How Much Does It Cost To Build Artificial Intelligence In 2023

By RisingMax

February 01, 2023

Artificial Intelligence is one of the most successful inventions now. Online business platforms are adapting AI technology with wide arms open and implementing it with great enthusiasm. 

If you are a business owner or about to start an online business, then AI is the must-thing for you. Whether you are targeting a local or global audience, AI technology is for everyone to make way for you. 

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After the decision to develop AI, the next thing that comes to anyone’s mind is how much does an AI cost? So in this blog, you will get to know the complete answer to your questions and the different types of AI for business. 

Facts & Stats Of AI

  • As of 2021, according to 86% of CEOs, AI is regarded as standard technology in their workplace.
  • 91.5% of top companies regularly spend money on artificial intelligence.
  • Additionally, according to Gartner, firms using AI can anticipate a 25% increase in customer satisfaction by 2023.
  • According to Forbes, 20% of businesses report major budget increases, and 50% of companies aim to boost their spending on AI and machine learning in 2021.

How Much Does An AI Cost

The development cost of Artificial Intelligence depends on various factors and requirements of the AI. Let’s see what the base cost of AI development is:

Hardware Cost

$10,600- $15,300

Software Cost 

$30,000- $45,000

Manpower Cost

<$25- $49/ hour (RisingMax Inc.)

Training & Maintenance Cost

$8,999- $14,999

The mentioned above cost is approximate and may differ on various other factors as well, including the size of the company you are hiring for the custom AI development and the complexity of the AI solution. 

Size Of The Company

Company Size 

Cost 

Manpower

Small Size Company

$20,000 to $ 45,000

50-200

Mid Size Company

$50,000-$1,00,000

200-1000

Large Size Company

$1,00,000 to $15,00,000

1000-10,000


Complexity Of The AI Solution

Complexity Level

Cost Estimation

Low-Level Complex AI

$15,000- $35,000 

Medium Level Complex AI

$40,000-$60,000 

High-Level Complex AI

80,000-$100,000 

How Much Time Does It Take To Develop AI

The development time depends on various points but the major thing is the level of complexity it is carrying. As per the complexity, the development time may differ; the approximate development time is as follow:

Complexity Level

Development Time 

Low-Level Complex AI

2-3 Months 

Medium Level Complex AI

4-5 Months 

High-Level Complex AI

5-7 Months 


The delivery may be less or more according to the demand or additional requirements once the development process begins.

AI Development Process: How To build Advanced AI Business Solutions

The development of Artificial intelligence has several steps to develop that help the complete AI procedure to follow a certain type of format or algorithm. Let’s see how to develop an AI software solution. 

Identify The Need

The very first thing to develop an AI solution is identifying the actual need for artificial intelligence. It's crucial to concentrate on the user's problem and identify the value your solution will provide users with. A value proposition relates to the benefits you guarantee your clients will receive if they decide to buy your goods.

You can make a product that is more beneficial to users and more useful by figuring out the problem-solving concept. Check for issues after creating the initial draught of the product or the minimal viable product to fix them quickly.
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Get The Right Data

After realizing the actual issue of the mass, the next thing that you have to come up with is the correct data from the sources. Getting the right data is necessary for any of the businesses as your complete audience will be based on this only. While reaching out to the audience, this data will only be helpful for the business. 

The data lies under two categories:

Unstructured Data

The unstructured data have the complete pattern of the data. In the simplest term, unstructured data do not have any consistency, logical reason behind the data, or uniformity in the structure. This type of data includes everything, including images, pictures, emails, audio, video, etc.

Structured Data

The structured data have everything in an appropriate pattern so that it can be used easily and without confusion. When we consider the pattern of the data, then it means it is easy to access with the names, addresses, phone numbers, etc.
After receiving the data, we have to clean it and make it according to business needs. Here data cleaning refers to omitting the errors from the available data and improving its quality. 

Creating The Algorithm 

Before putting the process into automation, one of the most important things is teaching the software how it has to work. Creating the algorithm is a crucial thing to develop and can only be done by an expert custom AI software development company. The predictions and classification of the ML algorithm are important in this procedure, as the complete command will be dependent on this only. The AI solution algorithm helps the application grow in the correct direction with 100% accuracy.

Algorithm Training For AI

Optimizing the algorithm is during training when the goal is to produce an AI model with high accuracy. To increase the precision of your model, you might require more information.

The crucial action to do is to ensure model accuracy. As a result, you need to select a minimally acceptable threshold to determine model accuracy. For instance, a social networking firm attempting to remove false accounts may assign each account a "fraud score" between zero and one. After doing some research, the team can decide to send all the accounts with a score of greater than 0.9 to the fraud team.

Perfect Platform To Develop

You must choose the best platform for your needs in addition to the data needed to train your AI model. By enabling quicker training and deployment of ML models, the cloud platform enables businesses to experiment and develop as projects go into production and demand rises. You may train and deploy your models more quickly using a platform for machine learning as a service or in the cloud.

Choosing Programming Language To Develop

Python is typically regarded as the greatest programming language for developing AI. R is a wonderful option for AI development as well, especially if you want to create statistical models. Julia is a more recent language that is becoming more well-liked for its quickness and effectiveness. Additionally, C++ or C# may be your best pick if you're wanting to create low-level systems or apps with strict performance requirements.

Launching & Monitoring Of AI

Now, finally, the launching of AI is the final step in the development procedure. After the final launch, we also have to monitor the complete process to find minor errors, if there are any. 
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Why Choose RisingMax Inc. For Custom AI Software Development

Top-Notch Developers

The best AI developers in the world have joined our team of over 150 developers. They have been delivering blockchain-based projects for the past six years and have more than a decade of experience in software development.

24*7 Availability

Our staff of project managers, designers, and developers is ready around-the-clock to help with your issue. If you wish to add a new feature or improve the project, please contact us at any moment. Our customer service representatives are available to you at all times.

Testing on Multiple Levels

We make sure that our customers receive the greatest AI and have an excellent user experience. With the aid of multi-level testing, we confirm this by putting the AI solution through numerous steps while ensuring that no errors are left behind.

Conclusion

We hope you got enough information about how much AI costs and the procedure to develop an Artificial Intelligence solution. Get the best possible AI solution from RisingMax Inc. and implement it with great possibilities to explore the business on a global stage. 

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