Machine learning and artificial intelligence have become an important aspect of this drastically changing world.
Many big organizations have stepped up to become part of this revolution. These organizations have realized the benefits which both these technologies deliver and are ready to equip them for further upliftment.
Though machine learning and artificial intelligence are very much related to each other; they are still not the same thing.
It is worth understanding the difference between the two of them.
Artificial intelligence focuses on computer systems that are capable to perform human-like tasks. It focuses on decision making, visual perception, speech recognition, and more.
While machine learning, on the other hand, is a subset of AI that incorporates various technologies.
Machine learning works by processing large quantities of data, recognizing various patterns and building new and useful analytical models.
So, how much does it actually cost to utilize artificial intelligence and develop an AI app?
Future Is Now Here!
The Artificial Intelligence trends is highly adaptable and persuades our lives as it has been adopted by many organizations around the globe.
Routine tasks are offering analysis and creative insights from every vector in industry from automobiles to insurance to healthcare.
E-commerce App platforms take benefits of the ML algorithms to facilitate the buying process and personalize their effect according to customer’s behaviour.
Machine learning Chatbots are proven to be quite effective at generating and following up the leads. They provide an enhanced experience for the clients.
With the blend of AI solutions in business, they are targeted to make accurate predictions to facilitate business process.
The voice and image recognition capabilities have attracted more clients to organizations. It is easy to implement in mobile applications.
Also Read: Cost of Developing an App Like Fitbit
The Different Phases Of Artificial Intelligence Project
The technology has enabled computers to adjust themselves to new inputs and perform the required actions better with time.
AI technology has use cases across several functions, for instance- marketing, retail, sales, customer support, supply chain management, IT, manufacturing and more.
But does it happen in one single phase?
No, it doesn’t. It works on the process of “learn” by “experience”.
So, what are the different phases of how AI works?
Here, we will throw some light on the insights on the process of AI.
The project cost depends on the work being done.
The process is split into different phases to develop an AI product.
1) Discovery And Analysis Phase
The base phase of every product development. The purpose of this phase is to derive a feasibility study and find out the objectives of the project and the business.
Analyzing the client’s business processes, data assets, and current metrics defines success factors, timeline, budget that are needed to be well-documented.
The study finds out whether the concept of AI is possible or not.
If everything required is available in the right format then this phase takes around 5-7 days on an average.
2) Prototyping Implementation
Create a business model that allows professionals to validate requirements and design the product.
The cost of implementing AI depends on this phase.
Prototypes are cheap to produce and flexible to adjust.
Generally, the prototyping development costs are budget-friendly and lies under the range of$23000- $25,000.
3) Minimal Viable Product(Mvp)
A real product developed in this phase. All the functional features are developed on the basis of the prototyping phase. MVP relied on the actual data of the client and is tested by a group of real customers.
Average MVP costs vary between $30,000- $100,000 depending on the size of the project and its complexity.
4) Product Release
This is the last stage where the actual product is released to the public with full functionality.
The end product has minimum risks.
The cost of this phase is evaluated during the early previous stages.
Factors That Affect The Cost For Artificial Intelligence Development
The development price can be estimated in the early phases of the development.
But still, there reside some of the factors that may affect the development price.
Large data sets are used to get an accurate relationship between the input and the output features.
The data must be easy to understand and work with i.e. it should be well-organized and stored in the right format in the warehouse. The ETL process is used to do it.
The unstructured data brings more complexity while increasing the development cost.
Data is sent for cleaning, tidying, and conversion. It works with missing, extreme, and unexpected values, dealing with outliers, obvious errors that could come and more.
Whole class of ML- algorithms are created to make use of this kind of data.
Artificial Intelligence Algorithm’s Performance
Sufficient algorithm performance is another key to a cost-effective project.
High-complexity algorithms require a round of tuning sessions, thus increasing the final cost.
Why data processing and algorithm performance is important to decide the AI project costs?
It is very simple to understand that all AI modern applications are based on data and its learning process. So, if the data is processed slowly- it will eventually take more time to reach and teach the neural network of the system.
How much Artificial Intelligence(AI) project costs?
If you are worried about the cost and you believe that developing a machine learning costs, and an artificial intelligence app development will cost you a fortune.
Then you are totally on a different path.
Nowadays, it’s not true that developing an AI-driven app will cost much.
Well, it varies from organizations to organizations and also depends on the size and complexity of the project.
Earlier, only big brands like Google, Apple, Microsoft were able to afford it but now a large number of companies are providing their services.
Prices of different AI projects-
1) The app for the lower-level complexity with a smaller feature list can cost around $40,000 for one mobility platform.
2) The app for medium-level complexity with needed medium features costs around $50,000- $100,000 for any of the one or two mobility platforms.
3) However, in the case of high-complexity with large features costs up to $150,000 and above for more than 3 mobility platforms.
AI in mobile apps has changed the mobile app development trends. AI has use cases across several in
Various industries like healthcare, insurance, automotive, financial and the list goes on.
They have enabled more convenience but when it comes to the development of the artificial intelligence apps, the costs result as a significant factor.
It varies on the complexity, features, expertise of developer as well as development hours.