Machine learning: Why is it important for everyone to know?

Machine learning: Why is it important for everyone to know?

We live in the digital realm, where artificial intelligence and other technologies are disrupting the various industries’ verticals. Thanks to advancement in technology, people have now become more productive, healthier by accessing useful information. 

These days, machine learning is the new innovative and trending technology. You must be amazed to find out that an industry leader claims that a sibling of artificial intelligence is ushering in the new phase of the industrial revolution. 

Yeah, you read it, right? Sibling- because ML is the application of AI, widely implemented by taking the Artificial intelligence development services from the reputed companies. and Also, it has become the hottest topic of discussion among the C-suite. If you are a newbie, this post is just for you. The information that we will share with you will help you to dip your toes in machine learning. So, are you ready to enter into the deeply fascinated world of Machine Learning?

Artificial intelligence and other disruptive technologies are spreading their wings in different domains of the world, and ML-a new emerging technology is one of them. Apart from this, various industries have the potential to understand this technology for unleashing its power.

But audiences who are new to this buzzword AI and ML, which they keep on listening to everywhere like on their TV, Mobile apps, websites, and even at social discussions can find it really exciting. So, let’s first understand the meaning of this new technology. 

1. Machine Learning

As the name suggests, it’s a process that allows the system to automatically learn and improve from their past experiences without explicitly coding or being programmed. Which means it doesn’t require human intervention at all.

Are you familiar with this? Arthur Samuel was the one who came up with the first phrase, “Machine learning.”

Let’s understand it more deeply with an example:

2. For Instance

 If your credit card is misplaced and someone finds it and tries to withdraw money from your account, an email or text message is sent to you for your awareness. If you don’t verify it, then the bank considers this activity under suspicious activity. But how is it possible? You must be thinking about it, right?

Then this new technology comes under the limelight because, with its implementation, the bank’s machine algorithm understands the transaction history. Therefore, when it encounters any abnormal activity from the regular one, it informs the bank and the respective account holder about it.

3. Significance

 Without any single doubt, there is ample data available, so if it is used in an organized and more systematic manner, it can increase the user experience. That’s why machine learning is becoming a trend.

Besides this, it gives the industries a view about the ongoing trends followed by the customers. In simple terms, it helps to determine the customer behavior pattern, and on that basis, it gives the possible outcomes. 

The big companies such as Facebook, Google, Uber are already implementing this technology in their working zone, so why is your business lagging.?

4.  The future Market Prediction

 Without any single thought, the future of this technology is exceptionally exciting; that’s why more industries are giving a thought to implement it. Do you know that this technology is behind your favorite Netflix series recommendation?

With the advancement in technology, more industries are inclining towards implementing this technology. And as per study reports, the global machine learning market is predicted to grow more from $8.43 billion in 2019 to $117.19 billion by 2027.

This technology has the potential to give more accurate predictions and results; that’s why in the year 2020, $3.1 billion in funding was raised for machine learning companies. The innovation in technology keeps on increasing the living standard of the people.

5. Unleash the future potential with its Benefits

Beyond any doubt, the implementation of ML in various industry domains points towards its amazing benefits. Therefore, it’s better to take a look at some of its benefits.

  • Provide accurate results for search engines

Provide accurate results for search enginesThe foremost thing to notice about it is that, based on past experience, this technology successfully delivers accurately predicted results without much needed human intervention. When you want to search for an article on the search engine, then the search engine ranking factor of the website decides which website content can be given to you. because you are not aware of the published content as an ample amount of data is available on the internet. The ML technique has an outstanding impact on the search engine.

The search engine will be far better in providing the user experience and the hosting experience in the upcoming years.

  • Easily & Quickly Identify Patterns and Trends

The main advantage of machine learning is its intelligence in identifying the patterns and trends that sometimes are not apparent to humans by analyzing the large volume of data. 

Let’s understand with an example.

We all are the constant online buyers of Amazon- an e-commerce website, where the ML algorithm understands the browsing pattern, needs, interest of the audience and then show the more likely product to them like similar products, recommendation, deals and reminders that attract the user’s attention and finally pushes them into the different stages of sales funnel.

  • Ahh, Finally Got a Break from Human Intervention

Artificial intelligence with its subfield has reduced the constant requirement of innate human intelligence.

That means there is no need to babysit the project because ML is all about intelligence. So in this whole scenario, the machine can learn, predict after analyzing the data, and then improve their algorithm on their own. 

  • Continuous Improvement is the Key

When we talk about this new buzzing technology, it requires continuous improvement to predict better results, outcomes, and possibilities.

So, have you reached it so far? Keep on reading to find out more about this fascinating world.

The algorithm is capable of learning more when more data is provided to it. The model’s accuracy and efficiency improve with subsequent data. Moreover, when they keep on gaining experience, they keep improving their efficiency and decision-making power.

  • Capable of Handling Multi-Dimensional Data

The ML algorithm is good in handling multidimensional and multi-variety data; due to this, it is used in various applications like defence to education. It helps to deliver a much more personalized user experience paralleling targeting the right audience. Apart from all this, do you know it can do email spam filtering, GPS tracking for traffic, spell check and correction?

6. Drawbacks of Machine Learning

So far, we have taken a look at some of its plus points that surely increase the demand for this new innovative technology. But, you should always remember that there is not a single technology that doesn’t have the pitfalls. So let’s move further and explore its negative points.

  • Data Acquisition

 As we know, data acquisition in large amounts is a long process. Thus the data collection always comes with a cost which means the data is collected through the surveys. Which leads to a high probability of improper or fake data. Which results in the error, and the possibility of giving the appropriate outcomes is reduced. So these types of reasons make data acquisition a big task.

  • Error-Prone

If you have a computer science background, then you must be familiar with the concept of GIGO. So, take a pause and comment on your answer in the comment section.

Here is the answer for those who are not familiar with it. GIGO stands for the Garbage in, Garbage out. It means if you send the wrong or manipulated data to the machine at the time of training, you will receive the poor quality of data as its possible outcomes. 

Thus, sometimes it’s possible that the machine algorithm shows the inappropriate recommendation to the audience, which is not related to their search history or pattern.

  • Time-Consuming

The machine learning process is time consuming more than expected, especially if the massive amount of data is available, then the time taken by the machine for analyzing the data keeps on increasing. Thus this is a huge drawback of this technology.

Wrap-Up

These days, Machine Learning is used to make more realistic predictions and forecasts, identify all the data appropriately, spelling checking, image checking and many more. It’s a branch of AI. There is no doubt if we conclude that ML and AI are both complicated domains to work on. But, with the above-mentioned information, now you all have the knowledge about this domain, and you are ready to start making up your mind whether you should go into this field as your career option or not. Besides this, if you are not thinking like this, you can enhance your knowledge because we have shared almost everything in this post, related to this trending and buzzing technology.

Read Also – Attention: Top 5 Trending Artificial Intelligence Sectors 2021