The expectations from this tech are many as everyone believes in its delivering capacity. ML is transforming the world for the better. What was only confined to our imagination is turning into an actuality – this is nothing less than impressive and stupendous!
ML technology, a branch of AI (Artificial Intelligence) focuses on imparting the ‘learning’ capacity to machines in a human-like manner. Data handling, management and analysis are hence, is not seen as a Herculean task anymore!
For this piece, we will focus on this technology and its fundamentals, its advantages and the challenges too. So, sit tight for a reading ride that will help you develop a better understanding of sci-fi movies!
Interesting, right – let’s get at it!!
What exactly is Machine Learning?
ML is the study of computer algorithms that keep improving themselves automatically, with the help of data and acquired experience. It is the science of getting computers to perform without requiring the process of programming.
This technology falls under the ambit of AI and aims to make intelligent machines smarter! There are four main types of ML algorithms; they are:
- Supervised
- Semi-supervised
- Unsupervised
- Reinforcement
In Machine Learning, computers keep learning to optimise their operations continuously, based on their experience. This in turn, improves performance, efficiency and intelligence over time.
Fantastic solutions like effective web search, self-driving cars, speech recognition, etc. have been given to us through ML! This tech has so beautifully gotten integrated with us, our lives and routines that we don’t even realise that we are using them.
According to experts, it is one of the best ways to progress towards human-like AI!!
Important statistics about ML
Stats related to AI/ML, according to Statista, are as follows:
- In 2021, the percentage for improving customer experience is 57%, representing top AI/ML use cases.
- 17% of the companies have developed ML models but production work is on the go.
- The global market in 2021 for AI was a whopping 327.5 billion US dollars.
- IBM is the largest AI-patent owner in the world!
- The global Artificial Intelligence Software market revenue reached 247.6 billion US dollars.
- It has been estimated that 10.9 billion US dollars, will be spent on IPA (Intelligent Process Automation) in 2021 itself!
The importance and advantages of this technology
The titular technology can do a number of things. The following are few examples in this regard:
- With machines learning on their own, no human interference is required.
- Few obvious outcomes are reduced human errors, increased efficiency and constant improvement.
- The process can be considered as never-ending because the focus is on continuous learning!
- More competent and intelligent machines can identify patterns in a huge amount of data in less time!
- Data analysis, especially when the volume is huge, isn’t a problem anymore!
- Machine Learning algorithms are great at handling multi-dimensional and multi-variety data!
- One of the best parts, it finds applications in almost all domains – whether it’s robotics, e-tailor, healthcare, Big Data, etc.
In a nutshell, this is what you must remember
AI/ML are evolving at an impressive rate. As a result, businesses have realised the importance of incorporating these technologies to perform better and more efficiently!
There are chances that this tech will set a pedestal for the future technological developments, including the Internet of Things, as well. The credit here, must be given to reduced costs, increased efficiency and efficacy, enhanced security, reduction in time and efforts, etc.
Therefore, considering to enter this field is a wise decision!
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