Can’t figure out the exact amount for deploying an AI solution for your business?
You are not alone.
You can understand AI easily, but AI pricing is complicated. But not anymore!
We are here with a complete price guide with all the significant factors that determine the cost of the new age technology.
So, without any further ado, let’s jump right into it.
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Factors Affecting AI Pricing
Deciding the cost of AI is a complex thing. Even a minute difference can change the pricing of two similar projects. However, there are basically 5 major factors affecting the AI deployment cost.
So, let’s talk about the 5 individually.
We must understand that AI is an umbrella term for technologies that help machines do tasks with human-like intelligence. It would be best if you used the types of AI technologies depending on the task performed. And as evident as it is, the cost depends on that.
Here we have discussed a few most common AI technologies that the industry uses with an average deployment cost for better understanding.
As a business, you might need to analyze a lot of data as a daily task. It might be employee performance data, business expenditure, accounting, customer behavior, or customer feedback. Data in whichever form is crucial for the company’s performance. Thus, if you are running a business, data mining is something you can not skip.
So, the cost of artificial intelligence varies depending on the volume of data you need to analyze.
The approximate cost of building a custom Analytical System can be around $32,000.
The chatbot is an AI technology for tackling customer-facing and agent-facing challenges. It is capable of holding a conversation with humans in real-time. Thus, it is excellent for automating information sharing and enhancing customer support.
The purpose can further narrow down the estimate of chatbot technology. So here are a few applications of chatbots.
So, the cost of developing AI solutions can vary depending on whether you need a customer-facing chatbot solution or an agent-facing chatbot tool.
For reference, the cost of developing a chatbot can range between $5,500-$15,000.
Machine learning (ML)
Machine learning is the technology that analyzes huge data and improves performance. For example, it can analyze multiple transactional data and help to automate fraud detection. Other than that, by analyzing the history of investments, it can help investors make better decisions.
Thus, if your project includes ML, you can expect the cost of AI solutions to increase.
So, assuming many factors, we can say that the cost of developing and deploying an ML solution can be around $20,000-35,000.
If you are an Avengers fan, the word Jarvis is your definition of virtual assistance. It is an AI technology that helps you perform everyday tasks with automation. It helps you save time and focus on more critical business operations. The other real-world examples of virtual assistants are Siri and Google Assistant.
And these custom-built virtual assistant solutions may cost anywhere between $45,000-$52,000.
Type of project
Every business has different requirements, and thus every project is different. However, we can classify the project into 2 major classes, i.e., custom-built and pre-built AI projects.
If you are on a budget or want an AI solution for a small-scale enterprise, the pre-built AI solution is the most appropriate. You can select an already existing system of your type and get a similar one developed for your organization. Also, you can pick an already-built solution from the AI developers and get it for your organization.
For example, if you need a pre-built chatbot like Tidio, ProProfs, or Salesforce, the starter packs will cost you $32.50, $10, and $25/user for a month, respectively. And it can get to $332.50, $15, and $300/user for a month.
However, if you want to develop a custom chatbot from scratch, it would cost you around $6,000 to $15,000, depending on your requirements.
Although the pre-built conversion AI price looks affordable, the custom chatbot is a one-time investment, and you get a solution particular to your business needs.
Talking about requirements, you might not need every feature available in your AI solution. Thus, it depends a lot on what features you are looking for. Even the pre-built solutions cost you according to the AI features included.
Let’s take an example of a chatbot. You might have to pay more than the basic versions of chatbots if you want premium AI features like
The reason for the cost dependency on features is that the more complex features take more time and skilled resources to develop.
So, before looking for AI development, you must define your requirements and the list of features you would need in your solution. And these are the two major factors influencing the price of your AI solution.
AI management strategy
As we mentioned earlier, resource planning is a major aspect while deciding the project’s cost; here is how it affects the pricing.
Basically, it would help if you decided whether you want to outsource the development team or hire an in-house team.
Both strategies have their own pros and cons. So, let’s learn about both of them in a bit more detail.
Managing In-house AI Development
Having an in-house team for your AI development project means hiring a team of dedicated AI technology engineers for your project under one roof.
Managing Outsourced AI Development
To outsource the AI development means hiring third-party AI development services just for the project.
You must know how important time is in AI development by now. The more time it takes to complete the project, the more costly it will be for you.
Taking an example of a free third-party AI product that can be used online right now. But if you are planning to get a customized AI solution that takes 18 months, it will cost you more.
Therefore, consulting an expert is an excellent idea before starting the project.
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Should I Invest in AI?
In this competitive market, you need to stay one step ahead of time to have that extra edge. And the future is all about AI. It has already begun to seep into all industries. Take the example of AI in construction, healthcare, education, electronics, or energy. Thus, this is the right time to adopt AI solutions to make your business operations smoother.
Yes, AI pricing might overwhelm you, but you are paying a higher price by not leveraging it to unlock your true business potential.
Thus, if you are looking for automated solutions for your business, we at efour, are experts in developing AI solutions for any and every business. We have more than 11 years of experience, and we take pride in calling some of the industry giants as our satisfied customers.
Accurately pricing AI solution needs a few steps to be accurate. So, here are they.
2. Bifergate AI tasks and non-AI tasks
3. Strategize the AI development
4. Sum up costs for all the stages