Artificial intelligence has become a point of debate among people. New inventions are surfacing around AI technology in various fields, such as automation, social media, virtual assistants, sports, security and surveillance, inventory management, etc. There is a vast scope around AI technology, and several companies are moving towards building devices and applications that make decisions based on human intelligence.
AI Software Development
The most valuable thing about AI is that it is applicable in almost every sector, and businesses favor adopting this incredible technology as a significant part of their professional lives. AI has huge benefits. Therefore, many companies want to develop AI software, but their only concern is the budget. Specific claims regarding the budget need to be busted out.
The variables that affect the price tag of artificial intelligence software development are detailed in this article.
There is a long list of considerations, so let us get down to business.
Factors Responsible For The AI Software Development Cost
Project Type
This is the essential thing that needs consideration, like whether you want to build the application from scratch or customize it using pre-made software. If the client is more comfortable developing a platform with built-in features, then, of course, it will take fewer charges. On the other hand, if one has to get everything customized to their liking, additional charges must be paid. All in all, it depends on the project’s requirements.
Software Type
The other necessary thing is AI software, which helps perform diverse tasks quickly. Such software should be built to ease operations and deliver high performance. The software type is divided into three major categories.
Based On Technology
AI solutions use many other technologies, including speech recognition, data science, and robotic process automation. They possess multiple hospitals, schools, banks, and real estate industries.
Based On Functionality
Various AI solutions comprise functionalities like automation, machine learning, deep learning, NLP, and machine vision. The more functionalities, the superior the users’ experience will be. Businesses have now started using AI chatbots because of their fantastic services.
Based On Capability
Users will not get excited about using a specific AI platform without performance. Identity is completely reliant on particular attributes. Artificial narrow intelligence, or ANI, assists with voice and face recognition. Artificial general intelligence (AGI) and artificial superintelligence (ASI) are also responsible for GPT, intelligence systems, and self-aware machines.
Integrated Features
The integrated features play a huge role in deciding on the prices. For example, developing an AI bot that generates automatic responses or texts, including NLP, is vital. Another example is deep learning, which is used in automated driving, pharmacy, and shopping. Here, high accuracy and precision are required for superfast data processing. Everything just adds up to the end cost.
Cost Of Hardware
AI is solely based on data. This data is stored in two ways: in hardware and in the cloud. The GPUs are used in hardware to process the neural networks and perform calculations. Hardware is usually expensive, so the cost will be higher. A business expert would be better able to explain how prices can vary in cloud-based infrastructure.
Manpower
The most obvious thing that plays a major role in the cost of AI software development is labor. The manpower is directly proportional to the cost. So, the size of the company matters. In the case of startups, the manpower will be small. In mid-scale, it will be slightly higher than the startup. On a large scale, the labor force will be extremely large. The manpower includes everybody, from the AI developer to the ML software engineer, QA testers, project managers, and more. Depending on the positions involving expertise and experience, the cost also varies.
AI Software Development
Development And Maintenance
The development of AI software also depends on the development phase. This phase includes adding features, instilling the user interface, and adding functionalities. Further, after the development, maintenance of the platform is also essential because errors and bugs sometimes emerge. So, that requires additional testing mechanisms that demand more money.
Duration Of The Project
The time taken is crucial in deciding the cost of AI software development. Two ways to develop AI software are to hire a freelancer or an in-house marketing company. The freelancers will complete the work over longer periods and will not update you on time.
On the contrary, the in-house development company will take proper instructions from the clients. So the project can be completed in a shorter time. The charges will ultimately depend on the period during which the work is delivered.
Let’s look at this table for a precise outlook on the cost of AI software development.
- Project Type: > $100,000
- Software Type: >$50,000
- Integrated Features: $35,000-$150,000+
- Cost Of Hardware: $40,000–$150,000+
- Development And Maintenance: >$300,000
In A Nutshell,
The above factors are just a peek into the cost of AI software development, but there is much more to it. Project models like prototypes and MVPs also play a crucial role. Usually, a prototype requires less investment and time than the MVP model, which adds features to meet the customer’s needs. The final cost always depends on the maximum number of hours invested in a project.
