Significance of Machine Learning & Al in the Business Industry
The exponential growth in 2022
Machine learning is a tool that allows systems the ability to learn and improve automatically based on experience. Machine learning does not need specific programming to carry out an activity. Machine learning is the development of computer programs that can access data, and through a series of algorithms use the data to learn for themselves what action should be taken based on that data.
The primary object of machine learning is to allow the system to learn automatically without human intervention. This allows the system to adjust and take action accordingly. The learning process begins with the system observing reference data and experiences based on that data. The system then begins to understand and learn what actions to take when specific patterns within a data set to present themselves.
How 2022 is a Success Year for Machine Learning
The Machine Learning market is anticipated to be worth $30.6 Billion in 2024. The world is increasingly driven by the Internet of Things (IoT) and Artificially Intelligent (AI) solutions. Machine Learning plays a vital role in the design and development of such solutions.
“In just the last five or 10 years, machine learning has become a critical way, arguably the most important way, most parts of AI are done,” — Thomas W. Malone
A 2022 Deloitte survey found that 67% of companies are using machine learning, and 97% are using or planning to use it in the next year.
The global machine learning (ML) market is expected to grow from $21.17 billion in 2022 to $209.91 billion by 2029, at a CAGR of 38.8% in the forecast period.
As 76% of enterprises (according to a study reported by Forbes) prioritized Artificial intelligence (AI) and Machine Learning (ML) over other IT initiatives last year, Brian Bartell, VP of AI and Machine Learning at Conga, expects this trend will only continue into 2022 with four related predictions.
Artificial intelligence (AI) and machine learning (ML) are two critical technologies that are shaping our future, how we work, and how businesses persevere through future black swan events. With the ability to analyze, learn, and become more intelligent and intuitive over time, AI and ML will continue to expand the ability of businesses to leverage data to adapt and overcome problems as they develop.
By becoming more accessible, ML will emerge as a standard tool to solve specific complex computational problems faced by many. AI and ML will also continue to impact multiple industries, as they realize benefits such as personalizing customer experiences, allowing enhanced insight into customer behavior, and improving risk analysis. As more people understand ML and deliver it themselves, the applications will be more successful across an entire organization.
Furthermore, there will continue to be creative and new ML-enabled applications in every industry, including healthcare, financial services, insurance, telecommunications, and transportation.
Conclusion:
The advancement in artificial intelligence and Machine learning is at a rapid pace and businesses will likely leverage AI and ML more frequently to make data-driven decisions and experience transformational value throughout 2022. The demand for AI and machine learning has increased, and organizations require professionals with in-and-out knowledge of these growing technologies and hands-on experience, And the future is all AI and MI.
