Estimates show that by 2022, the cost of cognitive and artificial intelligence systems such as
machine-learning will amount to $78 billion.
This is a huge amount, which is why it’s crucial to know the costs and logic behind machine
learning consulting costs. This will help you to make informed and educated decisions regarding
machine learning consulting services.
Most business owners (from startups to large enterprises) wonder about the cost of artificial
intelligence. It is difficult estimating the cost of a machine learning project, without first having
an idea about the details.
To get started, it is best to understand the two types of machine learning projects, which are,
trivial and academic.
Trivial projects already have a solution out there – both the dataset and the model architecture
already exist. These projects are free to undertake, so, we’ll focus on the second type.
Academic projects require basic academic research – applying machine learning to a whole new
level or on entirely different data structures than other models.
How Much Machine Learning Costs Marketing Teams?
According to recent estimates, a machine learning project can cost an organization $51,750 to
$136,750. The type of data involved determines the high variance. This estimation is very
optimistic. For businesses that are based in the US and work with sensible data, the costs can
be on the higher levels, putting machine learning projects upwards of $108,500.
The cost of machine learning projects makes it less accessible for small businesses, startups,
individuals, and small teams that desire to tackle new issues or make their processes and
decision-making automated. The difficult part of this project is getting the required data.
Without data, it’s impossible to validate a machine learning solution, which could lead to a
deadlock.
(Also Read: 11 Ways Machine Learning Can Improve Marketing and Sales)
What Determines the Rates of Machine Learning?
Even though the consulting rates of deep machine learning may appear straightforward,
particularly when looking at average prices, a lot of factors could determine the cost of machine
learning consulting. It is important to understand these factors, whether you intend to hire a
consultant or work as one. Some factors that could determine the cost include:
Experience of the consultant
machine-learning consulting services base their rates on their expertise and background.
Scope of the project
machine-learning or data scientist consultants are required to invest more time into setting up
and implementing the architecture of your solution.
Expected outcome
large data, result expectations are what you expect when it comes to machine learning
projects.
What Machine Learning Consult Should Include
A machine learning consultant services should include:
• An initial consultation should be done before hiring
• Consulting or service proposal
• Hourly quote or flat rate
• Dataset provided by the client
• Expected results
• Specific requirements quality
Conclusion
The major benefit of machine learning is that it provides the ability to learn: the more data
system processes the more intelligent it will be. When you process larger data, machine
learning will recognize different patterns, and then build new analytical models. The secret of
generating higher amounts of quality data is to get a machine learning solution to market
quickly.
If you are a B2B marketer looking to increase sales, give ML/AI a chance to help you reduce
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