Artificial intelligence is one of the fastest-growing industries that you can earn big money from. Many freelancers, entrepreneurs, start-ups, and established technology companies have already started using artificial intelligence and machine learning to solve real business problems in various fields. Don’t be left behind!
Even if you don’t have a business, you can create one and make good money using simple AI tools, or design your own solution from scratch with the assistance of advanced outsource software developers. Let’s take a look at the most reliable ways to make money on AI.
Ecosystem
At the center of AI, the world is its cornerstone: data. Without data, machine learning is impossible, and most of the world’s information is owned by a few large corporations.
The base layer of the system chips. They carry out all the necessary data processing. Until recently, NVIDIA was the clear leader in this area. Even though their GPUs were designed for graphics rendering, they were ideal for machine learning matrix operations. Other companies are also developing their own AI chips: IBM, Intel, Google, Cambricon Technologies.
The next level of the system is the platform and infrastructure for processing, storing data, and running AI applications. Here, Amazon and Microsoft compete fiercely, offering complete cloud solutions. The cost of maintaining such global systems is incredible!
The fourth link in the chain is the models and algorithms of machine learning. The most popular framework in this area has been Google’s TensorFlow for a long time. It’s free, but a company that wants to use it will probably need more computing power. And what better way to do this than Google Cloud, optimized for TensorFlow? An ideal closed system of earnings on artificial intelligence.
All these technologies are combined to create enterprise AI solutions (CRM). This area is again dominated by giants like Salesforce, Oracle, and SAP.
At the very top of the value chain are entire countries whose economic growth is largely based on developing artificial intelligence: the USA, Japan, Germany, France, and China.
Build your AI startup
Find what you love and you won’t work a day in your life. Let me rephrase this famous phrase: find what’s bothering you and you’ll never run out of project ideas. Whether it’s a smart home, high levels of poverty in the country, or too slow pizza delivery services in your city: there is always something around us that can be improved via artificial intelligence.
To create your startup, gather a team, define the target audience, come up with a solution to the problem of the audience and present your project to sponsors. You are now ready to start a venture and profit by making the world a better place.
Facilitate your online store with the machine learning
What could be nicer than shopping without having to go out? Home shopping, but with improved AI algorithms. Machine learning helps to create a recommendation system to personalize the offers, dynamically adjust the prices, predict supply and demand, perform visual searches, and protect the service from fraud.
Machine learning in e-commerce aims to make it easier for a customer to navigate a website or store. You can use AI to design the site interface and automate customer support processes.
Chatbots as virtual assistants
Since AI mimics how the human brain works, why not teach it how to speak and write? It is predicted that natural language processing will develop in the world of artificial intelligence. Chatbot development will require two key technologies: speech recognition and semantic analysis.
This will allow you to convert speech to text, recognize objects and search for them in the database. You can also use some off-the-shelf frameworks like Microsoft Bot Framework, Botkit, or Dialogflow. Such digital assistants are very useful for both mobile applications and web interfaces in any business.
Job or internship
Employment or a paid internship is another way to make money from artificial intelligence.
Contract job
This is a great way to make money on artificial intelligence, but remember that customers will not come to you on their own. To find them, you need to build a solid brand.
You can work alone or as a team, for example starting a consulting firm like sigmoidal. Gather talented people you feel comfortable with, define your target market, and start looking for clients.
Increase your business income
Do you already have a business? Make sure it works as efficiently as possible. You can use your customer data to influence their social media feed or create an internal system for better communication within your company. Plus, there’s always the option to make your app more inclusive.
Each IT giant – for artificial intelligence
Tech giants continue to invest in AI companies. In 2020, each of the largest IT corporations in the world bought at least one artificial intelligence company. For example, Facebook has invested about $40 million in the computer vision project Scape Technologies, which is working on an accurate location solution.
Facebook also bought geotagged mapping service Mapillary to join the fight to digitally map the world. In January 2020, Apple further developed the sector by investing about $200 million in AI startup Xnor.AI, which specializes in building AI software platforms for low-power autonomous solutions.
Other major IT giants also did not stand aside. Google has acquired AppSheet, a platform for building mobile applications without the need to write code. In July 2020, Amazon bought Zoox, a self-driving car startup, for $1.2 billion, making it Jeff Bezos’ largest investment in autonomous vehicles.
Develop an application
Create a simple free app with a premium subscription. A paid access should provide users with additional features that they need to pay for. It is estimated that such a system brings in 1.5 times more money than other types of in-app purchases. Artificial Intelligence will help manage this subscription and attract new customers.
Another way to monetize your app is to sell ads in it or offer users a limited number of free requests, after which they have to pay.
Write a book
Writing your tech book is a great way to make money and build your reputation at the same time. But be careful, it’s not easy at all.
Take up your work only if you want not only to share information and methods but to convey your way of thinking. If you feel like none of the books you know fit your vision of the tech stack or your industry predictions, pick up a pen.
You can publish a book with a publisher. It will take care of the marketing and distribution of your work, but of course, it will take a percentage of the profits.
The alternative is self-publishing
Competitions
The seventh way to earn money is to participate in machine learning competitions.
The most popular resource for this is, of course, Kaggle. Winners of competitions here receive significant cash prizes.
Another good example is numerals. On this platform, data scientists compete by predicting asset prices.
Don’t forget about hackathons too.
Output
As a flexible and feature-rich technology, AI offers many possibilities. You can become a startup founder, earn money by implementing machine learning in e-commerce, automate processes with chatbots, share your knowledge through online courses, blogs, or books, generate more income for an existing business, and develop applications. Everyone can monetize their skills, whether they want to start their own business, get rich, improve the world, or all of the above.
