In this article, we will take a look at the 18 best AI business ideas in 2024. Before that, let’s discuss some AI startups and entrepreneurs.
Prominent AI startups: At a Glance
Anthropic, Databricks, and Abridge are among the leading AI startups. Let’s take a look at their offerings and their position in the market. You can also take a look at the biggest publicly traded AI companies in the world.
Anthropic is an artificial intelligence company based in the United States. Dario and Daniela Amodedi represent the company as CEO and president. The company is an AI safety and research company focused on developing safe AI systems. On March 20, Anthropic announced a partnership with Amazon Web Services (AWS) and Accenture plc (NYSE:ACN) to develop solutions for enterprises. 1,400 engineers at Accenture plc (NYSE:ACN) are being trained to facilitate organizations in fine-tuning Anthropic’s AI models deployed on AWS. Claude, Anthropic’s AI model, is already deployed at the District of Columbia Department of Health. It can create a custom chatbot, also referred to as Knowledge Assist, and is provided through Amazon Bedrock. On March 27, CNBC announced that Amazon.com, Inc. (NASDAQ:AMZN) was set to invest an additional $2.75 billion in Anthropic, bringing their total investment to $4 billion. As per Anthropic’s last valuation, the company is valued at $18.4 billion.
Databricks is another prominent artificial intelligence company based in California, United States. The data analytics company hosts a cloud-based platform that facilitates enterprises in building, deploying, and governing data and AI models. On September 12, 2023, the company announced its series I funding worth $500 million, bringing its valuation to $43 billion and a price per share of $73.50. On March 19, Databricks announced the inclusion of Lilac, a scaleable data search, clustering, and data analysis tool, to evaluate data more easily using AI. Lilac can evaluate the output from large language models to facilitate the preparation of unstructured datasets for model training. The integration will help customers build generative artificial intelligence applications using their own company data.
Abridge, founded in 2018, is a generative artificial intelligence company for clinical conversations. The AI is capable of converting clinical conversations between patients and medical professionals into clinical notes in real-time. Abridge is able to recognize and curate notes in over 14 languages and has more than 50 specialties. On February 23, Reuters reported that Abridge had raised $150 million in a Series C round, bringing its valuation to a staggering $850 million. The funding was led by Lightspeed Venture Partners and Red Point Ventures. Abridge does not stop here. On March 19, Abridge announced a collaboration with NVIDIA Corporation (NASDAQ:NVDA). Abridge will leverage NVIDIA Corporation’s (NASDAQ:NVDA) resources and foundational models to deploy generative AI models that improve clinical procedures. With multiple conversations happening in a clinical setting, it is quite challenging to collate all information. Abridge aims to bridge the gap of missing data and NVIDIA Corporation (NASDAQ:NVDA) will help the company achieve this objective.
How Are Existing Companies Transforming Their Offerings with AI
Salesforce, Inc. (NYSE:CRM) and Adobe Inc. (NASDAQ:ADBE) are integrating artificial intelligence in their offerings at a rapid pace. Let’s take a look at their features.
Salesforce, Inc. (NYSE:CRM) offers a range of AI tools that may help small business owners set up their ventures. The Einstein 1 Platform, a conversational AI assistant for CRM, offers a range of predictive and generative AI tools allowing business owners to develop and deploy AI experiences in Salesforce. Einstein 1 delivers over 215 billion predictions every day. As per Einstein 1’s latest update, the platform now offers knowledge creation tools, search tools, sales summaries, and call exploration tools. These tools help business owners extract important information from calls, summarize interactions, summarize sales records, and forecast strategies. On April 25, Salesforce, Inc. (NYSE:CRM) announced the launch of new tools in Einstein AI to improve seller productivity and enhance the use of generative AI. The Copilot Analytics tool is capable of analyzing the performance of Einstein Copilot. The Copilot is also able to suggest actions to help individuals complete tasks with greater efficacy. Other tools specifically for salespeople include guidance, forecasting, follow-up emailing, and call exploration.
Adobe Inc. (NASDAQ:ADBE) is a leading software company with a complete suite of creative applications. In addition to its suite of creative apps, the company also offers a range of AI products including Adobe Firefly, Adobe Express, Acrobat AI Assistant, and Adobe GenStudio. Adobe Firefly is capable of generating images. Using the latest Adobe Firefly Image 3 Model, individuals can generate images, add images, remove images, and expand content. It is also functional in Photoshop beta. Adobe Express, on the other hand, is an all-in-one content creation application that is capable of producing social media posts, images, videos, and flyers. It also holds editing capabilities allowing individuals to edit PDFs. Adobe Inc.’s (NASDAQ:ADBE) AI assistant for Acrobat allows individuals to extract summaries of content and important information in response to search queries. Adobe GenStudio is an all-in-one product for marketers willing to execute cross-channel campaigns. The platform can generate on-brand content using AI. It also offers marketers templates and AI-backed content review tools. You can also take a look at the top alternatives to Adobe Creative Cloud in 2024.
Now that we have discussed AI-backed entrepreneurship, let’s take a look at the 18 best AI business ideas in 2024. You can also read our piece on the most advanced AI assistants.
A software engineer working on coding a mobile app from their workstation.
Our Methodology
To gather a list of the 18 best AI business ideas in 2024, we consulted over 10 rankings and reports on the internet. We picked the business ideas that appeared in 50% of our sources and then ranked them.
18 Best AI Business Ideas in 2024
18. Smart Agriculture
The use of AI in agriculture is rapidly increasing. On March 27, BBC reported that more than 87% of farmers in the United States are utilizing AI and robots to solve problems on the farm. Farmers use AI to identify the species of bugs and utilize robots to perform manual tasks.
17. Automated Financial Advising
While completely relying on AI for financial advising may be risky, budding entrepreneurs may create technologies to summarize large blocks of data and reports to draw important conclusions and suggest strategies.
16. Health Monitoring
Health monitoring is a crucial aspect of the healthcare industry. Abridge is a generative artificial intelligence company that can convert clinical conversations between patients and medical professionals into clinical notes in real-time. On February 23, Reuters reported that Abridge had raised $150 million in a Series C round, bringing its valuation to $850 million.
15. Customized E-Learning Services
Business owners can aim to set up an AI-backed e-learning services business. Business owners can utilize AI to provide customized learning information and knowledge to students of all ages and backgrounds.
14. AI Website Design & Development
Starting an AI website design venture is one of the best AI businesses in 2024. According to data by ZipRecruiter, an AI developer may earn $62 per hour on average in the United States. The hourly rate may go as high as $76.2 or as low as $19.2.
13. AI Talent Matching
Budding entrepreneurs can set up an AI business that automatically connects candidates with ideal jobs and employers based on data provided, skills, and expectations.
12. AI SEO Specialist
Becoming or starting an AI SEO specialist business is a great opportunity for budding entrepreneurs. Alli AI is an AI SEO platform, used by more than 20,000 companies from across the globe, has more than 13,000 sites and over 4 million pages with more than 88 million optimizations under its belt. Alli AI offers bulk on-page optimization, editing, real-time deployment, and self-optimization to improve traffic return on investment (ROI).
11. AI Personal Assistant
AI personal assistants help individuals and businesses automate tasks, streamline workflows, regulate repetitive tasks, and improve collaboration. AI assistants can also be focused on a specific function such as writing assistance, editing assistance, emailing assistance, or content management assistance.
10. AI Marketing Agency
Business owners can set up a marketing agency backed by AI. On September 20, 2023, the Starter Story reported that the AI marketing agency industry is worth $10.4 billion and on average the potential revenue for a firm is $6 million per annum with gross margins at 83%. According to the report, the average investment to start an AI marketing agency may be as low as $6,750.
9. AI Social Media Management
There are multiple AI social media assistants in the market. AI-backed social media management agencies help clients automate most of their marketing functions by drafting content, maintaining brand voice, creating social media posts, establishing social media calendars, and automating email follow-up campaigns.
8. AI Graphic Designer
Becoming an AI graphic designer is one of the best AI business ideas in 2024. According to stats by Upwork, AI designers may earn $84,783 per annum on average. Fresh AI designers may expect to earn between $55,500 to $62,499 per annum or $41 per hour as a freelancer. Senior AI designers, on the other hand, may be able to bag as much as $109,500 per annum.
7. AI Fraud Detection Software
The demand for fraud detection and protection services is increasing. Budding entrepreneurs can set up a business that helps individuals and businesses identify scams and prevent fraud from happening.
6. AI CRM Software
Developing dedicated CRM software backed by AI is one of the best business ideas in 2024. Sierra AI is a conversation AI platform that improves customer relationships by elevating customer experiences. On February 22, Crunchbase News reported that the AI company raised $110 million in funding bringing its valuation to almost $1 billion.
5. AI Content Marketer
Becoming an AI content marketer is another great AI business idea. Jasper is an AI content marketing startup that offers AI tools for SEO, content strategy, and other marketing functions. As of October 2022, the company has a valuation of $1.5 billion.
4. AI Content Editor
Becoming an AI content editor is one of the best AI business ideas in 2024. On February 26, Business Insider reported that Sultan Ali made $3,500 as an AI content editor. He works part-time on Fiverr and makes AI-generated content sound more human. Since March 2023 he has completed more than 150 assignments.