Comprehensive List of AI Business Ideas for Startups in 2024

Disruptive technology- Artificial intelligence has influenced almost every industry, healthcare, eCommerce, entertainment, etc. It offers diverse options for building various business ideas, from automating multiple repetitive tasks to significant help in the decision-making process. With the technology landscape changing rapidly, the top AI business ideas can help you build a billion-dollar business around the globe. 

The AI market worldwide is forecasted to grow by 17.30% (2023-2030), yielding a financial volume of US$738.80bn in 2030. Such promising growth clearly indicates why businesses might use AI to build futuristic solutions. 

Here are some of the artificial intelligence stats you might be eager to learn about:

• The global funding of artificial intelligence (AI) startup companies worldwide stood at 5.4 billion in the first quarter of 2023.
• The United States, India, United Kingdom, Canada, and Germany are the top 5 countries with the most AI-driven companies.
• Amazon’s Alexa, Google Assistant, and Apple’s Siri are the leading AI-powered voice assistants.
• DeepL (5-year search growth – 1011%), FrameAI (5-year search growth – 878%), and Uizard (5-year search growth – 4200%) are some of the leading AI-based startups growing at a booming rate.
• Last year(2022), 524 AI startups were founded in the United States alone.

This article explores the top artificial intelligence ideas for startups for the coming year and beyond. Before we begin, look at the infographic below, listing the top areas of AI & ML tools in business.

Here are 7 AI Ideas that can Help You Maximize Returns on Investment(ROI)

1. AI Marketing Applications

Marketing apps powered by artificial intelligence & machine learning can help businesses make decisions, optimize customer experiences, boost sales, and much more. In fact, AI marketing can leverage available raw data much quicker than human counterparts to come up with the best course of action for the concerned business strategy.

Facts of AI Marketing apps:

• Provide valuable insights into customer behavior with AI technologies
• Its effectiveness depends upon the factuality and relevancy of the data it’s trained on
• Netflix uses AI to provide screen viewers with personalized recommendations.

2. AI Assistant for Combating Loneliness

You can call them virtual care assistants, AI-powered human companions, or AI assistants. AI-powered assistants help combat loneliness by offering 24/7 accessibility, availability, and forms of human intimacy necessary to strike the chord. They are also fairly successful in showcasing empathy, warmth, friendliness, & other emotions with their voice and expressions. Such an app lies under the category of very interesting project as they leverage various technologies like NLP, deep learning model, etc.

Some interesting facts:

• Countries like Sweden & UK are using virtual assistants based on AI models to combat loneliness
• 95% of seniors reported lesser feelings of loneliness with ElliQ (AI-powered companion)
• Trust, openness, & companionship capabilities drive the user experience of such apps

3. AI-Enabled Personalized e-Learning Apps

Traditional e-learning platforms fail to offer personalized experiences as they follow the centuries-old practice of a one-size-fits-all approach. Integrating AI algorithms along with natural language processing into e-learning applications can significantly enhance its outreach and user experience. For example, AI-powered e-learning apps can learn and adapt to student lifestyles, key strengths & weaknesses to provide the best professional tutorials or guidance to them. 

Facts about e-learning:

• They can be monetized with multiple streams like subscription charges, course fees, etc. 
• 43% of US college students leverage AI tools like ChatGPT for studying
• 47% of learning management system tools are likely to be enabled by AI capabilities

4. AI-Based Healthcare Apps

When discussing the top AI business ideas, you cannot ignore the possibilities with the healthcare industry solutions. Healthcare solutions built on AI & computer vision techniques can efficiently help the medical world tackle an epidemic or endemic. For example, such apps give physicians quicker diagnoses, help with well-planned treatment, etc. Some of the standard use cases of an AI project in healthcare include AI-backed automation in EHR, doctors’ scheduling, etc. Thus, software development in healthcare holds a proven track record of garnering success for the business.

Some notable facts:

• The AI healthcare market is projected to surpass $187 billion in 2030.
• 86% of NHS(National Health Service in the UK) stroke treatment facilities are leveraging AI diagnosis tools for quicker diagnosis & treatment.
• Artificial intelligence can potentially reduce the cost of discovering new medicines by 70%.

Read also: Implementing AI in the Healthcare Industry: Is it the future of healthcare?

5. AI-Powered Dating Platform

Dating apps are the present and ultimate future for finding compatible soulmates for people. AI Ideas focussed on enhancing the dating experiences for the people could play a pivotal role. Based on the compatibility of the different profiles, they can help users find the best matches and reduce the chances of ghosting over the online platforms. Blush, RomanticAI, and Iris are some of the potent players in AI-powered dating websites and apps. 

Key Facts:

• The dating apps’ revenue will reach $3.41 billion in 2027.
• 75% of dating app users are in favor of using ChatGPT.
• Training the AI application plays a pivotal role in the success of such apps. 

6. AI Content Development/Management Tool

With AI-powered content development and management tools, it’s easier to interact with clients, update high-quality content online, and boost brand values. Various tools focus on providing users with AI-powered content like ChatGPT, Jasper, Any Word, etc. The focus on developing AI generative tools or apps should be high-quality and easy to use. At JS Panther, an AI development company, we can help you integrate ChatGPT to power your website with smooth content management capabilities.

Key Stats:

• The content marketing industry is estimated at $69.8 billion by 2030.
• 73% of B2B marketers & 70% of B2C marketers leverage content marketing as a critical part of their strategy.
• 33% of marketers deploy AI systems & tools like ChatGPT to generate ideas

7. AI-Powered Cybersecurity App

An artificial intelligence-based cybersecurity app can help with phishing detection, malware detection & prevention, breach risk prediction, and more. Such apps can leverage AI & machine learning algorithms for effective resistance against cyber threats in real-time. With the capabilities of behavioral analysis, these apps are more helpful against possible upcoming threats to any business company. A robust AI system based on cybersecurity falls under the most profitable business ideas.

Cybersecurity Stats:

• Phishing occurs regularly, with approximately 3.4 billion daily spam emails.
• Social engineering, third-party exposure, and issues in the configuration are among the top cybersecurity threats
• The average spending for each employee in the cybersecurity market is forecasted to land at US$47.74 in 2023.

Closing Thoughts

That was all about the most potent AI based Business ideas you can leverage in the coming years. A few other such ideas include developing an AI powered search engine, supply chain management solutions, leveraging predictive analysis, etc. You need expert AI engineers on your team to develop ideas into seamless AI applications. The skills and expertise of the engineers play a pivotal role in the success of such development projects. 

You can also outsource the project to a custom software development company with hands-on experience in AI projects. At JS Panther, we have handled both AI projects from scratch and assist in your ongoing projects.

Whether you need to leverage specific AI capabilities into your existing software solution or craft a new one, we have the right team of experts to help you out.