“Artificial intelligence, deep learning, machine learning — whatever you’re doing if you don’t understand it — learn it. Because otherwise, you’re going to be a dinosaur within 3 years.” — Mark Cuban
As we witness the phenomenal rise of artificial intelligence, visualize a future where businesses will be incomplete without AI-powered integrations.
So, are you too desiring to join this unstoppable wave of innovation but struggling to find the perfect business idea? Worry not! We present 25 game-changing AI-based business ideas to redefine success.
But before we explore all the business ideas, let’s go through the captivating market outlook of the AI industry.
AI Market Outlook/Industry Landscape
The market size of the artificial intelligence industry worldwide was to reach $241.80 billion in 2023. This growth is expected to reach $738.80 billion by 2030 with a CAGR of 17.30%. Just imagine the crazy growth in this industry. Some other fantastic statistics:
- In comparison to the global market, the largest market size was in the United States in 2023 ($87.18 billion)
- According to a recent EY survey, businesses worldwide are increasingly experimenting with AI. The survey, conducted among 254 tech leaders, revealed that 90% are actively exploring AI platforms such as ChatGPT and Bing Chat, with 80% intending to increase their AI investments in the coming year.
- Approximately 75% of the potential value from generative AI use cases is distributed among four key areas: customer operations, marketing and sales, software engineering, and research and development (R&D).
Now that we know the market outlook, before we dive right into the AI business ideas for a startup, let’s know the reasons and advantages of starting it.
Advantages of AI Businesses
AI is the new norm, but why is it increasing? Let’s explore the reasons and benefits of having AI businesses:
In today’s busy schedule, if something or someone completes the repetitive tasks, it will be a boon right? This is what AI does to businesses and individuals.
AI helps in repetitive tasks like organizing data, answering common questions of customers, or any other task. It means people can focus more on important and creative jobs.
By automating tasks and enhancing overall efficiency, AI contributes to reduced operational costs. As it can perform repetitive tasks without human involvement.
This automation not only saves time but eliminates the need for huge manpower, resulting in lower labor costs.
Additionally, AI systems can work around the clock without the constraints of human working hours, further maximizing cost-effectiveness.
Data analysis and insights
AI can process a ton of information and find the important thing for your business. It can act like a detective that helps you understand what is going on in your business and what your customers like.
This way you can gain insights into your business and your competitors’ business as well.
Enhanced customer experience
AI and ML algorithms can understand customer behavior and show them the results they want. This way they help in customization and personalization.
Additionally, AI-powered chatbots can solve the normal queries of customers 24*7 without any human assistance, resulting in enhanced customer experience.
Now, without further ado let’s dive right into the profitable business ideas to look out for in 2024.
Futuristic & Profitable AI Business Ideas
1. Personalized health monitoring
The healthcare industry is ever-transforming, and again AI is here to bring a new whirl in the industry. Who would have ever thought there would be Fit Bands counting pressure and calories all by just wearing it, right?
Other than that there are many wearable devices and there will be many wearable devices that can detect the disease before it escalates.
Through the utilization of machine learning algorithms that analyze data related to an individual’s lifestyle, genetics, and existing health status, a subscription-based service could deliver immediate health insights and early alerts, offering a proactive approach to well-being.
2. AI-powered talent matching platform
Every business person knows the fuss behind finding the right talent for their businesses. Well, now that is going to change with the help of AI.
Instead of the usual slow and biased hiring process, this business idea uses clever computer programs to speed things up and reduce biases.
It looks at lots of information about job seekers, like their education, skills, and even their soft skills, creating detailed profiles. On the company side, the platform’s computer systems learn what each business needs, helping to match them with the perfect candidates.
In the hiring world, this AI-driven platform is a game-changer, making hiring easier and more effective.
3. AI automation agency
An AI Automation Agency is a business idea where entrepreneurs team up with other companies to make it easy for them to use AI in their everyday work.
These special agencies are good at using data science and creating AI-powered systems like chatbots and content creators. These tools use real-time business data to help companies work better.
For a lot of companies, the work can be simplified this way, so there is a big opportunity for AI automation agencies.
Even though more businesses know about AI, many still need help to use it effectively. This is where AI Automation Agencies come in—they help businesses by creating AI solutions that make tasks easier and improve how content is created, all based on what each business needs.
4. AI-based content creation
“Content is the present – and future – of marketing.” – Seth Godin
The demand for content will never decline, and now an AI writing tool can change how content is made. Because creating content is a lengthy process, AI content creators can help write it simpler and faster while maintaining quality.
Plus, the estimated CAGR of the AI-based writing tool from 2023 to 2030 is around 70%, which is enough motivation to get started with this AI-based content creation business idea.
5. Marketing app
One fantastic AI business idea is to start a marketing app. It simplifies and enhances marketing efforts for businesses by automating repetitive tasks, saving time and resources for marketers.
Marketing with an AI app can handle data analysis, customer segmentation, and campaign optimization, allowing marketers to focus on strategies and creativity. It can also provide tailored recommendations, improving customer satisfaction.
Apart from all these, AI can also help provide personalized and targeted content to users. This approach increases brand loyalty.
Moreover, AI can maximize the advertising expense by identifying the most effective channel and strategy. Because it can analyze a huge amount of data in real time, making well-informed decisions.
6. Chatbot services
An AI-powered chatbot service is a brilliant idea because it brings a friendly and helpful assistant to businesses, making communication with customers smoother.
Imagine a website helper or app helper that can instantly answer questions, guide users, and provide information. These chatbots use artificial intelligence to understand and respond to users’ needs, creating a more interactive and engaging experience.
They are active 24/7, helping customers at any time, which is super convenient. For businesses, it means saving time and resources as the chatbots handle routine queries, allowing human staff to focus on more complex tasks.
Plus, these chatbots continuously learn from interactions and get better over time. This way a business can connect to their consumers instantly and hassle-free.
Also, the global market size of AI Chatbot services is expected to be $15.5 billion by 2028, so you will be joining the vast industry.
7. Photo editing services
In today’s digital world, where pictures get lots of likes and shares, there’s a great opportunity for a new kind of photo editing app. Imagine a tool that uses smart technology to make ordinary pictures look amazing.
This app would use fancy computer programs and learning systems to do the hard work of editing automatically, saving people time. It could change how we use pictures in advertising, on websites, and in photography, giving a big advantage.
For those who are photo editors already, this app will help you save time and be creative at the same time. In fact, the Remini app — an AI photo enhancer got over 4.5 million downloads in the United States.
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8. AI-based matrimony app
Launching a matrimony app that incorporates AI technology is a great AI business idea. This app can understand user preferences and offers personalized matchmaking suggestions.
To improve compatibility assessments, you can even consider adding facial recognition, predictive analytics, etc.
With AI algorithms of behavioral patterns and understanding, one can get a list of partners that AI thinks are suitable for them and can make the matchmaking process much easier.
9. Cybersecurity software
More than 422 million individuals experienced data compromises, encompassing data breaches, leakage, and exposure in the United States. Although these events are different, they share a common factor.
So, the growing threat of cyber attacks is a big worry for business leaders seeking better security. One promising solution is combining AI and Machine Learning to create a super-strong security system for companies.
AI can automatically find unusual things that might indicate a physical threat to a secure area. This isn’t just for online threats but also for regular security. This helps companies lower the risk of expensive data breaches.
AI and ML applications can also predict where software might be vulnerable with high accuracy. By finding these weaknesses early, businesses can take action to make their security stronger, stopping hackers from taking advantage.
Moreover, using artificial intelligence and machine learning helps companies understand their data better, leading to more focused and effective security.
10. Real estate app
Developing a real estate app that offers fast property searches, personalized suggestions, and market insights driven by data is a great thought.
Perhaps, it is necessary to understand that the option for an AI-based real estate app provides users with a competitive advantage too. Additionally, it enhances the user experience, attracts young & technology-savvy clients, and simplifies business operations.
11. Environmental monitoring app
Many businesses are eager to invest in AI-based environmental monitoring apps, to get to know & address any urgent ecological concerns.
These AI-powered tools are necessary for resource management and promoting sustainable decision-making.
For individuals interested in exploring potential profits in the green technology industry, this app will fit well with the growing demand for environmentally sensitive solutions.
Building an AI-based environmental monitoring app not only contributes to the collective effort for a healthier planet but also positions you at the forefront of an industry increasingly focused on sustainable and eco-friendly practices.
12. E-commerce recommendation app
Shopping online can be a bit much for people, but AI-powered personal shopping assistants make it easier. These smart assistants use natural language processing and learning from data to know what a customer likes and suggest things just for them.
They can also help with things like keeping track of orders, handling returns, and answering questions from customers. So, if you’re ever feeling a bit lost while shopping online, these AI assistants are like friendly guides to make it all simpler for you!
13. Language translator app
Sometimes, language barriers can be the influential reason for business people indulging in overseas business operations. So, a language translator artificial intelligence tool can be useful and scalable.
AI-driven language translation services leverage machine learning to offer precise and efficient translations for text, audio, and video content. By employing natural language processing, these services grasp the context of the content being translated, leading to more accurate and contextual translations.
It will help in translating the language easily, making business operations and other international transactions smooth.
14. Project management tool
Launching an AI-powered project management solution is a savvy move for any business. It is not only about offering a high-tech tool, it is more about making your decision-making smooth, improving efficiency, and simplifying your daily operations.
Imagine tasks getting done automatically, gaining valuable insights from your data, and optimizing how you use resources. With an AI-powered tool, you’re not just managing projects; you’re elevating your entire workflow.
15. AI website builder
Offering AI website creation services to your clients becomes a smooth process with the help of an AI website builder.
Many businesses are in constant need of efficient website creation and optimization, and leveraging AI website builders can help you deliver exceptional websites quickly.
These website builders provide various design options, customized plans, and themes to make everything easy for the user. Sometimes these website builder also provides an AI-content generation tool that can auto-write the content for users.
16. AI-based logistics app
Efficient logistics and supply chain management stand as critical pillars in today’s business world. With our planet growing more interconnected and globalized, the demand for streamlined and effective supply chains has surged.
Addressing this demand, artificial intelligence emerges as a powerful solution. AI-based applications offer valuable assistance to businesses suffering from challenges such as order tracking, escalating fuel and transportation costs, and accurate demand forecasting.
Another promising domain for AI startups involves helping manufacturers in handling diverse scenarios. For instance, AI can predict potential disruptions in the supply chain and help formulate contingency plans, influencing factors like time, expenses, and profitability.
17. Data management tool
AI-powered data management tools can automate data processing tasks, from entry to normalization, reducing manual efforts. Moreover, AI algorithms enhance data quality by identifying and rectifying any inconsistency.
Predictive analytics facilitated by AI enables organizations to anticipate future trends based on historical data, empowering informed decision-making. With advanced search algorithms, AI streamlines data discovery and retrieval processes, swiftly pinpointing relevant information within extensive datasets.
Natural Language Processing (NLP) capabilities enable users to interact with data using everyday language, making data exploration accessible to a broader audience. Continuous learning mechanisms embedded in AI tools ensure ongoing improvement and adaptation to evolving data patterns, making data management a smoother and more effective process.
18. Smart agriculture
As the population increases, the need for food is definitely will increase. Yet, important resources like land and water are limited. This is the perfect time to launch smart agriculture solutions powered by AI.
It offers a brilliant approach to optimizing crop yield through in-depth analysis of soil quality, weather conditions, and crop health.
Generally, drones with AI algorithms fly over vast agriculture fields and generate detailed reports of the soil & present them to the farmers.
Your business can play a big role in making farming better. By using smart ideas and technology, like AI, you can help make agriculture more sustainable and efficient.
19. Elearning platform
AI-powered eLearning platforms are rising to meet the growing need for online education. So, this is one of the best AI ideas.
These eLearning platforms leverage AI algorithms to study how learners behave and what they prefer, adjusting the content accordingly. By doing so, the platform crafts personalized learning journeys that enhance knowledge retention and engagement.
Providing tailored experience in learning will get you to the long way.
20. AI-powered tourism and travels
Have you ever organized a tour by using one app only? No, right, as one needs to visit various apps for different requirements like hotels, guides, or flights.
This is because there is no one foolproof app where you can book everything for your trip. By using the power of AI and ML algorithms, you have the opportunity to create a platform that simplifies trip planning, eliminating the need for users to juggle between various apps.
This way you won’t only start a profitable venture but help users to get what they want in the one go.
21. AI video generation tools
When exploring impactful AI business ideas, it’s important to recognize the significant advantages of video streaming app development. Over the past few years, AI-based video streaming services have demonstrated remarkable profitability and success in the market.
It’s crucial to understand that AI contributes to an enhanced user experience by providing personalized content suggestions, improving video quality through videobot technology, and optimizing content distribution.
If you have an interest in delving into video streaming or developing video editing apps integrated with AI, seize the opportunity for both user retention and revenue growth.
22. Automated financial consultant
With increasing financial literacy in people, they are searching for consultants who would handle their investments and make informed decisions.
AI can swiftly analyze large datasets and provide actionable insights far faster than a human advisor. Thus, an AI financial consultant would avoid human error and provide quick services.
An AI-driven robo-advisory platform has the potential to provide tailored investment strategies, conduct risk assessments, and efficiently manage portfolios, offering individuals a simplified approach to wealth management.
23. AI-based lead generation tool
Lead-generating AI tool is such a hit business idea. Leveraging AI will not only generate more qualified leads but also streamline the process. It saves time, reduces costs, and enhances profits for various companies.
The efficiencies offered by AI-based lead generation tools are becoming indispensable for sales and marketing teams. Integrating this AI service into your toolkit will drive your startup to new heights!
24. AI retail assistants
AI-driven retail assistants represent a groundbreaking AI business concept reshaping the retail landscape.
These innovative assistants are transforming the industry by delivering personalized customer support, tailored product recommendations, and seamless shopping experiences.
Using advanced technologies such as natural language processing and machine learning, these assistants grasp customer preferences to provide individualized suggestions.
This is a compelling business opportunity for retailers seeking to elevate customer engagement and boost sales in the evolving retail landscape.
25. AI content detection tool
AI facilities and services are increasing, which is why the use of AI-generated content is going up. This is the reason, why you can launch an AI content detector.
Because many people want a reliable tool that can automatically check and control content while following rules. This is important for websites, forums, and online stores to create a better experience for users.
Make sure your tool works well, and you can rely on professional AI app or website developers to help you create an excellent AI content detection app.
Decided which AI business idea is the best for you? Voila, we told you the list will be promising.
However, one thing not to forget is to create a business plan before you go to any investors or bank for funding. Well, for a business plan too you can use different AI business plan generators.
Apart from that, there are various AI tools for small businesses to get your business operations started smoothly. Nevertheless, we wish you all the luck in your new venture.