Big changes are happening in the business world and one of these great shifts is directly owing to the contribution of machine learning (ML). The grid of algorithms and statistical models is a revolutionary application of AI. The technology has the ability to learn automatically and bring about changes and improvements from experiences. The self-learning capacity of ML makes it an important ingredient of businesses nowadays. It is used to solve varied problems in an organization and veers it towards the high-paced world of transformation. Machine learning drives the innovative phenomenon of a company to make it excel in an arena of hyper-converged data, mediums, content, and technology.
Machine learning’s ability to present a rapid response to customer behavior is extremely significant for a company to draw more and more customer engagements. From healthcare to fraud detection processes, the AI subset is marking an exceptional impression on the diverse industries.
The most commonly used ML application is chatbot with an optimized question-answering system. A recent study revealed that chatbots are expected to encourage 85% of customer service interaction by the year 2020. With its increasing demands and growth, machine learning is no longer exclusive to big tech companies like Google, Amazon, and others. Even media-based digital platforms like Netflix are also interestingly increasing their ML investments to lure large customer engagements.
According to a research, the global machine learning market is expected to grow at a CAGR of 48.3% to reach $19.40 billion by 2023, during the forecast period 2018-2023. The global expansion of machine learning market is possibly a result of accelerated generation of data and the need to process such voluminous data in a limited time-span. Companies across the globe utilize the separate algorithm feature of ML which ultimately does not require any human interference in the projects.
The global market enhancement of machine learning is diverging the technology into the daily lives of people. Its most innovative application in autonomous vehicles, healthcare network, retail management system, advanced cybersecurity and improved quality of content are positively influencing the routines.
Watching at the region-wise impact of machine learning, it can be observed that innovation is driving the national AI strategies of various leading countries of the world. North America is spurring the innovation in ML and grabbed the largest share of the global market previous year. On the other hand, in Latin America, businesses are facing a rough time due to the lack of skilled workforce and expertise for ML-powered processes.
Besides America, Australia is holding an optimistic view regarding ML and trying to keep the pace with other leading countries. China’s ambitious plans to become the greatest AI innovator by 2030 is pushing the ML strategic imperatives of the country. Whereas France is applying AI/ML technologies to empower its citizens with cutting-edge solutions to their businesses and daily life. Similarly, Germany is planning to invest €3 billion in AI/ML research works by 2025. Additionally, the UK seems to be an enthusiast participant in Global AI Revolution and is prospering with €1 billion government investment for industry and academia as well.
The current trends are clearly throwing implications that ML-centric projects are proliferating fast with unexpected and innovative developments. In today’s world, technologies have surely a large space to grow and improve. Enterprises believe that a proper blend of resources and talent with machine learning capabilities can be fully leveraged for producing efficient potential outcomes.