With a market size of around 184 billion U.S. dollars projected to reach 826 billion in 2030, Artificial Intelligence (AI) for business opportunities is a promising field.
Large companies such as Microsoft, Google and Apple have already invested billions in Artificial Intelligence.
What's more, 77% of business owners are either using or planning to use this cutting-edge technology.
Incorporating AI into your strategy seems like a smart decision to gain a competitive edge!
Without further ado, let's explore AI's impact on business opportunities and ideas.
How to Use AI for Business Ideas?
Modern AI types, such as Generative AI (GenAI), can enhance human creativity by automating repetitive tasks such as data entry and processing.
For example, teams can use tools such as ChatGPT during brainstorming sessions to generate, explore or refine new ideas.
AI can also help eliminate bias during these sessions by examining different perspectives from user research, market trends and competitor analysis.
Keep in mind that AI doesn’t replace human labor— it enhances performance and creativity to build more integral solutions.
AI for Business Opportunities
1. AI for Personalization
AI tools with Machine Learning (ML) can enable us to understand customer preferences and interactions.
This feature lead to hyper-personalized recommendations that can increase revenue by 10-15% on average.
An example is how e-commerce websites often have a "others also bought" section to recommend related products based on similar purchasing behaviors.
Personalized product recommendations can also enhance overall User Experience (UX) and increase retention, reducing customer acquisition costs by up to 50%.
2. AI for Customer Service
AI-powered chatbots or virtual assistants can be key to support and enhance customer experiences.
Fast response times can boost customer engagement and satisfaction to gain a competitive advantage and higher conversion rates.
Efficient customer service in the healthcare industry, for example, encourages patients to follow their treatment plans and stay with their current healthcare provider.
3. AI for Innovation
According to Deloitte, AI-based business ideas drive innovation and creativity in several industries.
For example, in the energy and utilities sector, AI business opportunities involve providing new ways to produce, deliver, and consume energy.
The AES Corporation also mentions that AI contributes to efficiency through risk-based maintenance, dynamic line rating and solar panels installed by AI-powered robots.
In other sectors, such as FinTech, financial institutions have used AI to develop solutions that can enhance complex tasks such as loan applications.
4. AI for Predictive Analytics
AI can also drive smart business strategies and provide valuable insights to support business operations.
For instance, businesses can anticipate customer behavior, predict future outcomes and gain actionable insights to reduce potential issue exposure.
On the other hand, predictive models can project market demand for the business landscape with high accuracy.
In retail, predictive analytics leads to proper inventory management and supply chain management, helping businesses reduce operational costs.
5. AI for Automation
AI-powered systems can automate repetitive tasks such as scheduling, reporting, invoicing, data entry and drafting emails.
In fact, McKinsey shows that GenAI task automation accounts for 60 to 70% of employees' time.
Further, McKinsey mentions that increased productivity could add 2.6 to 4.4 trillion USD to the economy.
This number highlights GenAI's impact on industries' operational efficiency and cost savings.
Top Artificial Intelligence Business Ideas
According to Statista, Natural Language Processing (NLP), Robotics and Machine Learning are among the most popular AI market segments.
The same research also recalls that Deep Learning (DL) has become significantly influential since the boom of GenAI in 2022.
Popular product ideas to leverage AI for businesses include:
- Recommendation systems
- Facial recognition technology
- AI-based chatbot services
- Smart assistants
- AI-powered content creation tools
- AI-powered file managers
- Emotion recognition technology
A perfect example of an AI-powered tool is Sylvester, one of our projects, which uses ML to analyze cats’ facial and postural features and tell their owners how they feel.
Conclusion
AI can be key for businesses to explore a wide range of ideas quickly and enhance successful business processes.
With over 14 years of experience as a UX-driven Product Development agency, we know that profitable AI business ideas are invaluable for gaining a competitive edge.
Feel free to reach out if you'd like to bring even the most disruptive ideas to life.
