In the past few years, we have seen a dramatic change in the mobile app development market.
All modern mobile apps are coming up with AI integration and modern features. According to a Statista report, currently, there are 3.5 million active mobile users.
Analysts have assured the spending on AI will reach nearly $58 billion in the next few years. In this blog post, we will be discussing the factors determining the cost of making artificial intelligence.
Factors Determine the Cost Of AI App Development
When we talk about Artificial Intelligence development, there are various factors to determine. These factors will help you to know the estimated cost of making an artificial intelligence app in 2022.
1) AI Type
If you are planning to develop an app based on AI, you need to decide on the AI type. Basically, there are three types of AI type:
i) Chatbots
In any business, it is important to understand your customer’s intention. Your app should have a tool that can interact with the customers. Integrating AI-based chatbots can do wonders in the app.
Chatbot helps to streamline, automate and improve customer interaction. You can add chatbots in the app and on other social media platforms. Chatbots can help you to convert your users into potential customers.
Integrating chatbots in your app will cost you more than $40,000. This is the estimated price and can change according to your requirements.
ii) Analysis System
When your business is handling a large quantity of data, there should be certain tools. Among many, the Analysis system is the AI-based tool that handles all your business data.
In your business, when you are initiating sales and marketing, you can use an analysis tool.
Apart from all these, this tool is used in writing. An analysis tool is a helpful tool that suggests a title, paragraph, etc., when you provide content writing services in your business.
To integrate Analysis system in your app, the estimated cost is more than $35,000.
iii) Virtual Assistants
In today’s market, there are plenty of virtual assistants based on AI. These virtual tool makes our day-to-day work easier.
Some of the best virtual assistant tools are Cortana, Siri, and Google Assistant. These tools make our office work simpler. Integrating a virtual assistant into your business app, it will cost you more than $50,000.
2) Project Type
In this tech market, when we take about app types based on AI, there are plenty of options available. To decide which project type is best for your business, you need to understand your customers and business.
You can either go with pre or custom build solutions. If you are planning to develop a custom app for your business, it will cost you more than $50,000. This is not the final price, and it may increase based on your app type and the features you are integrating.
3) AI Features
In these modern technologies, AI is changing things massively. To adopt these changes and meet the market standard, it becomes important to upgrade your business app.
Developing an AI-based app with multiple features can give the app a new edge in the market. If you want to develop an app with full-fledged features, the development cost will be expensive.
Some AI-based features which can be integrated are data format, data storage, etc.
To develop these types of apps, the app development cost will be $75,000. On the other hand, developing a complex app will cost you $2,50,000.
4) In-house AI Management
When you are into in-house AI management, it gives your business complete authority when it comes to your AI. You have an in-house team of developers and data scientists who delicately work on your AI project. Their responsibility include developing, managing, launching and updating the app.
When we compare outsourcing management AI with in-house AI management, the cost is expensive.
The cost of hiring an in-house AI team will cost you more than $70,000.
5) Outsourced AI Management
When you are in outsourced AI management, it allows you to pass on the entire responsibility to an agency or AI app development company.
A dedicated partner development team looks at the entire development process.
Compared to in-house AI management, it will cost you less. The estimated cost for hiring an outsource development team is more than $50,000. The price may increase or decrease based on the team you hire.
Conclusion
From retail to manufacturing industries, all can take advantage of Artificial Intelligence. Whether your business goal is to provide better prices or gain more customers.
All things can be possible when implementing an AI-based app for your business. I hope this blog has helped you to know more about AI and how the features are beneficial. It has also helped you understand the AI development price.
