The AI industry is expected to reach USD 1,811.8 billion by 2030. Sounds appealing, doesn't it? But the truth is, this could be a great time to write a new chapter of your life! We have filtered 10 AI business ideas to help you become your own boss. Here is what you will find in this article:
In 1950, Alan Turing, the computer science father, published a paper in which he asked: "Can machines think?" Regarding artificial intelligence (AI), today, we can say, without a doubt, yes! Why?
AI, according to IBM:
Artificial intelligence is a field, which combines computer science and robust datasets, to enable problem-solving. It also encompasses sub-fields of machine learning and deep learning, which are frequently mentioned in conjunction with artificial intelligence.
AI, according to Google:
Artificial intelligence is a field of science concerned with building computers and machines that can reason, learn, and act in such a way that would normally require human intelligence or that involves data whose scale exceeds what humans can analyze.
Now we are on the same page!
Before discovering AI-based business ideas, we invite you to answer these questions:
Did you answer “yes” to at least 6 questions? Your future might be linked to artificial intelligence. And if your case is the opposite, always remember: if you want to, you can!
Moreover, starting a business requires many ideas, skills, patience, and money. It's not just about the technical stuff. It’s a journey into yourself! You push yourself to the limit, learn to deal with frustration, and realize you need help.
Having said that, are you ready to be an AI entrepreneur?
Learn 3 interesting facts that can motivate you even more.
1. In 2013, funding for AI-related companies reached $3 billion. And look how the landscape of worldwide investment in AI Startups and Scaleups has changed:
2. In 2022, AI adoption globally was 2.5x higher than in 2017, after stabilizing in recent years.
3. These are the most popular AI use cases by business sector and function:
Service operations:
Marketing and sales:
Risk:
Strategy and corporate finance:
Product and/or service development:
Supply chain management:
Human resources:
Manufacturing:
After this crucial information, it's time to get down to business!
The fashion industry revenue forecast is $0.99 trillion in 2023, so working in this segment can be very profitable for you.
The idea is to create an AI guide and offer it to fashion retailers. Then, by using fast-paced intelligence, they will offer more accurate products to a market of users who expect a personalized experience, omnichannel services, and reasonable prices.
Many online fashion websites have artificial intelligence assistants to help users choose the best look. Contributing to this industry by focusing on small and medium-sized businesses can be a wise start to enter the AI sector.
Gartner says that by 2025, 45% of global organizations will have been victims of attacks in their software supply chains, 3 times more than in 2021. As a result, security and risk management leaders must engage AI in their operations. For example, companies use AI to track anomalies in user behavior, such as incorrect pin entries.
Due to the increase in cyberattacks, there will be an increase in security-focused AI use cases shortly. Then, this could be the best time to build businesses that combine AI and security. Increasingly, companies will look for vendors demonstrating safety best practices to avoid risks to their digital assets.
According to global statistics from Evolve, in 2022, 59% of travelers book between 2-5 months in advance. Moreover, it is predicted that by 2023, 62% of travelers plan to take 3 or more trips. Why is this information important? Because that could be your next market.
The idea is to help users find the best ideal for booking travel. Thus, with machine learning, you would detect when there is less demand, in high season, to buy a ticket. Also, add a booking tool for rentals, cars, and trains.
The global Business Process Automation (BPA) market is projected to grow from $9.8 billion in 2020 to $19.6 billion in 2026. Automation focused on improving the employee’s experience generates greater productivity, saves time and resources, and reduces errors.
How many startups dedicated to designing workflows for businesses do you know? Getting started in the AI world by having this niche market can be challenging. Still, it will give you an edge over the competition. Also, you could test within your own startup. It’s a win-win!
In 2021, 182 billion visits to pirate websites were reported worldwide. Intellectual property crime generates huge losses, especially in the creative industries. For example, year after year, 12.5 billion dollars are lost in the United States due to music piracy.
Thus, building software that identifies websites and apps infringing the intellectual property of third parties can be your next source of revenue. In addition, tracking the advertising that funds and monetizes those platforms is necessary. Be sure that customers will appreciate the money they wouldn't lose thanks to your software.
Would you like to get home and not have to lift a finger? People want to feel comfortable and at ease in the place where they live; it is a universal need. By creating an AI-based smart home management startup, you would have customers worldwide!
Your product could allow your customers to manage everything from their cell phones or by voice command. For example, lighting, air conditioning, and cameras. It would also help them automate their appliances, entertainment systems, and rent or bill payments.
As stated by Finances Online, the top 5 organizations hiring priorities in 2021 were:
Knowing how vital it is for companies to improve their selection processes, what is the AI-business idea? First, develop a recruitment application that connects companies with qualified freelancers. Large companies already have these automated processes, so focusing on small and medium-sized companies is preferable.
For applicants, AI can help in resume design, LinkedIn profile review, and photo quality. For companies, AI is useful to filter resumes, run personality tests, and generate the contents of the user's experience.
Online shopping is expected to grow from $5 to $8 trillion by 2026. And at lower prices, more buyers! When you purchase, and the price drops, you feel frustrated and even angry. But buying at the lowest possible price will always make us happier because it increases our purchasing power.
This Al-based business idea focuses on such a concept. Help users keep track of prices across websites for the products or services they want to buy. So they can decide what the best option and time to buy is.
More than 25,000 universities worldwide and more than 235 million students are enrolled. Thus, the idea is to create a website that helps students and parents find the colleges that best fit their academic needs and interests. In addition, you can offer a service to connect students with leaders and mentors.
How could you monetize? Generate leads for universities and counselors by licensing your proprietary ranking algorithm to other sites. In addition, you could include information about scholarships, college rankings, and influencer interviews to gain organic search traffic.
The role of AI in healthcare is huge, from scheduling for doctors or tracking patient health. For instance, currently, AI is being merged with augmented reality to enable contactless doctor visits.
You can develop an AI-based app that facilitates diagnosing and treating high-risk patients. In addition, you will be able to facilitate preventive care, accurate diagnoses, and personalized treatment plans.
Furthermore, you can create software that automates tasks and synthesizes multiple data and signal trends. This will make evaluating large amounts of data easier and tracking treatment or disease identification for patients in adverse conditions.
The numbers don't lie. The AI industry is booming and will have more and more everyday uses. This creates an enormous scope for innovation and entrepreneurship. So, Are you ready to start an AI-based business? Many times changes and new technologies generate uncertainty or scare us. That's when you should look for people who know what you don't and complement each other. Don't let fear hold you back!
If you need a little push, here are some motivational quotes that may inspire you:
Here’s a recap of the 10 AI business ideas:
