Machine learning has moved into the realms of everyday life and occupies center stage in influencing every aspect of business and individual’s decision-making process today. The technology is growing exponentially along with its counterpart artificial intelligence. IDC predicts the investment in artificial intelligence and machine learning will jump from $12 billion in 2017 to $57.6 billion by 2021.
Machine learning is behind the new breed of companies making an industrial change, from medical research to agriculture. In the years to come, machine learning will not be restricted to top-notch companies and business bigwigs alone, start-ups are all set to take the competition to new heights.
Machine learning has already started a digital disruption and improving everyday tasks. Today, business majors are depending on machine learning to optimize operations, make the processes more efficient, improve customer experiences and drive revenues. Companies are also using machine learning to automate back-office operations. Tasks like data processing and extraction can now be done with the right machine learning algorithms in place. In fact, some companies believe machine learning could automate up to 85% of their operations. And, according to KPMG, such automation could save companies 75% of operating budgets.
Machine learning is being deployed more and more frequently across industries. Retail and e-commerce are increasingly relying on machine learning to offer product recommendations, customer loyalty programmes, and substitute product prediction. In banking, machine learning is being used to provide efficient assistance through customer self-service portals, automatically update records and detect fraud. This innovative technology has made self-driving vehicles go from theoretical blueprints to becoming a reality that is less than a decade away.
The advent of the machine learning age is evidenced by the increase in client inquiries and purchasing activity. A Google and MIT Technology review study estimates 60% of organizations are positioned at varying stages of machine learning adoption with each organization investing heavily to develop machine learning algorithms. As enterprises race to stay ahead in the competition, machine learning is becoming an important investment.
The present century is all set for a digital revolution led by machine learning making our lives easier with more advanced cognitive learning applications and improved personalized capabilities. The sky is the limit for machine learning to spread its dominance, and it is only the beginning of an intelligent era.
