7 AI Business & Startup Ideas in 2023

The landscape of entrepreneurship is endless, with various industry players constantly searching for fresh and disruptive business ideas. With the now widespread technology of artificial intelligence getting smarter and more accessible than ever, many are incorporating AI in running their business.

Several researchers from Bloomberg, Business Insider, and Tech in Asia, have found that the global AI market as a whole will reach $1.3 trillion by 2032, with it being around $207 billion at the moment.

Exclusive to thinkers in the tech industry no more, AI’s advancements are rapidly reshaping an abundance of industries, from retail and legal to manufacturing and agriculture. This article discusses how AI has affected said industries, along with what the future holds for it.

1. AI for the Manufacturing Industry

Industrial manufacturing is without a doubt one of the most vital industries that need to keep running as the exchange of goods enterprises around the world greatly depend on relies heavily on manufacturing. However, the industry faces challenges in various fields, whether it be the lack of skilled personnel, issues with the supply chain, and obstacles in digitization and automation.

AI becomes one of the solutions in one of these fields, that is, digitization and automation. Siemens, a global market leader in manufacturing currently operating in more than 200 countries, greatly utilizes AI. The company runs an AI-based workload management called Siemens Digital Order Management (DOM), a system of end-to-end digitalization for efficient and automated customer request processing.

According to Precedence Research, the global AI market in manufacturing, which reached $3.8 billion in 2022, will continue to grow, predicted at $68.36 billion by 2032 with a CAGR of 33.5%.

2. AI for the Logistics Industry

In addition to being very taxing work in nature, warehouse inventory has long been a redundant process. With many poorly made facility layouts and the current labor shortage, errors like inaccurate inventory logging have become extremely uncommon. Automation, which can, once again, be achieved with AI, has become the main solution to the problem for many companies.

This includes B Garage, a startup founded in 2017 that built autonomous flight technology for drone manufacturers. Its drones have full autonomy that covers multiple aisles with mapping-free operations, making warehouse inventory more effective and less tiresome than ever.

With many companies already starting to embrace AI, it is projected that more players in the logistics and supply chain industry will pursue AI integrations in their products. Bluewave Consulting predicts that by 2028, the market for AI is expected to reach USD 20 billion and grow at a CAGR of 20.5%.

3. AI for the Healthcare Industry

The inaccessibility of healthcare is a harsh truth faced by many. Aside from high cost and inaccessibility, the list of challenges the industry faces runs deep. This includes unstable regulations, staffing shortages, and health technology that can’t seem to keep up with the increasing amount of patients and untreated cases.

A number of startups and companies have integrated AI into their products to solve these issues one by one together, one of them being Viz.ai. Viz.ai is an AI-powered care coordination solution that accelerates both diagnosis and treatment by auto-detecting suspected diseases. Viz.ai, along with others, works to revolutionize healthcare, allowing patients to receive the care they need when they need it.

According to Statista, the global AI market in healthcare was around $11 billion, forecasted to be worth almost $188 billion by 2030 with an annual growth rate of 37%.

4. AI for the Legal Industry

The legal industry may seem to be one not closely related to AI technology, but this hasn’t stopped many law firms from integrating AI. Due to AI’s advanced algorithms and machine learning capabilities, law firms have been utilizing the tech to identify patterns and trends human lawyers may miss, thus lessening the risk of generating misleading information, which has always been a major concern in the industry.

Consulting firm McKinsey and Company, a firm that has been around for almost 10 decades, embraces cutting-edge tech by having 50% of its workforce across 67 countries utilize generative AI to boost productivity. Very recently, McKinsey built its own AI-powered chat application, Lilli, for consultants to use.

Straits Research’s market overview of AI in the legal industry predicts a CAGR of 29.27% between 2023 to 2031, which was valued at $719.5 million in 2022 and is expected to rise to $7252.8 million by 2031.

5. AI for the Financial Industry

Modern investors, especially ones only starting out with their very first action, face challenges in deciding what to invest in, how much they should invest, and whether or not they need assistance from advisors. When acting on their own, there might always be a shroud of doubt regarding the right step to take. With advisors, their motives might not be entirely clear; are they looking out for the investors’ best interest or their own?

Like in many cases and industries, AI is used in the financial industry to automate repetitive tasks, allowing institutions to operate more effectively. AI algorithms can also be used to automate investment recommendations and portfolio management, which is what Wealthfront helps its customers with.

In an effort to make investing accessible and trustworthy for everyone, Wealthfront utilizes AI to create a robo-advisor, a platform that can provide automated, algorithm-driven financial planning and investment services with little to no human supervision.

Precedence Research predicts that AI in the banking and finance market will amount to $12,337 billion by 2032, growing at a CAGR of 33% after its $712 million value in 2022. It is apparent that the growth will be quite significant.

6. AI for the Agriculture Industry

Agriculture provides most of the world’s food and fabrics, impacting society in a noteworthy manner. Despite its significance, the industry still faces complex challenges, including meeting the demand for more food and maintaining resilience against the changes caused by climate change and soil erosion. The unceasing issue of pesticide and herbicide use, causing greenhouse gases, is also one players in the industry are trying to solve.

It may be hard to imagine how a tech like AI can play a part in something so physical and natural. The Aigen Element, however, has found a way by creating an AI-powered robot that removes weeds and pests in farms without any use of pesticides. The robots stay close to the ground, moving at about two miles per hour, and flick weeds from areas in which seeds would be grown and spread.

According to Global Market Insights, AI in the agriculture market, which was valued at $1.7 billion in 2022, is predicted to grow to $10 billion in 2032.

7. AI for the Retail Industry

More and more companies in the retail industry, especially in e-commerce, have integrated AI into their workflows. With demand never seemingly ending, companies in the industry need to stay on their toes to maintain enough supply. However, customer behavior may occasionally be unpredictable, and sudden surges in demand can occur anytime.

This is where AI plays its part. One of the ways the tech’s powerful algorithm can be utilized is customer sentiment analysis, which is the process where AI’s algorithm analyzes customer feedback, social media posts, and online reviews to measure customer sentiment and identify areas of improvement. E-commerce company Etsy uses AI for this very reason, aiming to improve seller experience and elevate customer satisfaction.

According to Fortune Business Insights, the global AI retail market size is valued at $7.14 billion in 2023 and is predicted to grow to $55.53 billion by 2030.

The Future of AI Businesses

It is fascinating how a piece of technology can become vastly widespread in a relatively short amount of time, now leaving a massive impact on not just the tech industry but possibly all industries as we know it. The potential businesses AI can further support in the near and far future note a time worth getting excited about.

Meme & AI-Generated Picture

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