Why machine learning has a major impact on all industries
Machine learning is having a major impact on the global marketplace. It will have a profound effect on companies of all sizes over the next few years.
Artificial Intelligence is surrounding us everywhere. We cannot go with our day without approaching a solution involving AI. Machine learning is a field of Artificial Intelligence which specializes in setting machine using algorithms to learn certain things by itself.
Machine learning has a vast number of applications. We can approach machine learning systems by going out shopping, using our banking account or even in public transport.
How much is machine learning changing things up? What is the demand for this new technology? One estimate pegged the global market for machine learning at $2.5 billion in 2017 and estimated that it would reach $12.3 billion less than a decade later. These estimates have been raised even higher by a newer study by Deloitte. This is proof that it is in high demand and is making a huge splash on the global marketplace.
Why is machine learning everywhere now?
Machine learning can be beneficial for your company in many ways. Of course, these applications depend on the needs of your organization.
It can be used in various ways. For example, if we have a problem with managing our customer service, we should consider implementing a machine learning application in this part of our company. In 2013, a company named DigitalGenius was founded to use machine learning to solve a number of customer service issues.
But AI can do so much more!
With an AI application (based on machine learning algorithms) that is built specially to fit our needs, we can automate any repetitive tasks like doing our company’s monthly paperwork. Our employees could then focus on more creative tasks that cannot be accomplished by an algorithm. Deloitte points out that machine learning is invaluable for boosting efficiency in many organizations. This is one of the reasons they estimate 2021 spending on machine learning will exceed $57 billion.
One of the most wanted features of machine learning AI is the capability to predict certain things. AI can analyze the market or the data we provide to make assumptions that turn out to be mostly accurate. Thanks to that feature AI among other things can target products to customers based on their shopping habits and online actions.
In which company can machine learning be most beneficial?
Nowadays AI is implemented nearly in every field of business. The most inspiring examples are in the medical industry. Artificial Intelligence can improve performing various tests which in result can profit in saving more lives. Quicker diagnosis is a quicker recovery.
Due to that, we cannot specify what field of business can benefit the most from implementing machine learning AI into their company’s system. It also does not depend on the size of the company. Of course, the small enterprises have a smaller amount of money that they can invest but with AI the more time and effort we put into making and implementing the application the more time and money we are likely to pull out in the future. It is a long-distance investment but without a doubt a smart one.
What type of AI is the most suited for us?
It is really important though to choose wisely from different types of AI. It should suit our company’s needs only. It is best if we have big data to manage. If the provided information is small in the amount a machine learning solution may not be the best option for us. Machine learning AI to function properly should be provided with a vast amount of 'good' data that can be systematized into patterns. So the best thing to do is to hire a data scientist who can initially manage our big data and then present it to our algorithm.
If we are still not certain whether we should or should not invest in an AI solution the best thing we can do is to contact a professional machine learning expert. One way out is to reach out to the company providing these types of services.
Machine learning is driving countless changes in every industry
Machine learning is having a major impact on the global marketplace. Companies in every industry are using machine learning technology to increase efficiency and boost output. It will have a profound effect on companies of all sizes over the next few years.
Author: Ryan Kh