Machine Learning and its components has forever changed the way businesses operate. As per research, machine learning market will grow from $1.41 billion in 2017 to $8.81 billion by 2022.
As per IDC forecast, global expenditure on AI and ML will see an increase from $12B in 2017 to $57.6B by 2021. Deloitte Global has predicted that the number of machine learning pilots and implementations will grow twice in 2018 compared to 2017, and double again by 2020.
Unstructured data makes for the biggest data set available today. Statistically, 80 percent of the world’s data is unstructured. This includes data derived from documents, emails, text exchanges, analyst reports, news, CRM Notes, social media posts in the form of text or images.
Businesses have not been able to fully process this set of data since conventional technologies cannot read or make sense of these inputs. Nevertheless, unstructured data is a business asset and if processed into a readable form could reveal invaluable insights for business intelligence by studying and analyzing patterns and trends out of the information derived.
Now with machine learning and its sophisticated systems powered by Artificial Intelligence, processing of unstructured data has turned into an easy possibility.
A machine can learn on its own without the need of a prior programming. They grow smarter and more accurate with more inputs. With AI, these machines can even self-repair thus saving hundreds of man-hours of work.
Given the extraordinary benefits to businesses and enterprises, Machine Learning is penetrating all sectors and practically finding application everywhere. Globally millions are being spent on Machine Learning and its applications. Going by the trend in various sectors, 2018 could well be the year of Machine Learning.
From helping companies build great customer relationships to helping in business intelligence by analyzing volumes of data to predict customer behavior and intent, machine learning is doing it all.
Top firms in e-Commerce have deployed machine learning technologies to get a competitive advantage.
Machine learning applications and algorithms are helping manufacturing sector to find new business models, improve quality of their products, reduce errors and enhance productivity.
- Improving semiconductor manufacturing yields up to 30%, reducing scrap rates, and optimizing fab operations is achievable with machine learning
- Errors in supply chain forecasting have reduced by 50% and lost sales by 65% when machine learning is implemented ensuring better product availability
- Machine learning has automated quality testing, increasing defect detection rates up to 90%
From diagnosis in medical imaging using deep learning, to use of digital reasoning systems, treatment recommendation to preventative healthcare, machine learning is bringing in great opportunities in the healthcare industry.
Finance is a big data driven industry. AI technologies are helping in customer support, billing, assisting insurance agents, giving more business leads and insights, fraud detection using predictive analysis and pattern recognition thereby saving banks millions of money.
Machines powered with AI technology can enable human-like thinking. Enterprises are better able to enhance their resources by using AI powered Chatbots that uses machine learning to grow more smarter and accurate overtime. These smart bots can understand and process information like humans and answer queries with great precision. They can assist customers in making best purchase decisions and also help companies gain insights into trends and market by studying the data generated.
Machine learning is giving a new face-lift to logistics and supply chain management with better and more streamlined functioning, reduced shipping costs and time, last-mile delivery, invoicing, tracking amongst other benefits. Markus Kückelhaus, Vice President Innovation and Trend Research, DHL said, “To identify and understand trends early on in their development we established the Logistics Trend Radar to help us and our customers stay ahead of the curve.” 2018 would also witness progress in autonomous vehicles including self-driving cars and trucks.
Almost every sector is seeing transformation through machine learning. Machine learning use is now no longer limited to big fortune 500 companies. Even small and medium enterprises and start-ups are leveraging on it to expand their services.