Do you know how you can make money with machine learning? Here are 13 ways to earn with AI.
How to Make Money With Machine Learning: 13 Ways To Earn With AI
Artificial Intelligence abbreviated as AI is a technology that is rapidly gaining popularity. There is a high chance that you have used it on one occasion or more without even being aware of it.
Machine Learning (ML), is one of the best and most recent applications of AI, and in this piece, we will focus more on how to make money with machine learning. The future is with ML & AI. Therefore, we should focus on how to make money with it and take advantage of the early lifecycle and adoption of it.
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ML is an application in AI in which software, computers, and devices work through cognition (which is almost similar to the human brain).
However, before we go any deeper into making money with machine learning, let’s understand the definition of machine learning.
Definition of Machine Learning
Machine learning is an artificial intelligence (AI) application that helps systems automatically learn and improve their capacity from experience without programming. Machine learning focus is on developing computer programs that can access data and use it to learn different things on its own.
Artificial Intelligence, which is a sub-field of machine learning, describes an application of a machine that mimics the cognitive functions of a human being associating with other human minds in things such as problem-solving, and learning.
Also, AI can only be a programmed rule that regulates how the machine behaves in specific situations.
When talking about Artificial Intelligence, you need to consider both deep learning and machine learning. Machine learning incorporates different classical algorithms for various tasks that include regression, clustering, or classification.
Deep learning, on the other hand, combines the neural networks that can solve the classical as well as the advanced tasks, including language generation and image recognition.
Several companies utilize machine learning in their operations in areas such as fraud detection, translation, search, making a prediction, ad selection, and news personalization, and more.
Today, companies, as well as individuals, can earn money with machine learning.
Before we look at how to make money with machine learning, let’s look at some of its exceptional applications in our daily lives.
Real-life Application of Machine Learning
Makes Commuting Predictions
Do you ever wonder how a cab app like Uber estimates the price of the ride? Artificial Intelligence helps with determining the amount and in minimizing the detours. ML helps define the price surge as well as predict the rider demand.
Also, GPS navigation services use Artificial Intelligence to make traffic predictions. When current locations and velocities are saved in a central server, it helps in managing traffic.
With machine learning, you can estimate the regions that have congestion.
Acts As Virtual Personal Assistants
Today, the virtual personal assistant comes in handy in finding some vital information online. These personal assistants can help with specific tasks such as finding your schedule for the day, flights, e.g., from London to Germany, and more.
The virtual assistants can send a command to other resources like apps to collect information or find out more information by recalling your related queries.
Also, virtual assistants receive and refine information depending on your previous involvement with them.
The data is later used to render results that are customized to fit your preferences.
Helps In Search Engine Result Refining
Another application of machine learning is in refining your search engine results. When you are searching the web, search engines use backend algorithms to keep watch of how you are responding to the results.
These algorithms then offer further suggestions to improve your search results.
Offers Email Spam And Malware Filtering
Machine learning helps in email spam and malware filtering. Powered by machine learning, over 325,000 malware are detected daily since at least 90-98% of their codes are almost similar.
Most security programs use machine learning to recognize and understand these coding patterns. Therefore, they can give alerts and offers protection against them.
Provides Online Customer Support
Different companies use Machine learning to provide customer support while their clients are navigating the site. The chatbot acts as the live executive who answers all your queries.
Also, it extracts information from the website and offers it to the customers. These chatbots advance with time and tend to answer the questions better using machine algorithms.
Offers Product Recommendations
When you search for a product online, machine learning later provides tips that are in line with the product that you had inquired about. The shopping website and the app recommends some items to you that matches your taste based on your previous search.
This certainly helps refine your shopping experience. You get product recommendations based on past purchases, items liked or added to your cart, and brand preferences.
See Related: Important Pros and Cons of Artificial Intelligence
Helps In Online Fraud Detection
Machine learning is helping secure the cyberspace by tracking monetary frauds online. For example, payment software such as PayPal uses ML to offer protection against money laundering.
Also, the company has a set of tools that help them compare different transactions and thus can distinguish between the illegitimate and the legitimate ones.
Now, let’s look at how to make money with artificial intelligence.
Top Ways to Make Money with Machine Learning
Here are the thirteen best ways to earn with machine learning:
1. Become An ML Educational Content Creator
Currently, not many people know about machine learning. Why not become a Machine Learning teacher and sell your skills online? You can make money online right now if you venture into the business of educating masses about machine learning and its benefits to them.
Also, you can create online course materials, or a YouTube channel to teach people about this latest exponential technology.
2. Create And Publish An Online ML Book
You can write a book to offer exceptional insights into the power of 3D printing, robotics, Artificial Intelligence, synthetic biology, networks, and sensors. Publishing a book online is now possible with various platforms such as kindle publishing that offer a free publishing service.
Why not make this your online side hustle and earn a few bucks selling a book to enable businesses and individuals to make a difference with machine learning?
See Related: 16 Ways to Get Paid to Code Online
3. Sell Artificial Intelligence Devices
Selling GPS devices to car users can be another lucrative venture to try. GPS navigation services can help make traffic predictions. Therefore, it can help the vehicle users cut costs if they use an alternative route to commute.
With accessibility to the current traffic situation, you can estimate the areas likely to have congestion based on daily experiences.
A lot of companies are now using CCTV to curb crimes in their workplace. You can take advantage of this booming demand and sell them the video surveillance devices.
These devices are designed in such a way that they can detect unusual behavior and can even alert you of a crime before it happens.
4. Generate Vast Artificial Intelligence Data For Cash
Since machine learning can help in the generation of gigantic amounts of data, you can benefit from offering AI solutions to different companies.
AI system works similarly to humans and has many sound and visual-related experiences. An AI system can learn different things and can get encouraged with dynamic data and videos.
Massive instructive research foundations can pay you vast sums of money for substantial information databases. All you need to be keen on is in the issue of security, privacy, reliability, fairness, accountability, transparency, and data accuracy.
If you can offer that, then you will succeed in this business. This data can help businesses make better decisions.
5. Develop A Simple AI App
Developing an app can be another great way to make money with machine learning. You can create a subscription app where users can pay to unlock some of the premium features.
Subscription apps are estimated to make at least 50% more money compared to other apps with different types of in-app purchases.
Make it accessible via smartphones so that it can become a more significant part of everyday life and transform more people.
See Related: Proven Ways to Get Paid to Chat
6. Create A Product Or A Service
Another way to make money with ML is to provide services and products online. You can build an AI chatbot and make money from it. Products such as Siri, Alexa, Google Home, Bitsy, and more are doing pretty well today. Why not try to create something similar?
AI chatbots are goldmines and a perfect way to make money with Machine learning. Developing chatbot frameworks for smartphones in the backend and machine learning engines in the front end is an ideal way to make money quickly.
Making services such as sentiment analysis, or Google vision where the company or the user can pay after they make several requests per month is another ideal way to earn with ML.
7. Participate In ML Challenges
Besides earning from teaching ML, you can also make money with machine learning if you participate and win in ML competitions. If you are a guru or you have accumulated a wealth of information on this topic, you can challenge yourself against other real-world machine learning experts in competitions.
You can join ML competitions such as Kaggle, Innocentive, Tunedit, and Challenge.gov and make some quick cash if you emerge the winner.
8. Create And License An Machine Learning Tech
If you can create an AI tech and license it, then you can make money by selling your rights to another person. You must sign a contract as the licensor to allow another party, which is the licensee to use, re-use, modify or re-sell it for cash, compensation, or consideration.
9. Offer Data to External Industry Players For Cash
Selling data to other players outside your organization or business can be another lucrative way to make money with machine learning. If you find players who are keen on experiences such as customer conduct, financial activity, and more, you can sell them the data they want or initiate joint opportunities.
Companies are seeking information on different things to improve their customer experience and to have a competitive advantage.
Therefore, you can gather and analyses various data and offer it to organizations for a fee. You can offer this up as a gig or freelance job. Here is how to thrive in the gig economy to land more clients.
10. Make Money With Financial Apps And Gambling Predictions
You can apply Machine Learning to the stock market and make a few coins. Machine learning can help in deciding which stock to buy and which to sell or which team will win in a match.
If you can predict accurately with a minimum benefit of the doubt, then you can sell your services to other gamblers and stock market participants. Some financial instruments may be complex to handle, but you can try first with paper trading.
There are several APIs to use as your data source. You can make good money with HFT (high-frequency trading) and Financial Applications of Machine Learning. Consider looking into sports betting (2 player games), horse and dog racing, and card games like poker. These are some other apps that pay you real money.
See Related: Ways to Write and Get Paid Instantly
11. Leverage AI In A Business Startup
If you start or you own a business startup, then you can consider leveraging data that you collect to make informed choices and to give your business a competitive advantage.
When you collect data and metrics such as KissMetrics, Google Analytics, and more, you can use this data to affect your bottom line.
Also, it can help you model the features of customers that convert or don’t, up-sell or cross-sell offers, customers value, and ROI of your customer retention strategies.
Therefore, you will make an informed decision or even make better future predictions.
12. Find Jobs And Internships
You can also get paid with machine learning if you get jobs and Internships. Although you will first do the work for free, you will gain experience. This way, you can then use the knowledge gained, to search for a well-paying job.
With the experience, it will be easy to land a good job that will help you make money with machine learning. You can then parlay this into other applications for getting paid with machine learning. Or, you can use AI to automate certain mundane tasks.
13. Increase Your Business Sales With AI Social Media Functionalities
Social media platforms have helped boost businesses across different industries. Social media platforms are making use of machine learning for their own and user benefits.
AI helps personalize your news feed and to do better ads targeting. Machine learning understands your Facebook experience, notes your interests, work, kind of target market that you can connect to, and can suggest actions accordingly.
The Pinterest platform uses computer vision to recognize the objects or pins that are in the pictures and can recommend similar pins accordingly.
With machine learning, which is the crucial element of computer vision, the technique helps extract helpful information from videos and images.
Conclusion On How to Make Money With Machine Learning
Machine learning is an emerging technology, and one of the most recent and best innovations. You can benefit from this emerging trend and earn money with artificial intelligence.
You can take advantage of it by trying these tips on how to make money with machine learning.
Are you ready to make money with machine learning? Let us know if you have any questions.
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