From newspapers to digital platforms, there is one word that is frequently heard and talked about by everyone, and that is AI. It is being speculated that after AI is implemented, business costs will reduce by 37% this year.
Yes, according to Gartner, a company providing research and consulting services in the IT sector, the AI software business will reach 135 billion US dollars by 2025, and this growth will surpass the overall software market.
The acceptance of AI has increased so much that it is no longer a surprising factor for the world. Sectors like business, healthcare, transportation, and entertainment have been completely transformed by AI. So, in this article, we will discuss 7 AI business ideas for 2024.
1. AI-Driven Fraud Detection
With the rise of cyber fraud, there's an urgent need for advanced fraud detection systems. In India alone, cyber fraud has resulted in losses of 300 crore rupees. The National Cyber Crime Reporting Portal registered a staggering 7 lakh complaints in April 2023, averaging 23,000 complaints per day or 1000 complaints every hour. Between January 2020 and June 2023, 77% of online financial frauds were recorded, according to a survey by IIT Kanpur's Future Crime Research Foundation.
This gives rise to an AI business idea, which is an AI-driven fraud detection firm. An AI-driven fraud detection company uses artificial intelligence to identify fraud activities and offers this service to corporates, the banking sector, and money transfer and payment gateways, thus generating revenue.
If you start such a company, you will need to develop AI algorithms and systems capable of detecting fraud patterns and preventing fraud activities. Banking, e-commerce, and insurance companies also benefit from such services.
For instance, Mastercard has achieved a 300% boost in fraud detection with the help of a generative AI model. Mastercard is helping banks detect suspicious transactions on its networks and is bringing a new generative AI model for this purpose. Companies like Fraud Lenz, Comply AI Inc. , Comply Cube, Smart Credit.io , and Sharp Shark provide such fraud detection services.
2. AI-Generated Content Detection
If you are interested in AI, you might also be aware of deepfakes. Actresses Rashmika Mandanna and Kajol, Sachin Tendulkar and Virat Kohli, and even Italy's Prime Minister Giorgia Meloni have fallen victim to deepfake videos. This also presents an AI-driven business idea, which is detecting AI-generated content. Just as iron cuts iron, AI systems can detect content generated by other AI tools.
Nowadays, images, videos, blogs, website content, YouTube scripts, emails, text written by ChatGPT, and product descriptions are all generated by AI. If you submit a resume created by ChatGPT somewhere, there might not be an issue, but if you submit blogs, website content, or YouTube content as original, it could be problematic.
Such content does not get ranked by SEO and does not appear in search results. On the other hand, deepfake videos and tampered images, which are hard for the general public to identify, can be detected by AI software.
Some popular AI tools for this are Winston AI, Originality.ai, CopyLeaks, and GPTZero. These tools not only help in identifying potential fraud but also assist in maintaining the integrity of online content and search engine rankings. Therefore, as a startup, you need to develop advanced algorithms and tools capable of detecting AI-generated content in text, image, audio, and video formats.
3. Personalized Education Platforms
Now, a question for you: In a classroom with many students, do all of them understand in the same way when taught? No, right? Sometimes different students need to be taught in different ways, and AI is doing exactly that today. This is called personalized education.
In colleges and universities, there are various issues like student disengagement in lectures, high dropout rates, and the one-size-fits-all traditional method being less effective.
Therefore, AI-based tools are being increasingly used for teaching, like DreamBox Learning and Carnegie Learning platforms, which provide customized math lessons based on students' talents to clear their concepts.
You need to develop such platforms or solutions that are AI-powered and provide customized teaching materials and methods-based solutions as required. AI tools have the capacity to identify a student's progress, weak and strong areas, making ChatGPT a great example of AI-based personalized education.
4. AI-Powered Virtual Health Assistants
If you want to serve the healthcare or medical sector, you can start a startup developing AI-powered virtual health assistant applications and services.
Such assistants schedule appointments for patients, respond to health-related inquiries, provide continuous support to patients, and monitor medical conditions.
Healthily is the world’s first medically approved platform designed to promote care. Users input their personal needs into this AI-based application, and a team of expert doctors analyzes and provides medicine suggestions and health problem-related advice. Each user is assigned an AI doctor.
Aaptiv is another such platform, a fitness workout application that offers audio-based workout programs and routines to its users. According to India.gov.in, the healthcare market with AI business will reach 102 billion US dollars by 2028.
5. AI Chatbots and Customer Service Automation
Amazon AWS bots respond to user queries according to their requirements. Such chatbots streamline customer service, communication, and automate interactions. With the help of natural language processing (NLP) and machine learning (ML) algorithms, chatbots can understand human language and engage in chat and audio conversations with humans.
Youper is an app that uses artificial intelligence to manage depression. In this app, you chat with a bot, which asks about your problems and symptoms and starts working to meet your emotional needs based on your conversation.
6. AI-Driven Recruitment Platforms
When you see a job opening posted on any job portal, you often see more than 100 applications for that post. Sometimes this list goes over 500, making it impossible to review each resume. This is where AI-powered tools like SAP SuccessFactors come into play.
SAP SuccessFactors, developed by SAP, is a cloud-based human resource platform powered by artificial intelligence that helps HRs select the right candidates. For 2024, this is a great AI business idea. With this idea, you need to develop a sophisticated platform boosted by AI algorithms that will simplify the hiring process for your clients.
Such systems connect individual candidates based on their resumes, schedule interviews, assess resumes, and identify the most qualified candidates, saving money and time for any big company or recruiting firm while making data-driven decisions. ClickUp, Zoho Recruit, Turing, and SmartRecruiters are also such AI-driven recruitment platforms.
7. AI Video and Image Generation
While watching reels and videos on social media, you must have seen AI-generated high-definition and premium quality images, and now even AI-generated HD videos are emerging, looking like they were shot with a camera. If your startup builds AI-driven video generator software, it would be a win-win business idea considering the current scenario.
With this innovative solution, you can cater to various industries and individuals by providing engaging visual content. Video editors, YouTubers, social media influencers, media companies, film industries, studios, and anyone needing images and videos can save costs, time, and resources by subscribing to such services.
The global market size of AI video generator software and tools was approximately 472 million US dollars in 2022, and it is estimated to grow at a CAGR of around 20% by 2030. Synthesia, AI Studios, InVideo, Pictory, and Lumen5 are five such AI video generator platforms.
So, the potential for AI-driven businesses in 2024 is vast and varied. From fraud detection and personalized education to healthcare assistants and creative content generation, AI is set to transform numerous industries.
Entrepreneurs who can harness the power of AI to solve real-world problems and improve existing processes stand to gain significantly in the coming years. As we move forward, it's clear that AI will continue to be a driving force in shaping the business landscape of the future.
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