Impact of Machine learning on the Growth of Industries
— — Rising of Technical Field
It’s a bit difficult to narrow down one specific definition of machine learning (ML), because you’ll get a different explanation depending on whom you ask.
Nvidia defines it as “the practice of using algorithms to parse data, learn from it, and then make a determination or prediction about something in the world.”
Stanford suggests that ML is “the science of getting computers to act without being explicitly programmed.”
And Carnegie Mellon’s definition — also a favourite of many other experts in the field — states “the field of Machine Learning seeks to answer the question ‘How can we build computer systems that automatically improve with experience, and what are the fundamental laws that govern all learning processes?’”
Regardless of the definition, the goal of machine learning is to adapt to new data independently and make decisions and recommendations based on thousands of calculations and analyses. The systems learn, identify patterns, and make decisions with minimal intervention from humans. Ideally, machines increase accuracy and efficiency and remove (or greatly reduce) the possibility of human error.
The Importance of Machine Learning
The nearly limitless quantity of available data, affordable data storage, and growth of less expensive and more powerful processing has propelled the growth of ML. Now many industries are developing more robust models capable of analyzing bigger and more complex data while delivering faster, more accurate results on vast scales. ML tools enable organizations to more quickly identify profitable opportunities and potential risks.
New techniques in the field are evolving rapidly and expanded the application of ML to nearly limitless possibilities. Industries that depend on vast quantities of data — and need a system to analyze it efficiently and accurately, have embraced ML as the best way to build models.
Industries that Use Machine Learning OR The Sectors Where Machine Learning Is Having A Positive Impact
Machine learning already playing an important role across dozens of sectors, with projects of every size demonstrating its positive impact. Let’s look at some sectors where this technology is changing how companies operate and interact with their clients.
- Government Sectors:
Systems that use machine learning enable government officials to use data to predict potential future scenarios and adapt to rapidly changing situations.
- Marketing and sales:
Machine learning is even revolutionizing the marketing sector as many companies have successfully implemented artificial intelligence (AI) and ML to increase and enhance customer satisfaction by over 10%. In fact, according to Forbes, “57% of enterprise executives believe that the most important growth benefit of AI and ML will be improving customer experiences and support.
Machine Learning Industry discovers diverse topics such as regional market scope, product-market various applications, market size according to a specific product, Machine Learning Market sales and revenue by region, manufacturing cost analysis, industrial chain, market effect factors Analysis, and more. The report offers comprehensive analysis and accurate statistics on revenue by the player for the period 2015–2021. It also offers detailed analysis supported by reliable statistics on price and revenue (Global level) by player for the period_2015–2021.
- Financial services:
ML offers accurate solutions for shared datasets that increase the efficiency and safety of the financial system. The insights provided by ML in this industry allow investors to identify new opportunities or know when to trade. ML can help calibrate financial portfolios or assess risk for loan and insurance underwriting. The future of AI and ML in this industry includes an ability to evaluate funds and analyze stock market movement to make financial recommendations.
- E-commerce:
The e-commerce sites use ML to analyze your buying and search history — and make recommendations on other items to purchase, based on your past habits. Many experts theorize that the future of retail will be driven by AI and ML as systems become even more adept at capturing, analyzing, and using data to personalize individuals’ shopping experiences and develop marketing campaigns.
- Media and Entertainment:
ML also allows companies to make their content more accessible to customers as customers have become more powerful than ever before due to rapid digitization. Digital media is not just an additional distribution platform but has emerged as a core revenue generator. Truthfully if an industry wishes to sustain and grow they have to face severe competition that exists in digital marketing.
Machine Learning & Artificial Intelligence
Is all the hype surrounding machine learning really worth it? Most experts say “yes” — with this: The key is understanding how to use it to meet each individual business’s challenges and goals. It’s clear, based on a significant volume of data and evidence, that machine learning and artificial intelligence are here to stay. Experts agree that it’s important to clearly understand the value that incorporating ML will bring to your business. Machine learning is quite powerful and is constantly evolving at an exponential rate. Artificial intelligence currently knows no bounds and is focused on outperforming its limits using the power of Machine Learning.
AI with ML is impacting a lot of industries by collecting a lot of data and giving some information that can be used in the further decision-making process.
Below are some reasons why ML hold the future of the industries.
- ML are driving an era of automation that holds important benefits for global industries like increased productivity.
- ML brings in speed, as companies have started relying on technologies to optimize their internal business operations.
- ML boosts creativity and innovation by automating tasks so that employees only focus on the essential part.
- ML also can handle and analyze enormous data in an unbiased manner.
Machine Learning -Industrial Review
Corporate investment in ML is increasing exponentially. According to a forecast from the International Data Corporation, $12 billion was spent on AI and machine learning development in 2017, and this will reach $57 billion by 2021. Research from Deloitte Global returned similar insights: machine learning programs doubled from 2017 to 2018 and are expected to double again by 2020.
But to truly understand machine learning’s economic effects, we must expand our horizons further into the future. By 2035, Accenture estimates ML & AI will increase productivity and profitability by 40 percent and 38 percent, respectively.
The global machine learning market is projected to grow from $15.50 billion in 2021 to $152.24 billion in 2028 at a CAGR of 38.6% in forecast period
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According to the latest report by Grand View Research, the machine learning market will reach 96.7 billion dollars in 2025. A figure that is a dramatic increase considering that the figure in 2018 was 6.8 billion dollars.
Over the next few years, more and more companies will opt for machine learning technology to improve their businesses.
Let’s look at how machine learning is already affecting a few key industries. ·
- More-Intelligent Medicine
Machine learning is giving healthcare providers groundbreaking tools to diagnose various irregularities like tumors from X-rays and MRIs more effectively than any human radiologist could. For example, Stanford researchers have created a machine learning algorithm capable of detecting 14 types of medical conditions from a single chest X-ray. This is a big reason why McKinsey predicts machine learning, coupled with big data and healthcare app development, could be worth $100 billion per year in healthcare alone. Imagine what insights machine learning could offer by analyzing big data in medicine.
- Maximizing Manufacturing Efficiency
Warehouses and factories are racing to leverage machine learning’s capabilities in their supply chains, and it’s easy to see why. Through the technologies that are currently available, 78 percent of physical work could be automated. This will allow workers to take on safer, less physically-demanding roles that provide more value.
- Transforming Transportation
Perhaps nothing has revolutionized our roads more in recent years than ridesharing services like Lyft and Uber. However, this will pale in comparison to the changes self-driving cars will bring. Uber earns 20 percent of revenue per ride, but when the company transitions to autonomous vehicles, this will rise to 100 percent.
- Opening Opportunities for Innovation
Diving into each industry that will be impacted by machine learning app development would be impossible; this technology’s cross-industry impact cannot be overstated.
Through the examples above, we hope you’ve gained a better understanding of how machine learning will impact your industry. Maybe you’ve even thought of how this disruptive technology can be applied to your company today.
With this being said, only one question remains: are you ready for machine learning?
Globally, our economy would benefit from a period of sustained innovation and uplift. There are already numerous ways ML is contributing to environmental and healthcare projects, both of which have wider ramifications than increasing investor value and returns.
ML can bring positive change to the economy in many ways, such as:
- Unlocking insights and actionable information in raw data,
- Supporting the creation of new data-driven products and services,
- Optimizing workloads and business processes across dozens of sectors.
Improved efficiencies, through machine learning and big data, could ensure people spend time adding value, thereby changing how we work for the better.
What is the future of machine learning and what industries do you think it will affect the most?
If you are running a bank, you are interested in analysing, not only the digital activities that are happening inside, but you are also interested in physical activities that are happening around, its branches and the places of interests. With the help of Machine learning, banks will be able to analyse video footage of the activities going around and give some insights into suspicious activities.
A large percentage of insurance cost today is false claims, whether it is vehicle claims, medical claims or any other. Insurance companies really want to get into detailed insights and want to understand more. With the help of machine learning, companies will have clarity to compute claim costs directly from the images
If you are a healthcare provider, you are interested in early diagnosis of potentially hazardous disease like cancer. At times, even before the formal tests are carried. Machine learning will be able to provide early diagnosis of such life-threatening diseases, and also at times epidemic spread
Likewise, there are many industries which are going to benefit from Machine learning. There are a lot already benefitting, and others are catching up
Some Forecasts About the Future of Machine Learning
Machine learning is a revolutionary technology that currently forms a critical aspect of numerous growing and established industries.
1. Enhanced personalization
Machine learning personalization algorithms are used to offer recommendations to users and entice them to complete certain actions. In the future, the personalization algorithms are likely to be fine-tuned, leading to far more beneficial and successful experiences.
2. Improved cognitive services
Cognitive services consist of a set of machine learning SDKs, APIs, and services, which allow developers to include intelligent capabilities into their applications. With such services, developers can empower their applications to carry out various duties, such as vision recognition, speech detection, and speech understanding.
3. Rise of robots
As machine learning is becoming more sophisticated, we’ll see increased usage of robots. Robotization depends on machine learning for accomplishing various purposes, including robot vision, self-supervised learning, and multi-agent learning. Soon, we expect robots to become more intelligent at accomplishing tasks. Drones, robots in manufacturing places, and other types of robots are likely to be used increasingly to make our lives easier.
Summary
Machine learning is one of the most disruptive technologies of the 21st century. Although this technology can still be considered to be nascent, its future is bright. The above predictions have just scratched the surface of what could be possible with machine learning.
In the coming years, we are likely to see more advanced applications that stretch its capabilities to unimaginable levels.
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Authors:
- Mohit Marathe
- Atharva Meshram
- Samarth Misal
- Sanskruti Kakade
- Devarshi Wadadkar
Vishwakarma Institute of Technology — Google Maps
