The artificial intelligence market is growing at a faster pace. It has added game-changing advantages for businesses all across the globe. Businesses can now handle their operations and offer great satisfaction to their customers.
These days, AI is heavily used as an automated customer support system. The companies feed the AI application with the required inputs, and using that, it can help to solve customer problems on a large scale. AI is also capable of tracking down customer data and showing customized solutions to them.
This feature has been a great advantage to companies, and there are many more capabilities of AI that make it more valuable for business.
What is an AI-powered app?
As the name says, these apps are backed up by AI technology. Using them, companies can improvise their capabilities to understand the customers and serve them in a better way.
Here are some of the ways through which AI-driven apps have been beneficial to businesses:
- AI analyses the customer data and suggests solutions based on their performance. They are heavily used by stock marketing apps that suggest the investment based on the customer’s risk profile.
- It acts as your best friend who recommends products and services based on choices and interests. Example: Amazon provides personalized recommendations based on customer behavior.
- AI helps to solve customer queries which could have required a huge manpower. It has been very helpful to the banking industry, which faces different challenges like transaction issues, credit cards, etc.
These are three major instances where AI has been highly beneficial to businesses. It has empowered many industries, like ecommerce, banking, manufacturing, healthcare, and more.
Cost of AI-powered apps
When it comes to AI app development, many fear that it will be too high. But don’t worry as it is not a costly affair to build AI apps. The total expenses to build AI based apps start at $10000 and might go up to $250,000+.
There are many factors that play a role in deciding this pricing, like the features, technology, and maintenance requirements of the application.
AI App Development Cost Based on Complexity
Here is the average cost of AI-powered apps based on their size and complexity:
- Basic AI App: $10000 – $25000
- Medium AI App: $25000 – $50000
- Advanced AI App: $50000 – 250,000+
There are no limitations to building an app as it all depends upon the features requirements. The more features you require, the more will be its cost of development.
Industry Wise AI App Development Cost
AI App development company charges vary from industry to industry. Some industries require a focus on customer analytics to provide personalized results, whereas others might focus on improving customer interaction.
Depending on all these industrial requirements, here is the cost to develop the AI-App Development:
- Banking: $100,000
- Healthcare: $70,000
- Manufacturing: $60,000
- Logistics: $70,000
- Ecommerce: $90,000
- Other Industries: $40,000
Remember that this is an average app development cost and might vary depending on your business needs and requirements.
Key Factors Which Decide the Cost of An AI-Powered App
As we have mentioned, the cost of building an AI app is dependent on a lot of factors. So let’s see these factors and understand how they add up to the development cost:
Project Type: There are two different types of AI development projects:
- Creating a custom AI app from scratch.
- Building an app with the pre-existing templates and modules.
Of course, the former is more costlier than the latter as it requires building an app from scratch.
Input Requirements: Some AI apps require more data to be fed to understand the customers properly where, whereas other requires less consumption of data. Example: The banking industry requires heavy use of data, and hence, the cost of developing such an app will be more than the normal pricing.
Features Requirements: There are indefinite features that can be added to the AI apps, and the more features you require, the cost will be more. For example, you can choose to add the recognition features or put the conversational AI in place.
Maintenance Requirements:
There are many dynamic changes that will keep happening in the industry and require one to update their apps to suit the customer requirements. There are two ways to manage this: hiring an in-house maintenance team or finding a reliable agency.
Your app development cost will be dependent on how you want to handle your maintenance activities.
Project Duration: There is a team working on the development activities like project manager, AI developer, QA and more. Once the project duration increases, then the manpower cost also increases and adds up to the total cost.
These above factors determine the overall cost of building an AI-powered app.
Conclusion
As a business owner, you must use AI to bring efficiency to your company. It can help you to automate your operations as well as improve customer interaction. It just requires a one-time investment to build AI apps and then a low-maintenance cost to manage it.
