Machine Learning-What Is It and Why Is It Important?
With the constant developments taking place in the field of technology, perpetual research is being done to understand how a human mind works and Artificial Intelligence (AI) can be called the product of the same research. The Artificial Intelligence has predominantly been brought into place to imitate the human activities while overcoming the limitations of human ability.
The importance of AI can be gauged from a prediction made by PwC according to which approximately 38% of jobs in the US are likely to be replaced by AI and automation by the 2030s. Another report by Tractica reveals the surging interest of companies in the implementation of AI, the revenue from Artificial Intelligence Software is expected to reach $59.8 billion worldwide by 2025. The sectors like advertising, finance, healthcare, consumer and aerospace are going to be the leading adopters of the technology.
What is Machine Learning?
Machine learning is a sub-set of Artificial Intelligence. This technology is an example of deeper penetration of technology in our lives. The key role of machine learning is to empower our computers to adapt themselves to self-learning mode without being specifically programmed for the same. The technology of machine learning enables them to learn, change, develop and evolve by themselves as and when they are exposed to new data. In other words, it is the training of your machine with a set of instructions in such a way that it can accomplish certain tasks without any other involvement.
In technical terms, machine learning is often defined as “a method of data analysis that automates analytical model building.”
Why is Machine Learning Important?
The kind of world we are living in, it is data-rich and filled with pieces of information, and hence, the machine learning becomes very crucial. Almost all the sectors of the economy are functioning with a huge chunk of data and managing it could be chaotic at times. However, machine learning comes as a saviour and posits substitute ways of analysing these huge data chunks. It develops quick and efficacious algorithms and data-driven models for real-time processing and analysis of data.
With so much of emphasis being laid on machine learning, it becomes a lucrative option to take a leap in your career as well. Being updated and upgraded always helps, irrespective of your career path. However, when it comes to technology, it becomes all the more important to be well-acquainted of the latest technological developments. One should consider picking up machine learning courses if they want to be ahead of others in the field. Quick learning lessons in the form of machine learning tutorials are always helpful. To have a solid edifice to build your learning, have a look at the sectors using machine learning and how the technology is transforming them.
Sectors Using Machine Learning
With the progress made in technologies, more and more industries are becoming keen on adopting technologies, especially the ones which operate with huge data pieces. Here’re some key sectors:
- Financial sector: Banks and related service providers have been found using machine learning and artificial intelligence pro-actively, courtesy to the enormity of data they deal with. While machine learning helps them in identifying business prospects, it helps them more with cybersecurity.
- Marketing and sales: Marketing in today’s era is no more like previous days. The marketing is going digital and hence, uses a lot of data to create the businesses. Machine learning comes into the picture and helps them with the same. As per a report by Statwolf, Netflix saved $1 billion in the year 2017 with the help of its machine learning algorithm which recommends personalized TV shows and movies to subscribers. Another example comes from Amazon whose ‘click-to-ship’ time has decreased by 225%, courtesy machine learning.
- Government: The government sector is the most poignant one which is using the maximum data for varied purposes, inclusive of personal information of the civilians. In such a scenario, the protection of this data against the cyber threats becomes utmost crucial and hence, the technologies like machine learning play an integral role to keep them going as taking care of these amount of data manually is next to impossible. The data breaching/hacking of such huge information pieces could cost government and civilians a lot.
There are many more areas where machine learning is advancing itself. As per the studies by Strategy Analytics, 41% of consumers believe AI will make their lives better.
Machine learning has taken a very important position over past few years and is continuously advancing to become better, in order to topple more and more human inabilities. With the major technological testing and research going on the local as well global levels, we are soon going to take the leap forwards in scrutinizing as well as safeguarding our data.