05 Sep

Applications of Machine Learning and its Future

Applications of Machine Learning and its Future

Machine learning is a branch of artificial intelligence which empowers the computer systems with the ability to learn on their own automatically from experience and improve functioning. During the last five years, there have been waves of gradual improvisation of machine learning in the industry

In a survey conducted by Statista, it was found that 26% of the companies allocated more than 15% of their IT budgets on machine learning in 2017. Machine learning can make your smartphone smarter and can render the robots with a better cognitive ability to do many of the jobs that humans do in a better manner. With machine learning, even your mobile phones would be endowed with much higher level functionalities like effective voice recognition, smarter camera features, language translation, improved security, etc.

Reasons for Rapid Adoption of Machine Learning

In business, smart machines would become a daily phenomenon soon helping enterprises to make accurate decisions faster. With all these advancements the question that pops up in our minds is why this technology is a compulsion for business. How is machine learning bringing about an evolutionary future at a faster rate? The answer is pretty simple. Looking at the advancements in navigation and motion control, analytical ability of sensory data and the application of machine learning in all fields, the perceptual interfaces would be endowed with capabilities which may seem endless. Machine learning is not limited to mobile phones but is interspersed in all the spheres opening new vistas of products and services enhancing competitive advantages that businesses can hardly ignore.

Machine learning is deployed in digital transformation making the processes of computation more cost-effective, reliable, and efficient. High scalability and enhanced power of computing of cloud technology compounded with data maneuverability and predictability offered by big data would eventually turn decision making into a data-driven affair. With the entry of machine learning, we are at the crossroads where the mainstream practices can be challenged driving high-level precision and innovation in each sector.

Application of Machine Learning

Machine learning with its myriad application in all industries essentially holds the key to the transformational potential which is the driving force behind its ubiquitous applications. Here we list a few of the industrial applications.

Smart Machines will enter Mainstream

Financial sector

Be it finance, banking, or insurance; machine learning would facilitate faster and more accurate decisions by analyzing users’ activities. It would not only help in more customer satisfaction and retention but would also help in new product development and offer personalized advice to customers. In terms of calculating risks, assessing market trends and reacting to market fluctuations machine learning would prove to be an asset providing the never before competitive edge to the financial sector.

Healthcare

In social care and the healthcare industry as well, machine learning would prove to be revolutionary. The Internet of Things and data analytics can be applied together to come up with smarter healthcare solutions. Health telemetry is already a reality as we see broad application and usage of wearable devices and smartwatches. Machine learning can take the healthcare monitoring one step further enabling detection of potential health hazards and problems much earlier.

Retail sector

Machine learning is already used by the giants of the retail industry like Amazon already, in offering highly personalized services and recommendations to customers. In high-speed environments, machine learning can understand the problems of customers and vendors and come up with an impending solution. Machine learning can also be effectively used to track price changes in commodities and offer a predictive pricing plan.

Needless to say, almost all industries have the application of machine learning and AI. Statistics say there is a gradual transformation happening in diverse industrial sectors pointing towards an automated future. As the trend picks up and continues, we are sure to see more commonplace applications of artificial intelligence and machine learning. This would lead to rapid evolution of business processes and a paradigm shift in the ways things are done.

Key Takeaways

  • Machine learning can make your smartphone smarter and can render the robots with a better cognitive ability to do many of the jobs that humans do in a better manner.
  • Machine learning with its myriad application in all industries essentially holds the key to the transformational potential which is the driving force behind its ubiquitous applications.
  • Statistics say there is a gradual transformation happening in diverse industrial sectors pointing towards an automated future.