Machine Learning is a subfield of artificial intelligence (AI) and computer science. In simple words, it is the capability of a machine to imitate intelligent human behaviour. With the help of Machine Learning, Artificial intelligence systems are designed in such a way that they perform complex tasks similar to how humans solve problems.
In more technical terms, Machine learning is a field of artificial intelligence that allows systems to learn and improve from experience without being specifically programmed. It is based on the concept that computers can learn from data, read and infer patterns, and make judgments with little or no assistance from humans.
Machines use the available data and everything they have learned from experience to anticipate results with utmost precision. You must have used Google Maps. It aims to display the quickest route with minor traffic and obstruction by collecting data, processing it and based on previous traffic data reports. Companies like Netflix and Spotify use Machine Learning when recommending movies or songs to users based on their previous preferences.
Machine Learning has become an exciting technology of recent times because it is offering tremendous growth opportunities across several industries. According to Fortune Business Insights, the global market size of Machine Learning is valued at $21.17 billion in 2022 and is expected to reach $209.91 billion by 2029.
Machine Learning Market Growth
Machine Learning is the technology of the future. It is a powerful tool that can be used to solve a wide range of problems. From industrial research to weather forecasting, ML can transform every single element of society. In fact, it is difficult to imagine a future without Machine Learning and Artificial Intelligence.
The Thrilling Future of Machine Learning
At present times, almost every industrial and business domain is backed by machine learning. From healthcare, banking, finance, and education to entertainment, Machine Learning is transforming every industry.
Global Machine Learning Market by Components
Future of Machine Learning in various industries
With machine learning being so evident in today’s life, it’s impossible to imagine a future without it. The application of Machine Learning in various industries is only going to see exponential growth. Here’s what the future of Machine learning looks like in various industries.
1) Healthcare and Pharma Industry
Machine learning has infinite uses and applications in the healthcare and pharmaceutical industry. ML has seen tremendous growth in this sector over the last few years. ML and AI have contributed greatly to better treatment and prediction of diseases. Machine Learning has helped significantly in streamlining and distributing the massive data generated in the healthcare sector. Here are a few applications of ML in the healthcare sector:
Diagnosis and Disease Prediction
Disease Prediction is a Machine Learning based automated system that works as per the symptoms provided by the patient. The disease is predicted or diagnosed using algorithms and comparing the datasets (demographics, health records) with the symptoms shared by the patient. Machine Learning based systems have proved extremely effective in diagnosing critical diseases and saved millions of lives in the last few years.
Drug Discovery
In today’s time, new diseases are growing and evolving at a rapid pace. For example, COVID-19 variants have increased rapidly since the onset of the virus in 2019. With the exponential growth of diseases, drug discovery and development has become extremely critical.
The process of discovering drugs and developing them is a complex process and depends on several factors and loads of historical data. Machine learning (ML) can speed up and improve this process by providing data-driven tools with well-researched and high-quality data.
At a time when the whole world is facing the threat of COVID-19, ML has significantly accelerated the discovery of vaccines and contributed immensely to fighting this deadly virus.
Medical Imaging
Medical imaging has become an integral part of healthcare in the last three decades. ML has helped in developing better diagnostic tools. Machine Learning enabled medical imaging works on the algorithms that identify patterns that indicate a particular disease. This help doctors make quicker, more accurate diagnoses.
Improving care
Machine learning has improved the quality of patient care. AI and Machine Learning backed systems can monitor patients’ condition regularly and provide alerts to medical devices or electronic health records in case of emergency.
2) Finance and Banking Sector
Machine learning has been and will continue to change how the finance and banking sectors work. AI and Machine learning has become an integral part of this domain. The effectiveness and high speed of ML tools have transformed this vertical and will continue to do so in the future.
We are already seeing customers’ queries being resolved through automated messaging apps and chatbots. These are Machine Language AI-enabled tools. ML can provide banks and financial institutes with better insights into a customer’s data and reports and help them automate the process of loan disbursement. ML tools can prevent fraud and potential threats in banking, payments, and insurance.
Machine learning is going to play a big role in trading and stock markets by forecasting based on historical data, human intuition and other factors.
3) Manufacturing Sector
The main motto of the manufacturing industry is to produce better-quality products at less operational cost and in a time-effective manner. Artificial intelligence and machine learning allow manufacturers to improve their bottom line at the production stage by eliminating unnecessary production losses and associated costs.
The future of AI and ML in the manufacturing industry looks good. Major manufacturing companies have already started adapting “Smart Manufacturing”. Artificial intelligence in the manufacturing market is valued at USD 2.3 billion in 2022 and is expected to be USD 16.3 billion by 2027, growing at a CAGR of 47.9% from 2022 to 2027.
4) Retail Sector
AI and ML have revolutionized the retail industry. ML tools have helped this sector in quality assurance, customer retention and customer targeting. ML enable companies to select the best ways to attract customers, prevent business losses, and do business in an effective manner.
5) Automotive Industry
Automatic self-driving vehicles are the future. Tesla, Honda and several other automotive companies have already started working on this dream and are delivering automatic cars. The technology is expansive. Now, the challenge is to make it cost-effective and within the reach of general customers.
Global Machine Learning Market Share 2021
The future of machine learning is really promising. ML applications currently power practically all common domains. Healthcare, Finance, manufacturing, search engines, digital marketing, and education are a few sectors that benefit the most. Just name it, and ML has an effect on it. The value of ML to a business or organization may be debatable because, in the future, tasks that are currently carried out manually will be entirely completed by computers.
As a result of ML, the human species benefits from AI to the fullest extent possible. Unpredicted advances are being made in computer vision and natural language processing. Therefore, it isn’t easy to see a future without ML, given how pervasive technology is in our lives.
Conclusion
Machine learning algorithms can be employed more effectively as new technologies develop. The future of ML indicates the rising applicability of machine learning across numerous industry verticals. ML in the future will present multiple business prospects. The machine learning revolution and its future are both something that will be around for a very long time. Therefore, make sure your company is prepared to benefit the most from the future.
Written and curated by: Parveen K Tomar, Adobe AEM Architect, USA. You can follow him on LinkedIn
