Artificial intelligence has become a mushrooming technology in the recent years. If you have ever asked Siri to ‘order a pizza’ or asked Alexa to ‘find the nearest flower shop’ or to ‘switch off the lights’ or found a jovial time kill all thanks to Netflix movie recommendations, than you are exclusively well acquainted with the AI technology.
With 2019’s second quarter on the horizon, Artificial Intelligence (AI) is still all the hype and getting a grip on AI to endorse business can prove to be a pivotal tipping point for your app startup.
Artificial Intelligence (AI) Market Overview:
With CAGR growing at 36.62% during the forecast period of 2018 to 2025, the global artificial intelligence market size is expected to reach 190.61 billion by 2025.
With market overview in retrospect a question arises i.e. by creating AI apps for businesses can I build a startup?
In prospect, AI technological systems are situated at the core of the next gen software technologies, working at macro as an intelligence hub in the market. Companies such as IBM, Google, Microsoft, Apple Inc., NVIDIA and other key players have dynamically implemented AI as a fundamental part of their businesses. If industry’s leading businesses are harnessing the power of AI technology then there’s definitely a catch. With AI stealing all the limelight, as a startup you can create an AI app and leverage the following
Improve customer services
During the past couple of years customer behavior has seen a shift. In the modern day age, wholly 30% of online transactions are performed via mobile device. Leading world retailers like Macy’s and Target seized this consumer market shift and installed gamification beacons in stores.
Moreover various other networking businesses and retailers like Kik, Facebook and Sephora, H&M adopted virtual assistant programs i.e. chatbot AI. That being said, the virtual bots potential is more farfetched than the m-commerce domain keeping in view the Facebook bot Royal Dutch Airlines built to help travelers with check-in documentations. App Startups should consider improving customer services whilst leveraging Artificial Intelligence.
With businesses readily jumping on the AI bandwagon, by 2025 AI-powered smart software enabling companies would be able to use resources more effectively. Accompanied by AI infused with IoT, deep machine learning, neural networking and natural language processing solutions, companies would be able to reduce operating costs, increase productivity and leverage intelligence based economy.
From hospice industry to fin-tech various business mobile apps are being used to collect, analyze and deduce effective and cognitive valuation results. A good course of action for startups would be to think in this direction.
Effective Data Analytics & Management
The world’s data repositories are to reach a high of 163 zettabytes by 2025. With such valuable data at par with Artificial Intelligence, we can boil it down and assort it to extract meaningful information and gain better insights into business assets and personnel management.
Approximately 43% of companies access potential employees’ social media profiles. Reckoning this, an LA-based startup-Fama developed an AI app for screening job candidates’ social media presence. The app is capable of analyzing a job applicant’s public digital presence for indicators such as culture fit, risk and high performance. The AI based app is also able to identify and filter out unacceptable content (racism, violence, etc.). This feature at large, helps enterprises and companies limit the brand risk associated with problematic workplace behaviors for instance insider threats, sexual harassment and bullying.
Airbnb, pinning on the effective data management, also has developed a smart app capable of optimizing accommodation prices taking into account lodging’s seasonal demand, location, popularity and events being held in the nearby vicinity.
Artificial Intelligence leveraging effective data analytics and data management can likely help enterprises and organizations’ increase revenues and customer satisfaction and. It can also prove to be a robust option for building a business app startup.
By the end of 2017, there were altogether 6.4 billion connected gadgets worldwide. With advancement in AI technologies, enterprises and large scale companies are opting for AI oriented business solutions. Artificial Intelligence technologies in Asia Pacific region are set to exhibit the highest CAGR of 59.4% during 2018-2025. This brings passive hope to business startups trying to concur app mobility solutions. The area of specialization for AI enabled apps could be Cyber Forensics Defense, Digital Twinning, Healthcare or even Marketing Automation. App startups should focus on creating a cutting-edge AI app capable of addressing real-world related problems. If you are an App Startup facing development issues, CMOLDS can readily help you out. From web portal development to cross platform app development to UI wire framing, CMOLDs specializes in solving all your app development problems. Contact CMOLDs to know more.