The Global Machine Learning market is growing exponentially with the advancement of AI and the market is supposed to expand at a growth of 38.76% from 2020 to 2030. According to a PwC study 38% of the jobs in the US will be automated, contributing 15 Trillion USD in great benefits to GDP by 2030. Which will also generate demand for other jobs to cope up with the automation trends. Sales and marketing is predicted to be the most profitable domain for Machine Learning by McKinsey. So let’s see how different industries are evolving in Machine Learning and making good use of it.
Entering in Healthcare 5.0 and the last few years of pandemic, affected healthcare and we came out of it exceptionally well. Healthcare industry advanced in different domains, and came with critical clinical solutions. Machine Learning algorithms powered with AI, can detect a patient's disease with high tech machines via scanning such as tumors, lump growth etc. Moreover, intelligent sensors are also playing a vital role in healthcare equipment to get the medical data faster. For instance, diabetes patients can wear wearable devices which detect the sugar level and supervise you to regulate the insulin. Heart rate, oxygen level wearables are also a good example of it.
IOT also plays a big role in digital devices to keep the patients informed about the data from the devices like monitoring the display of heart rate, oxygen saturation, respiratory level via transducers.
Although we have many problems still alive to get the better solutions of. Technology and Science have been working their best to reach the expected healthcare solutions.
Finance Industry is the pioneer for ML and AI technologies due to the huge amount of data and widespread domain, be it trading, banking, insurance, the AI technology is benefiting everything by automation.
Finance has been benefiting from machine learning lately, for example, Algorithmic Trading of shares in Stock Market, predicts and shows accurate results for people to understand it better. ML provides insights to allow investors for a better understanding of when to trade. It also analyzes a large number of datasets in seconds and provides outcomes without even specifically programmed for it. Which also helps in finding fraudulent activities. Moreover, it also provides security in terms of finance being a digital solution rather than conventional trading of money.
Where human advisory is becoming costlier everyday, AI and ML are the saviors. Smart solutions for trading, investments give us better advice than a human, in a personalized and customized way for our needs. AI and ML are also growing in Cyber Security for Financial Services due to vulnerable data security. The only barrier which comes across is the consumer trust and acceptance for these advanced solutions.
We all use Smartphones, Smart TV and even smart home appliances, but if you think about Smart Cars, what comes to your mind? The very common example would be Tesla! And why not! Just like any other industry, the automotive industry is growing immensely in Machine Learning. The best example can be self driving cars, although that is on a bit higher end in terms of commercials. But if we speak about the affordable and average ML solutions in the automotive industry then we have Predictive Maintenance, Advanced Driving Assistance, Automatic Driving System, Quality Control, Supply Chain Management etc. Which is an example of excellent growth in the Automotive Industry.
With automation the technology is advancing and efficiency is increasing. However, advancement also needs to win consumer’s trust to make a place in the market.
Well, these terms are ruling the market, content spreads through them or by them. Hence, intelligent solutions are backing up these solutions to be in trends. Personalized content, Customized recommendation are the one great example of AI intuitive algorithms creating huge impact on sales and marketing.
While you are willing to advertise your products or services, AI powered tools and systems, analyze the millions of data, determine the to be targeted audience, where your ad might work out. The age, gender specific products strategies, all can be done by AI and ML algorithms within minutes. By doing this, one can witness traffic increase, increased Conversion rate and other parameters too.
Communications mainly includes social media, which is playing a big role these days to make use of AI algorithms in such a way that content goes viral within seconds and helps in customer acquisition by predicting the user behavior. And all this is possible by the smart strategies put into social media platforms such as Instagram, Facebook, Twitter etc.
Past few years caused massive damage to retail and customer service during the pandemic. But it also gave a new direction to retail and customer service to tackle the situation. Where ML came as a game changer and helped this industry to reinvent the supply chain and inventory management from their conventional methods.
Even before the pandemic, most eCommerce websites started using 24/7 AI powered chatbot services to improve customer service efficiently. But during the pandemic, most eCommerece switched to these solutions to provide better customer service due to the need of the hour, which has shown an immense hike in the performance of it.
The manufacturing industry provides tons of aspects where AI and ML based solutions can be the best fit. The most important aspects are AI-Bots, which are proven to be a big help in fixing the systems. Self learning bots have proved that the manufacturing process can be automated too. Which reduces the manual cost and increases efficiency undoubtedly. For example car manufacturing company BMW, uses automated image recognition for quality assurance to inspect and eliminate defects.
Hence by reducing manual work and automating the process, ML is creating an impact in the manufacturing industry.
The technology is transforming the agriculture process too, by feeding the self learning systems with the collected stored data to support real time agriculture. Farmers can use data intensive methods to increase the efficiency in work and reduce the labor and waste. It also helps to improve the quality of crops and the reduction in costs. ML has advanced to an extent where it can take care of the whole agriculture process from the selection of the crop to harvesting and post harvesting activities.
Nonetheless the widest area where hit and trail methods of ML are applied every hour is software development. The market of SD is growing significantly and is acting as a crucial part in all the other domains, such as marketing, retail, manufacturing, healthcare and much more.
ML is continuously approaching to eliminate the need of giving commands and rules to machines, and trying to make them smart enough to take the decisions. And many of the solutions are available in the market as the great example of the same, such as Alexa Smart Home by Amazon. Although this is just a start. ML has more to offer in the near future, for example, Metaverse. Software Development is not only helping technological domains but also playing a vital role in military equipment, cyber security, and much more. Once ready, ML and AI algorithms are also predicted to perform the tasks, which even developers wouldn’t have imagined.