AI (Artificial Intelligence) can help entrepreneurs create a profitable business. Do you have a unique and trending AI startup idea that is customer-driven and can be lucrative? AI business trends are picking up quickly by so many businesses across the world. Well, it is not about robots and big machines but it is the software helping them simplify tasks powered by automation, giving them enough time to focus on improving their core business profitability.
PwC found that 86% of CEOs use AI regularly in their work. Unlike a decade before, AI technologies are now commonly used to frame modern business strategies, drive innovation, and optimize workflows. The impact of AI on the business is so huge and phenomenal that it can be used as an effective tool to fulfill business-specific needs as well as it can become a solid support system to enhance the overall operational efficiency of various domains. A reputed software development company can help you convert your AI startup idea into a lucrative business thriving with efficient operations.
Still hard to believe that AI can significantly maximize the ROI of any business? Then we recommend you spare a few minutes to read through this blog, aiming to equip you with the ways AI can create robust business opportunities. You will also know the top technology trends in AI that can be converted into a lucrative business.
What is Artificial Intelligence?
Artificial Intelligence is a top trending technology, allowing machines to demonstrate human-like capabilities such as learning, speech, problem-solving, cognitive analysis, and image recognition. AI has also provided a breakthrough in the industrial economy by providing automation for regular workflows powered by various other techniques like machine learning, robotics, neural networks, and predictive analysis.
In a recent Gartner Survey, the AI software market is estimated to cross $135 billion by 2025. Today, AI is considered more than just robots and machines for industries like retail, healthcare, automotive, real estate, etc. It is quietly putting a strong and sturdy foot in the business landscape by changing the way businesses operate. It is working behind the scenes to optimize supply chains, personalize healthcare treatments, flag financial frauds, and produce authentic content.
Advantages of Initiating a Business with AI Idea
AI-driven businesses will improve operational efficiency and provide a competitive advantage, streamlining processes.
Some of the top ways businesses benefit by using AI in their operations are:
Seamless and Efficient Business Operations
AI can be used by businesses to streamline different operations and improve productivity. In a recent survey conducted by Forbes, 56% of respondents use AI to enhance customer service. The second most important aspect is cybersecurity and fraud management covering 51% of respondents.
Enhanced Customer Experiences
Another survey done by Forbes Advisor poll found that 73% of companies use AI-powered chatbots to provide enhanced customer experiences. Also, AI chatbots are used by these companies for instant messaging. With similar AI tools, it was found that AI provided tailored services like product recommendations to 55% of businesses.
Positive Business Impact
Companies adopt AI technologies and tools to boost productivity, nurture customer relationships, grow sales, make informed decisions, avoid errors and mistakes, save unnecessary costs, and streamline job processes.
More Website Traffic
Entrepreneurs visualize the immense benefits that AI provides in several ways. However, AI is still finding its way to provide better results for improving website traffic. The below chart represents a survey that found 64% of respondents are not very concerned about the AI impact on website traffic. Whereas 24% of respondents are concerned about the negative impact AI might bring on their business.
List of Artificial Intelligence Business Ideas
AI-Logistics Software Development
Logistics software development is ramping up in the tech space providing AI-driven software systems. The software helps businesses optimize operations, reduce business costs, and enhance efficiency. Startups choosing logistics and supply chain management solutions for their target audience are successful and run profitable businesses. Recently, it has become one of the most sought-after AI-driven business trends that empowers users with powerful algorithms that can optimize routes, monitor inventory, and allow companies to manage supply chains seamlessly.
AI-Healthcare Software Development Services
AI in healthcare has disrupted the entire healthcare ecosystem, enabling patients and doctors to access crucial healthcare data safely. Large hospitals and healthcare organizations hire healthcare app development companies to develop AI-powered healthcare apps. These apps empower professionals to diagnose diseases and get treatment plans and patient care. So far AI integration into the healthcare systems has been applied in several cases, helping patients, doctors, and healthcare professionals to conduct seamless operations. Moreover, AI-driven EHR software systems are in high demand as it help doctors in scheduling, tracking patient care, and performing many other healthcare operations.
AI eLearning Software Development
Online education is growing at a consistent pace post-pandemic. With AI-powered eLearning software, students and teachers get insightful user experiences. With AI in education, students are provided with personalized learning experiences that drive them to self-educate and perform better in academics. Hence, entrepreneurs who seek business ideas in edtech can integrate AI-powered technologies to enhance their business proposition. Edtech software powered with AI algorithm helps teachers and educators analyze learner behavior and preferences. Hence, they can create content that is customized and as per the needs of the students, enabling the creation of personalized learning paths, knowledge retention, and checking of students’ strengths, weaknesses, and learning choices.
AI in Manufacturing
Implementing AI technologies and tools in the manufacturing sector has proven beneficial in several ways. AI solutions have increased the operational efficiency of manufacturing companies. Manufacturers and their workforce can manage orders effectively, ramp up decision-making, and provide responsive and client-centric solutions. Moreover, they can complete the order on time through automation and can deliver insightful reports and analytics, leading to better decision-making and higher productivity.
AI In UX Design
AI benefits have widened its horizons to manage fractional tasks such as UX design. Designers and developers use responsive AI algorithms to analyze user data and customer behavior in real-time, leading to the creation of tailored content embedded with insightful design elements and images. Through the use of powerful AI UX tools such as Jasper, Galileo AI, VisualEyes, etc., UX designers can automate repetitive tasks like prototyping, content creation, and data analysis. This helps them get free time to focus on generating creative ideas.
IoT App Development
As an entrepreneur, seeking a bright future in IoT app development is always a profitable venture. This is because nowadays, IoT apps are embedded with powerful AI technologies that utilize smart sensors and cloud computing to catch up with the fast-paced mobile app development world. Through IoT app development, users are offered solutions like saving energy for residential properties, predictive maintenance for industrial equipment, and agricultural environment monitoring. As a startup founder, you must ensure your business idea solves the specific problem of your target customers. Hence, you must initially create a prototype and an MVP, presenting it to your potential investors and performing rigorous quality testing.
Autonomous Vehicles and Transportation
Even the automotive industry has benefited from AI-powered technologies. Recently, this industry has integrated AI in self-driving cars for decision-making, sensing, natural language processing, and predictive modeling. Drivers can effectively identify objects, plan routes, identify behavior, and communicate with passengers, providing a safe journey. The passengers get customer satisfaction and personalized services through real-time monitoring and vehicle tracking systems. Overall, AI ensures the safety of drivers and passengers, preventing road incidents.
AI-Based Real Estate App
Property management in real estate has become easy and seamless. Creating an AI-based real estate app can be a lucrative business, helping builders, property owners, and real estate agents to streamline property searches, analyze markets, manage multiple properties with automation, and property recommendations, predict market rates, and provide competitor rates. To be precise, establishing a real estate startup providing AI-powered real estate apps with diverse solutions is in high trend.
Conclusion
As an entrepreneur, making a successful AI startup thriving with active users needs domain expertise and the support of massive data sets. You need qualitative data that helps AI engineers to create innovative solutions for your target audience. You can partner with a reputed software development company that has mastered creating AI-driven apps for several domains like hospitals, banking, education, and small and large-scale enterprises. A talented and skillful team of AI engineers and researchers can drive your AI business to better heights.
Whitelotus Corporation is a leading healthcare software development company delivering robust AI-powered mobile and web applications. You can hire dedicated developers from Whitelotus Corporation to build small and large-scale AI-powered software systems. We know how to harness the tools and functionalities of various technologies to create the best solutions that will meet your expectations.
