support, providing ideas for AI implementation. They answer questions, provide information about products and services, process orders, and help users with various problems — all around the clock, without sick days, holidays, or weekends.
The best thing a business can do for customer service managers is to delegate the most routine queries to AI. Users will have quick access to information, allowing the staff to focus on more unusual and difficult cases, improving customer satisfaction.
Data Analytics and Insights
With the growth of data comes the problem of its effective analysis. Even the most experienced specialists are not able to manually process information the way AI does. Algorithms quickly identify complex patterns and trends that may be invisible to the human eye. This provides companies with valuable insights and helps them predict future events.
Such AI startup ideas help businesses make informed decisions, build strategies, personalize consumer experience, and optimize processes. If the AI system predicts risks swiftly, the firm can minimize them.
Enhanced Productivity Tools
The concept of increasing productivity has already become a religion, so such tools stay among the best AI business ideas. You can also contribute to creating an AI platform for planning and organizing tasks, setting priorities, and allocating resources optimally. Automate routine processes like creating reports or e-mail processing and simplify the process of information exchange.
AI generate ideas for facilitating communication and collaboration. Utilizing virtual assistants lets you plan meetings and get reminders for important events. One of your colleagues is a great analyst, and the other is effective in creative work? The system will optimally allocate tasks considering the given parameters, such as skills, preferences, and workload.
AI-Driven Shopping
Want to join the e-commerce boom? An essential part of successful digital retail is the ability to provide customized and personalized customer experiences. The lion's share of artificial intelligence app ideas involves analyzing user behavior, preferences, and historical data.
Don’t limit yourself to what buyers are looking for — offer goods and services they may find useful. AI can also be instrumental in providing basic features like order tracking and fast returns. Or real-time customer support, which is also crucial for businesses.
Smart Recruitment and Talent Management
The main value of any business is its workforce. Therefore, recruitment is an extremely important task. Thanks to the ideas AI provides, recruiting portals help both recruiters and candidates.
AI algorithms help quickly and effectively evaluate the suitability of candidates according to important indicators like skills, experience, or even work habits — all the parameters that are important for each specific company. Conversely, the system will quickly select potential jobs for the candidate open to cooperation.
Over time, algorithms improve match accuracy, reducing staff turnover and the cost of hiring new talent. But beware that it is especially important to eliminate any prejudice or discrimination in this niche.
Predictive Maintenance
Any company that deals with equipment or machinery wants to lengthen its lifecycle and minimize associated costs. Some AI startups ideas involve helping businesses predict potential breakdowns and avoid unplanned production shutdowns.
With predictive maintenance, the plan is as reliable as a Swiss watch. Algorithms analyze data from sensors about temperature, vibration, voltage, and other indicators. Then, machine learning models predict the equipment condition, performance, and the possibility of breakdowns. Also, the system detects and signals anomalies in real time. Based on this, the company creates a repair or part replacement schedule.
Fraud Detection and Security Solutions
Despite all the security measures implemented by companies, the number of data breaches in 2023 increased by 20% compared to 2022. Ransomware attacks are becoming more numerous and dangerous, and the risks of being affected by a vendor hack are steadily growing.
This makes the business ideas in technology detecting anomalies and risks more relevant than ever. For example, analyzing user behavior and detecting unusual transactions or network access would be useful. A personalized approach is most useful as it considers users' unique characteristics and the context of their actions, reducing the number of false positives.
AI-Driven Content Creation
The global content marketing market is projected to grow from $413.2 billion in 2022 to $2 trillion in 2032. Therefore, the need to create quality materials will continue to increase.
ChatGPT has made a lot of noise, but it is far from the limit of generative AI. Develop platforms that not only create quality text, visual, or audio materials but also optimize them for search engine optimization. Implementing this AI app idea, you should also focus on readability and engaging the audience based on their interests and preferences.
AI-Powered Health
Maybe it's time to bridge the gap between patients and doctors, using emerging business ideas with technology. As a result, you can improve the quality and efficiency of medical and wellness services:
- Patients receive personalized advice and recommendations for treatment and a healthy lifestyle based on an analysis of their personal medical data and history. They also get quick access to information and advice.
- It becomes easier for physicians to diagnose diseases at an early stage and give more effective recommendations for treatment. Routine tasks such as manual data entry and results processing can be assigned to machines.
- Medical institutions benefit from automating administrative tasks and optimizing data management.
AI-Based Finance
Today, open banking provides significant opportunities for fintech startups, which not only increase their own profits but also enrich the entire financial ecosystem. This applies particularly to financial planning platforms based on AI startup ideas, which provide personalized investment advice and help with budgeting and competent capital management.
On the other hand, we witness the growth of AI-based RPA (robotic process automation) solutions. These systems automate repetitive financial tasks like invoice processing, reconciliation, and tax filing to save time and money. They also reduce the need for errors and improve compliance.
So, which of the following business ideas is not using AI? None, as progress is invariably associated with artificial intelligence.
Leading 7 AI Business Ideas: Insights Shared by an Expert
We asked Dmytro Voitekh, S-PRO's CTO, what he thinks about revolutionary artificial intelligence ideas for business. But first, a few words about him.
Dmytro Voytekh has many years of experience in AI/ML. He led the team responsible for creating search algorithms for AI-based photo and video recognition. Dmytro also successfully worked as a CTO at a startup that received many investment rounds, including from Google. In his free time, he develops his pet project on Smart MicroGrid using AI.
Our expert identifies seven directions for AI app ideas in 2024:
Customized E-Learning Experiences
If we talk about professions of the future, the field of education will not only not retain its role but also acquire a more decisive importance. However, the universal approach offered by e-learning platforms is not suitable for everyone.
AI ideas covering systems that analyze students' behavior and preferences come to the rescue. By considering their learning style, pace, and strengths or weaknesses, the platform offers a personalized learning experience. This will allow them to learn comfortably and master skills better.
Autonomous Vehicles
In the field of self-driving cars, there are still many prospects for development in terms of safety and comfort. Advances in AI technology allow vehicles to perfectly adapt to changing road conditions and scenarios. In particular, algorithms can predict the behavior of pedestrians and other cars to make the right decisions. For example, after seeing a pedestrian, the system determines a more optimal reaction, such as slowing down or stopping.
Also, self-driving cars carefully analyze the environment with the help of cameras, radars, and ultrasonic sensors. How about voice interfacing? Advanced systems can recognize the language to interact with passengers through voice commands.
AI-Based Drug Discovery
The emergence of new epidemics and the prevalence of serious diseases like cancer and heart issues stimulate pharmaceutical companies to develop new drugs. However, this process is very, very expensive. According to Deloitte data, drug development costs around $2.3 billion on average. The time frame from clinical trials to approval is about 7.1 years, and development itself can take the same amount of time.
Experts believe that AI helps speed up the stages preceding clinical trials — identifying new targets, evaluating drug-target interactions, researching disease mechanisms, and improving the design and optimization of small-molecule compounds. The technology can save up to 40% of the time and 30% of expenses.
Virtual Reality Experiences
AI and VR go hand in hand, and their synergy creates an impressive interactive experience. AI systems analyze user actions and the environment to react to them in real time. This duo is used in various fields.
For example, in the game industry, virtual reality creates dynamic and exciting game worlds where users interact with AI-powered characters and the environment. Doctors learn and improve their skills by simulating complex medical scenarios in a virtual environment. As for other niches, the field of application here is particularly wide — from training and presentations to virtual tourism.
Smart Agriculture
As the population grows, so does the demand for agricultural products. And since resources (land, water, etc.) are limited, the question of smart agriculture arises.
For example, drones can scan large agricultural fields to collect the necessary data for AI algorithms. Farmers analyze information about soil, weather, and crop conditions to make decisions about watering, applying fertilizers, and protecting crops from pests. As a result, AI increases productivity and reduces costs by efficiently using available resources.
Social Robotics
What do you think about social robots controlled by AI? Imagine a robot that prepares food for your grandmother, helps with child-rearing, or supports your friend after a divorce. Experts believe that in the future, AI will become more socially adaptive and will be able to communicate with people in a real way.
Social workers actively interact with people, helping with household tasks, learning, or communicating. They can also provide therapeutic support, entertainment, and stress relief. Advanced machine learning and deep learning models will make it possible for AI to help with it in the near future.
Energy Optimization
Intelligent solutions based on artificial intelligence are becoming increasingly popular for communication service providers (CSPs). For example, AI can determine where 5G hotspots should be deployed to maximize their effectiveness and better meet consumer demand. The technology also helps make decisions based on network needs by turning on or off different frequency bands in the radio access network (RAN).
Smart buildings that use AI optimize energy consumption through sensors and data analytics. For example, they automatically turn off lighting in rooms where no one is present or adjust the temperature according to work and lifestyle. Effective air conditioning systems provide a comfortable environment for residents with minimized energy consumption.
A Case Study: Building a Successful AI Business from an Adventurous Idea
At S-PRO, our specialists implement bold machine learning business ideas for fintech, renewable energy, healthcare, hospitality, manufacturing, logistics, and other fields. And today, we will share the following cases:
AI Solution for the Compliance Domain
Compliance Aspekte's AI startup idea is to simplify managing compliance with requirements like GDPR, ISO 27001, etc. The system uses an advanced AI copilot that interacts with platform objects, manages user tasks, and provides context-sensitive guidance. This significantly reduces manual work and dependence on personnel, making the process more efficient.
This SaaS product was released in September 2023 and has already caught the attention of big companies.
AI solution for the Travel Industry
TravelPlanBooker is an AI-based business that offers an integrated travel planning and booking experience. This idea AI combines flights, trains, buses, accommodations, events, and car rentals in just one operation.
Our team has developed an AI assistant from scratch in just two months, making the planning process even easier and more productive. It recommends destinations, calculates efficient routes, and creates a detailed travel schedule with must-see attractions. The user only needs to click the "Book" button. At the same time, travelers can make changes in real time.
Community Building Platform
Muuvr is a realized AI idea that allows you to trade data for cryptocurrency. The latter can be exchanged for rewards ranging from buying sports equipment to funding health research. However, the main goal of the system is an active community that exchanges knowledge, discusses topics, and accesses the knowledge base.
We built Muuvr on a scalable architecture that allows us to accommodate community growth. Our specialists also added gamification elements to encourage active participation. As a result, 1000+ devices were connected to the platform during the first year.
Conclusion
The possibilities of AI are endless, and only you can decide which technologies to choose for your company. Who knows, maybe you'll create a revolutionary drug for AIDS, achieve record yields, or improve people's lives through a multimodal virtual assistant.
In any case, you need an experienced team to implement the AI business idea. Contact experienced specialists from S-PRO to discuss your project.
