Why Machine Learning is the Hottest Technology Trend of the Modern Era

Machine learning helps software make sense of the messy and unpredictable real world. From translating speech to self-driving cars, from smart homes to smart wearables, machine learning is driving an explosion in the capabilities of artificial intelligence. ML is the tech trend that will rule the world for decades.

 

Machine learning focuses on the development of computer programs that can access data and use it to learn for themselves. From translating speech to self-driving cars, from smart homes to smart wearables, machine learning is driving an explosion in the capabilities of artificial intelligence.

Machine learning is so pervasive today that you probably use it dozens of times a day without knowing it. In our day today life, there are many things that we use run on machine learning such as:

·        Recommendation systems like those on Netflix, YouTube, and Spotify

·        Search engines like Google and Baidu

·        Social-media feeds like Facebook and Twitter

·        Voice assistants like Siri and Alexa

 

Machine learning is mesmerizing, particularly its advanced sub-branches, i.e., deep learning and the various types of neural networks. ML can solve complicated real-world problems in a scalable way. As the field develops further, machine learning shows promise of supporting potentially transformative advances in a range of areas, and the social and economic opportunities that follow are amazing. There are five elements needed to create good machine learning systems like data preparation capabilities, algorithms – basic and advanced, automation and iterative processes, scalability, and ensemble modeling.

Machine learning algorithms focus to optimize the performance of a certain task by using examples and previous experience. Machine learning can be divided into three main categories:

1.     Supervised learning

2.     Unsupervised learning

3.     Reinforcement learning

 

MACHINE LEARNING USE CASES

Machine learning has many potential uses, including external (client-facing) applications like customer service, product recommendation, and pricing forecasts. Top companies in the world are using machine learning to transform their strategies from top to bottom.

 

Financial services: Risk analytics and regulation

Travel and hospitality: Dynamic pricing

Healthcare and life sciences: Disease identification and risk satisfaction

Transport: Self-driving cars and automated transportation

Manufacturing: Predictive maintenance and condition monitoring

Retail: Upselling and cross-channel marketing

Energy: Energy demand and supply optimization

 

The indicators are already here: market research shows that the global ML market is expected to grow to $8.81B by 2022, 60% of organizations are actively engaged in the adoption cycle, and worldwide revenues from AI systems are charted to surpass $46B in 2020. Currently, the most promising approach to AI is the use of applied machine learning. Sectors like financial services and technology are at the forefront of adopting machine learning in their business operation.