Why You Should Invest in AI Application Development?

Artificial Intelligence is proving to be the most profound and transformational technology in the business world. It is driving the Fourth Industrial Revolution, by building a bridge between the physical and digital worlds.

With these smart experiences already proliferating the consumer space, enterprises face a sense of urgency to catch up and start generating value from these technologies before their competitors. Organizations that delay adoption and fail to integrate the IoT and algorithmic business are at a competitive disadvantage—or risk displacement by digital disruption in the next five years.

An impact of this is that today, various organizations (including tech giants like Google and Apple) are exploring opportunities to embrace AI in app development technologies in their processes by investing in AI application development and enjoying better business gains.

Confused about why you should invest in AI app development? Here are some surprising facts & stats about AI benefits:

1. Netflix’s recommendations engine (powered by AI) is worth $1 billion a year.
2. 54% of executives say that implementing AI in their workplace has increased productivity. 
3. 79% of executives think AI will make their jobs simple and more efficient. simplify their job and make it more efficient.
4. The major benefits of chatbots are 24-hour service (64%), instant responses to inquiries (55%), and answers to simple questions (55%). 
5. The potential contribution to the worldwide economy from AI could be $15.7 trillion in 2030. 
6. In 2021, the increase in AI usage across businesses will create $2.9 trillion of business value and 6.2 billion hours of worker productivity. 

Reasons To Invest In AI Application Development

Here are some reasons you should invest in AI & ML app development solutions:

Real-Time Assistance

AI-powered chatbots and applications, unlike humans, do not demand tea breaks, get emotionally moved, fall sick, be biased, or ask for any kind of perks. They perform all the assigned tasks day and night and even manage to handle multiple customers at the same time and look into their requests without any traces of confusion – making it possible to provide them with 24×7 effective assistance and fulfill the role of AI in business effectively.

Escape From Repetitive Jobs

Another reason why everyone is showing interest in AI application development solutions is that the technology gives the workforce an escape from repetitive and monotonous tasks like getting a file printed, checking records and files, arranging everything in a particular sequence, etc. by performing it on its own.

Low Error Rate

AI-enabled machines and AI-as-a-service work based on certain algorithms and have the knack of recording every minute detail even when occupied with multiple tasks. This makes it nearly impossible for them to miss out on any detail or perform any computational error, and thus, deliver accurate results. 

Faster Decisions

AI application development with its cognitive capabilities also aids in collecting and analyzing the data in less time and prevents getting distracted due to depletion of mental energy and other such concerns. In this way, it helps organizations to look ahead to faster decisions using the top AI trends utilized by worldwide technology development companies.

Better Predictions

Using the power of Predictive Analytics and Machine Learning, the technology also simplifies the process of determining what will be the future and thus, taking the right step. 

Personalized Experience

Last but not least, AI app ideas to interact with the customers in real-time, accumulate the required information, and provide the opportunity to understand their behavior and deliver a personalized experience. And that’s why there is a steep increase in the utilization of artificial intelligence in the retail industry.

Now that we have gained the basic knowledge about Artificial Intelligence, let’s look into how technology is transforming the world and later, look into why one should consider AI application development.

Impact Of Artificial Intelligence On Other Technologies

Artificial Intelligence (AI), with its characteristics of gathering a heap of data, predictive analysis, and personalization, is helping a multitude of technologies to cope with their shortcomings and make a better entry into the marketplace. Two such technologies that are weaving a brighter future by collaborating with AI are:-

Internet of Things (IoT)

IoT, the technology behind the concept of Smart cities, homes, and cars, is offering the opportunity to connect a myriad of devices and tools and maintain a flow of data for better interactivity. However, the security challenges of IoT are coming up with effective responses in real-time. 

The latest IoT market trends come with integrated AI security by ensuring that every data is analyzed. Besides, the technology is facing various privacy and security concerns, making people hesitate to invest in AI application development. This is where Artificial Intelligence is coming up as a savior. 

You can also get IoT app development solutions to make your business effective and successful. Using AI Android app development technology will help the devices and people connected in an IoT environment to collect better insights with the help of adaptive learning and analytical features.

It is automating most of the processes and fostering the pace of synchronization, communication, and integration in a profitable manner. The latest IoT market trends come with integrated AI security by ensuring that every data is analyzed and shared with the devices after a complete background check within microseconds.

Besides, it is continually performing analyses and helping businesses with proactive actions that are required to cope with the progressively changing market and customer behavior – implying working for a better future.

Blockchain

While blockchain development solutions have proven to be the finest technology in the world with their unusual concept of data availability and security, they also bear some limitations. The technology has an average data mining system that runs via hashing algorithms.

These algorithms function based on a ‘brute face’ approach where every possible combination of characters and values is tested before coming up with the right one. This demands higher efforts, time, and cost and brings a question upon the quality of data obtained. 

AI application development process, in this context, provides a far more intelligent approach that streamlines the data management process and lowers the time, effort, and cost involved with the process.

Besides, it integrates the power of NLP (Natural Language Processing), 3D real-time data transformation, and Image recognition into the Blockchain linking, which provides the data miners with an opportunity to transform any large-scale system into micro-economic ecosystems and optimize data effectively and securely.

We have looked into how technology is transforming the business world in the present scenario. But, before we head on to a conclusion regarding whether it will be profitable to invest in the technology. 

Benefits of AI for Business

As businesses continue to deploy artificial intelligence technologies within their operations, they are starting to reap tangible benefits of AI application development, including material gains.

• Netflix’s recommendations engine (powered by AI) is worth $1 billion a year.
• 54% of executives say that implementing AI in their workplace has increased productivity. 
• 79% of executives think AI will make their jobs simple and more efficient. simplify their job and make it more efficient.
• The major benefits of chatbots are 24-hour service (64%), instant responses to inquiries (55%), and answers to simple questions (55%). 
• The potential contribution to the worldwide economy from AI could be $15.7 trillion in 2030. 
• In 2022, the increase in AI usage across businesses will create $2.9 trillion of business value and 6.2 billion hours of worker productivity “reference- Gartner”. 

Efficiency & productivity gains

Two of the most frequently mentioned advantages of using AI in the workplace are increased efficiency and productivity. Tasks are completed at a rate and scale that humans cannot match. Simultaneously, by eliminating such activities from the obligations of human employees, AI empowers those individuals to focus on higher-value jobs that technology cannot.

Improved speed of business

In this digital era, business moves quickly, with the implementation of AI in an Android app will help it move even quicker. AI facilitates faster development cycles and reduces the time it takes to get from design to commercialization, resulting in a better and more rapid return on investment in development resources.

New capabilities & business model expansion

According to Chris Brahm, senior partner at Bain & Company and leader of the firm’s worldwide Advanced Analytics team, executives may utilize AI to expand their business models.

“As data and analytics are used in the company, new opportunities for firms to engage in many sectors emerge.”

Improved monitoring

Organizations may build near-instantaneous monitoring capabilities that can alert them to concerns, propose action, and, in some situations, even start a reaction, thanks to AI’s power to take in and interpret large volumes of data in real-time. 

Future Scope Of Artificial Intelligence In The Market

As you can see from these statistics, AI application development is bringing a wave of disruption in the business world – regardless of which domain or process you consider. It is revamping all the traditional processes and providing companies with a heap of user data so that they can better understand their customers, make a profitable business plan, and deliver the solutions they desire.

Also, it renders real-time insights to learn about the changes in the AR-VR market trends and consumer behavior to cope with the changes and prevent the risk of project failure. Thus, makes a profitable business and beats the competition.

Not only this, but the technology is also collaborating with various other technologies to bring more digitally innovative solutions into existence and streamline our lives – giving a hint that the technology is not going to leave the market soon. 

How Does Appventurez Help In AI App Development Solutions?

Appventurez is a reliable AI mobile app development company for resolving business issues with predictive analysis, strong apps, and deep learning. We have a dedicated team of highly skilled developers who build world-class artificial intelligence app development services for worldwide clients.

Our scalable services help businesses streamline their operations, improve user experience & boost their revenue. We employ our experience to develop AI-embedded Android app development solutions & iOS app development solutions.

So, considering this, if you are someone who is struggling with keeping your customers hooked or someone who is dreaming of establishing a billion-dollar startup in the current competitive market, look forward to hiring the best AI development company like Appventurez today.