20+ Best Ideas for AI-based Products to Develop in 2024
• 9 min
20 profitable ideas of AI-based products to build in 2024.
Until recently, businesses were not interested in Artificial Intelligence, but the rapid development and unique capabilities of this technology has brought to life many new and exciting AI product ideas in various industries, from Retail to Education.
The market of Artificial intelligence is growing steadily and is projected to become twice bigger every year. New ways of application is what to expect from AI in 2024 and years to come.
In this blog piece, we will list and shortly discover over 20 different cases of using artificial intelligence progress to build more effective systems and find new ways to increase revenue.
AI-Based Product Ideas for eCommerce
#1 Chatbot, voice assistant, voice search
How to use it: Answering popular queries of your customers, providing user-friendly 24/7 support, and helping choose and buy things online.
Potential: Voice assistants can be a great example of how to leverage AI to make money because over 50% of searches are voice searches. No surprise that this eCommerce tool is listed among the biggest software development trends to expect in the near future. Chatbots are also the best AI ideas for online selling because they save companies over 2 billion work hours. eCommerce business success is often based on giving your customers quick answers and offering multiple ways to browse through products.
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Existing solutions: Voice assistants like Alexa or Siri use speech recognition and can be integrated into an online store. Popular eCommerce chatbots like DialogFlow or ActiveChat are customizable according to a company’s products, sales flows, and other specifics.
#2 Recommendation system, visual search
How to use it: Making customer experience more efficient, improving sales, and building a foundation for retargeting.
Potential: If you create an AI-based product recommendation system, it becomes a powerful tool for future sales and long-term engagement. You can analyze each customer's purchase history, activities, likes and dislikes, and other patterns.
Existing solutions: Youchoose and Qubit use an eCommerce recommendation engine that tracks users' behavior and suggests relevant products. Syte is a solution that allows customers to search by any type of image to find exactly what they want.
#3 Fake reviews filtering software
How to use it: Finding and cleaning up fake reviews about products.
Potential: A great improvement on a company's reputation, using machine learning techniques and other AI-related technologies to detect reviews that are not real and genuine. It is without doubt one of the greatest AI ideas for business development and building strong customer relationships.
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Existing solutions: Fakespot can detect, analyze, and identify online reviews that are misleading. A product review analyzing tool can be one of the most interesting small business app ideas to implement with the help of ML and AI.
#4 eCommerce sales forecasting tool
How to use it: Collecting information from chatbots, and analyzing and scoring leads to understand which ones are more likely to convert.
Potential: If you are searching for what you can build with AI, a sales forecast application for eCommerce is a very helpful tool. Improving all predictions with relevant data will help salespeople focus on the most promising leads and increase revenues.
Existing solutions: HubSpot and PipeDrive are among the best AI development companies, building great tools for sales forecasting.
Best AI Products for FinTech
#1 Fraud prevention software
How to use it: Analyzing big data to detect suspicious patterns in transactions and prevent cyber crimes.
Potential: Artificial Intelligence, predictive analytics, and various machine learning techniques provide limitless opportunities for financial risk management, helping decrease fraud and similar crimes.
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Existing solutions: ClearSale and DataDome are examples of many such AI-based tools. If you are looking for some AI business ideas, this is one of the most relevant in the industries like FinTech and cybersecurity.
#2 AI-powered chatbot for finance businesses
How to use it: providing 24/7 online answers to guide customers through different financial products and consulting them on how to save money.
Potential: Financial consultation will always be relevant to people using banking and insurance products. Chatbots and voice assistants are some of the most promising AI ideas for the future, and more technologies are likely to appear – for instance, the ones based on NLP (Natural Language Processing). According to various research, financial organizations can save globally from $5 to $7 billion on operational costs if they use a chatbot or voice assistant for customer support.
Existing solutions: SEB, Bank of America, and other huge financial institutions provide virtual assistants for their customers and employees.
#3 AI-powered process automation
How to use it: Streamlining routine back-office tasks such as transactions, loan application processes, security checks, etc.
Potential: Process automation is vital for financial institutions. You can build an artificial intelligence product that allows them to do the work quickly and less costly.
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Existing solutions: Deutsche Bank, Axis Bank, and other major financial organizations incorporate AI-powered process automation.
#4 Biometric security systems
How to use it: Enhancing security and saving users’ time on mobile banking apps and ATMs.
Potential: ATMs with biometric authentication and QR code recognition are more secure and convenient for customers to use. There are many finance app ideas for a startup to consider, and a mobile banking app with biometric security, image recognition and similar features can be a great example of an AI product for FinTech.
Existing solution: Many huge banks adopted AI-based recognition systems using fingerprints, palms, faces, iris, and even DNA.
AI Solutions for Cybersecurity
Many cyber security solutions use AI for product development in spheres like Finance, Healthcare, Insurance, and more. There is a wide range of use cases of AI-Based digital protection, for example:
- Credit card fraud prevention;
- Anti-money laundering;
- CCTV cameras with face recognition;
- Border control;
- House security;
- Spam filtering in email;
- Secure automation and integration services;
- Finding potential threats;
- Timely cyber incident response;
- Customer sensitive information protection;
- Cloud security for AWS and Google Cloud migration.
These and many other examples of cyber security solutions show what one can build with AI to enhance the protection of important information and make customers feel safer. Let’s look at some AI application ideas in more detail.
#1 Object Detection System
How to use it: Identifying potential threats and criminal actions like shoplifting or physical violence.
Potential: Crime prevention CCTV cameras can spot potential criminals, enhance safety during large events, recognize approved visitors, etc.
Existing solution: AI Guardman is an artificial intelligence product that scans live videos using artificial intelligence and machine learning.
#2 House security
How to use it: Monitoring the house and informing the owner about certain events.
Potential: The growing industry of AI-powered home security is predicted to reach over $74 billion worth in the near future. Machine learning techniques, deep learning, NLP (Natural Language Processing), and IoT devices make it possible to use AI to start a business in this industry.
Existing solution: Lighthouse is an app that can recognize a lot of movements and events, helping people manage their property.
AI Product Examples for Real Estate
#1 AI-driven chatbot for real estate
How to use it: answering customer questions and matching them with properties, scheduling viewings, sending follow-ups, etc.
Potential: Conversational AI has a great impact on the real estate industry, streamlining human agents work and reducing time spent on routine activities.
Existing solution: Hyro is one of the best AI products using its text and voice recognition features to help real estate buyers and sellers find the right option.
#2 Property recommendation software
How to use it: Matchmaking of properties and potential buyers with the help of ML.
Potential: Human agents can find better offers for their clients and save a lot of time on manual searches.
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Existing solution: Redfin uses AI-driven technology to analyze customers’ search criteria and suggest better options.
#3 Efficiency solutions for buildings
How to use it: Analyzing what can be improved and optimized in the building or around it.
Potential: AI-based technologies are successfully implemented in parking app development, energy usage optimization, waste management, and more. This may be one of the greatest AI ideas for the future because the problems of building safety and sustainability will always be important.
Existing solution: Carbon Lighthouse uses Artificial Intelligence to monitor energy usage in buildings that have commercial purposes.
AI Solutions for HealthTech
There are a lot of machine learning and AI application ideas for doctors and patients, offering different kinds of assistance:
- Improving diagnostics and treatment;
- Matching diagnosis and medication;
- Conducting robotic surgeries;
- Keeping healthcare data safe;
- Consulting patients remotely;
- Organizing and monitoring information.
Many of these HeathTech solutions are available on the cloud, and with the help of cloud application development services, you can bring them to every hospital, pharmacy, etc.
#1 Patient monitoring software
IoT-based tracking apps for patients can also be an example of the best AI products that change the face of the healthcare industry.
Existing solution: VirtuSense analyzes the movements of patients and can notify caregivers about dangerous situations and the probability of falls.
#2 Software for medical data analytics
Such solutions can analyze blood tests, genomics, radiology and EKG images, screenings, medical history, and other unstructured data, allowing doctors to make faster and more accurate diagnoses.
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Existing solutions: Freenome and Enlitic are excellent examples of AI product ideas. They use deep learning to analyze medical data in various forms and provide unique insights.
AI-Based Tools for Marketing, Media and Entertainment
The use of Artificial Intelligence in media and entertainment is vast and diverse. If you are looking for interesting AI ideas, here are some examples:
- AI and neural networks for social networking app development and building all types of social media suggestion features;
- AI-based music creation platform;
- Music recommendation app that analyzes user preferences;
- Apps for video and photo editing online;
- AI-driven search tool for images, audio, or video content;
- Autocorrect tool based on text and context recognition;
- Fake news detector project in AI.
AI-Based Tools for HR, eLearning, and other Industries
Using the AI technology, you can implement lots of modern SaaS product ideas, including but not limited to:
- Resume parser (AI project that analyzes tons of data, making HR specialists’ routine more efficient);
- AI-based learning apps that can analyze learners’ progress, difficulties, and goals;
- Translator app, Design tool, and other AI ideas for education;
- AI for marketers – studying target audiences and industry trends, automating A/B tests and other marketing processes.
- AI for product managers – assisting with customer research, product evolution, finding new ways of monetization, etc.
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Existing solutions:
- Persado uses AI to create texts and images for marketing campaigns.
- Morpholio implements one of the best AI ideas for designers and architects, giving valuable recommendations and notifying them about errors or potential problems.
- Smart Sparrow is a great example of AI product ideas for eLearning – it makes learners' and tutors’ experiences personalized and adaptive.
- HireVue is an HR solution for screening and remote interviewing.
What to Do with Your Idea and How Fively Can Help
We collected and described AI ideas for the industries in which we have long-time expertise. Are you interested in developing an application that uses machine learning, neural networks, and other AI-related technologies? Let’s talk about your idea!
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I am the CEO of Fively and the co-founder of DogQ. I share my thoughts about the web development industry from the point of view of a business owner and a senior engineer with 10+ years of experience.
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