AI startups is an area that has been growing for the past several years. This relatively new technology has applications in dozens of professions and niches the world over. And, in 2020, the market research firm Tractica forecast the global AI software market to be worth $126 billion by 2025.
This is just one of many stats indicating that an artificial intelligence startup would be a smart enterprise in which you might invest.
If you’re wondering about the benefits of AI companies, there are many. AI software imbued with artificial intelligence has a low error rate as compared to the calculations of its human counterparts. Such software can work with incredible precision, speed, and accuracy.
AI, paired with robotics, isn't affected by most hostile environments. This will enable it to perform tasks that would not be possible otherwise. It can be used to explore space, for instance, and it can endure conditions that would injure or kill even the most highly-trained humans. Among the best startups, 2019 had to offer were those involving AI. The same should be true in 2020.
In this article, we’ll be giving you some AI startup advice that is worth considering. We’ll give you an idea of how AI along with machine learning is already being used and will be used in the immediate future.
AI startups’ ideas in the healthcare industry are flourishing. Healthcare AI startups with the most modern tech can help doctors diagnose and determine when patients are deteriorating.
In this way, medical intervention can occur before the patient ever needs hospitalisation. This means that the average life expectancy for humans will go up. Some diseases and conditions that were once fatal will seldom be so anymore. The diagnosis AI startup could be a real moneymaker for you if you can back the right one.
AI startup companies in the healthcare industry can save costs along with patients. Machine learning can save the lives of humans in settings like hospitals, clinics, and private medical practices.
In areas like cancer detection, human error or an inaccurate diagnosis will not occur as frequently. There are multiple other aspects of healthcare where AI will change the healthcare industry as well. Medical AI startups that are well-conceived can certainly be regarded as the wave of the future.
Related: Using tech to take your startup to the next level.
An AI startup for technology in the security industry could be another way to go. Leveraging AI and machine learning startups for IT solutions, network infrastructure, and security are areas to which many companies are dedicating financial resources at the start of this new decade.
For example, you can build conversational interfaces on AI platforms to power voice assistants and next-generation chatting apps. AI and ML can also be added to hyper-converged infrastructures. New IT services and security that can balance the various workloads of computing systems are being implemented by companies of all sizes.
AI can work automatically to find anomalies which indicate that a physical threat to a secure area is imminent. Because of this, costly data breaches will lessen. AI and ML can be used with both cybersecurity and more traditional security.
AI and ML applications can predict with great accuracy where vulnerabilities in software are going to occur. Companies can then shore up these weaknesses before hackers take advantage of them. Staying ahead of attacks will increase investor confidence in businesses, allowing for higher profit margins, quarterly projections, IPOs, etc.
Within an AI startup cycle, investment opportunities come along often. Getting in on the ground floor with artificial intelligence and the cybersecurity industry could pay off big for you.
AI startup funding to reduce energy usage and the cost of drilling operations is another area that you should consider.
Issues involved with the transportation of crude oil and natural gas and the storage and refining of oil are always surfacing. Many manufacturing industries have been looking at these concepts and setting up the infrastructure to make them a reality.
AI applications can now learn and predict the future energy load at granular levels for singular mixing activities. This opens up a full range of opportunities to reduce both waste and costs.
Some of the top AI startups also have to do with eLearning. The very idea of AI and ML apps has accelerated the power of written text. Human beings can’t read as fast as machines. They can’t form mental pictures and map data with the rapidity of artificial constructs either.
Therefore, ML and AI startup companies which can quickly read and understand life science articles are very attractive for certain business entities. Such apps can help researchers accelerate the discovery of cures for diseases and the development of new medications and treatments.
As fast as AI can learn, it can also teach humans based on personalised lesson plans. It has been established that people learn better and faster when they are taught based on their unique abilities and characteristics. Through testing, an AI app can determine how best to formulate individualised lesson plans that will allow humans to hold many different jobs to get better at their work.
In some circles, there are insufficient numbers of human teachers to instruct students who are falling behind in their studies. AI startups are being formulated which will showcase personalised learning in many different walks of life, both in professional settings and academia. By identifying the style in which each student learns best, AI can prepare individuals for the challenges that are currently holding them back.
Startups based around this idea should be scalable and profitable in the near future. Companies that are bold enough to see the potential could very well see incredible profits if they can mass-market the idea in a way that is comprehensive for those who are not particularly tech-oriented. An AI education startup might well be worth gambling on if you have investor capital with which to work.
Some of the top machine learning startups are those in the areas of supply and logistics. Supply chain management is a burgeoning industry, and some of its biggest concerns are rising fuel and transport costs.
At the same time, there is greater demand for free delivery. Because of this, companies are having to come up with innovative ways to lower costs while still meeting customer demand.
An AI-driven supply chain manager can oversee a company's entire supply chain by monitoring new orders and integrating it with existing infrastructure. It can incorporate 3rd party services as well, like advanced route optimisation with Optergon. This ensures that everything from the warehouse to the client is managed and optimised to increase efficiency and reduce costs.
AI hardware startups that are based in fintech are on the rise. Fintech is an emerging industry which posits that technology can improve the accuracy and profitability of many sorts of financial activities.
AI fintech companies are using artificial intelligence to streamline professional routines through practices such as automated data entry and reporting. Accountants are not the only financial industry professionals who can benefit from this emerging technology, though. The entire financial services industry is adopting automation.
For example, those in consulting services and fraud detection can use AI-built data models to better advise their clients. AI can help with such things as transaction assistance and finance management as well. It can compare consumer behaviour by using a vast network of historical data.
Those who are looking to get involved with a fintech startup would be wise to use AI in a way that focuses on personal finance management and wealth building. This is an area that interests many companies, but investment-minded individuals in the private sector would also likely have an interest in such an endeavour.
Marketing is a complex and challenging industry. It requires a lot of time and effort to be spent gaining experience and knowledge. This helps marketers generate the highest possible return on investment for their clients.
You will always find plenty of marketing agencies trumpeting their successes. However, you won't find any that can truly guarantee the same results time and again.
An AI-driven system can accurately gauge a marketing performance using its experience over time combined with advanced analytics. Because of this, such a system could offer potential clients a baseline performance guarantee. This alone would likely be a significant competitive advantage in the marketing world.
AI can be used for a variety of purposes within the retail industry. Think of personalisation within shopping apps. AI can be used as a virtual assistant for selecting products a customer might like based on their past purchases.
Consumers frequently drop hints about the types of things they want and like, as well as how much they are willing to pay for them. Savvy retailers can gather that information through sources like IoT sensors and social media. They can also use deep learning combined with AI to make the shopping experience as easy and personalised as possible.
Statista gives us the example of Chico’s utilisation of SAS for advanced retail analytics. It let the company consolidate omnichannel customer data in 2 hours rather than the originally-estimated 17. This enabled speedy delivery of timely offers with a minimum of stress on their infrastructure.
These sorts of stories show why retail companies need to invest in AI retail startups and analytics.
Related: the best POS systems.
Startup AI companies in the entertainment industry is another area that you may wish to examine. Recreational AI-enabled apps that feature voice and image recognition are becoming more widespread.
Machine learning that can lead to the construction of more intelligent voice assistant features and chatbots have also become more accepted. These sort of voice AI startups were once considered exotic, but they are rapidly becoming more commonplace.
Conversation interfaces driven by artificial intelligence can help answer your most pressing questions as you navigate within entertainment apps. Such an app could help users with concierge services in hotels or provide information about products available for purchase.
Within the past decade, home automation has become increasingly popular. At this point, there are millions of smart home devices being used and purchased every day.
The idea behind AI-based startups that feature home automation is to make home management easy. Such startups are geared toward allowing homeowners to manage what is going on with their property with a few button presses within an app. They can do so whether they are at home or halfway across the world.
Home automation infused with AI has much greater potential than those apps and programs that do not feature it. A home management system with AI has the potential to be for properties that self-driving functionality is for traditional vehicles.
The more you look at AI, the more you can see how using it in startups makes fiscal sense. And the top AI startups and companies prove this. There is reason to believe, though, that AI in 2020 will be even bigger.
Slava Vaniukov is Co-Founder and CEO at Softermii.
Related: 10 essential technology trends you must follow in 2022.