How do AI applications work? And is it worth building your own product based on artificial intelligence? Find out more about the major AI use cases, components, subfields, and how to build an AI application step-by-step with tips from Upsilon’s pros.
The adoption of artificial intelligence has been surprisingly fast over the past few years. It seems as if everyone is building AI apps and products. So the question is, should you?
The truth is that the forecasts for AI market growth are very impressive. Recent statistics and research suggest that the market will experience significant growth: an expected compound annual growth rate (CAGR) of 28.46%. This translates to the market expanding from 156 billion USD in 2024 to 415 billion USD in 2027. Furthermore, the adoption of AI is projected to continue increasing across various industries, leading to a doubling of the market size to over 800 billion USD by 2030. This indicates a promising future for AI and its widespread use in different sectors.
How about the financial side? Venture capital investors are showing a strong interest in the AI sector at the moment. Recent findings from Crunchbase reveal that AI companies received over 1/5 of all venture funding. In February 2024 alone, these companies secured a significant amount of funding, totaling $4.7 billion. This indicates the growing confidence and investment in AI as a promising area for innovation and growth.
So, how do you build an application powered by artificial intelligence? And are there ways to cut corners in terms of coding and development?
Keep reading to find out more about:
🟡 The peculiarities of AI apps
🟡 In which industries AI apps are used
🟡 Major components of AI
🟡 Key subfields of AI
🟡 How AI works
🟡 Step-by-step instructions on how to build an AI app
As a bonus, the page also features expert insights given by Upsilon’s CEO, Andrew Fan, and CTO, Nikita Gusarov ⤵
