The world is headed towards technology to read the inner voice of not our hearts but our minds. Being a data scientist has become a trending statement and everyday research in this field is only scaling the graph and demand for machine learning.
But before moving on to discuss the top 5 industries leveraging machine learning. Let us go throw a quick recap of what machine learning is.
Machine learning basically refers to giving a machine the ability to learn and later perform functions on the basis of its learning. It is a bifurcation of artificial intelligence, where a machine is fed with the data and trained how to perform initially using machine learning algorithms, but with time, the machine becomes capable to perform operations without any intervention from the third party and delivers the desired results to the users. Click here, to know more about machine learning.
Here are the top 5 Industrial Sectors that leverage Machine Learning:
Machine learning has been revolutionizing the healthcare industry for the past few years. Ranging from research in medicine or some kind of treatment to literally providing a helping hand in treatment or for an individual’s fitness wearable; machine learning experts have covered them all.
Medical scholars and researchers have been taking help from ML algorithms to discover new medicines especially if one considers the present scenario of COVID-19, one can see that Frontera the supercomputer has taken the frontline to battle against the pandemic and has been helping scientists not only to discover the drug but also the measures which can be taken to treat the patients.
Machine Learning is helping doctors and surgeons to understand the patient’s medical history and helps in quickly moving on to the treatment. Such help from the reports prepared via machine learning enables doctors to be more aware of the type of treatment which will suit a particular patient the most. Henceforth, leading to an effective form of treatment.
This decade has seen people shifting from mild health consciousness to being highly health-conscious. Being a fitness freak has become a trending statement where the gym and smart equipment have taken the centre. Some of these types of equipment are: Smart Health Watches, Wearable ECG Monitors, Wearable Blood Pressure Monitors and Biosensors are some of the examples that work on sensors and maintain a record of your health while predicting or pointing out any unusual activity in your body.
Every business has to undergo risks but every smart businessman will try and lessen those risks as much as possible. Therefore, before launching any product or service in the market, the business owners now are trying to analyse the risks and get a prediction regarding how the customers he is targeting will respond to their product or service. And, to get these predictions one takes the support of machine learning services.
Furthermore, Machine Learning has been boosting up the retail business in terms of e-commerce as well. To find out what the customers want and successfully deliver their heart’s desire can be a tedious task for the retailers as well. Machine Learning algorithms play a vital role in the same by understanding the requirements of the customer and by providing product recommendation; therefore, promoting and boosting retail business and customer satisfaction.
Banking & Finance
The Banking & Finance industry is highly relying on technological industries these days to help them tackle and maintain a precise record of humongous data that have been stored with them. But these data is not to be wasted, this sector is making the most of their data by using them the best majorly in two key areas:
To get insights
ML algorithms become a perfect tool in hand to utilise their stored data and to produce the best outcome out of it. Companies rendering banking and financial services need insights from time to time to make the needful decisions in order to build up their own business strategies. The insights from these data will help investors to identify the opportunities of investing at the right time and in the right direction.
To Detect Fraud
Also, data mining techniques allow you to identify profiles with high risks and pin-points signs of fraud. In terms of scaling surveillance, machine learning becomes the right decision to be taken by banking and finance professionals.
Transport & Automotive Industry
Both public and private organisations have been taking advantages of leveraging machine learning services. Navigation and GPS have become a part of our daily work routine where we consider traffic predictions before leaving our homes for work. Further, this technology has given birth to companies like UBER & OLA cabs where they not only predict traffic but also predict the price for the trips on the basis of distance, forever fluctuating fuel price and traffic.
Self Driving cars too have been leveraging machine learning algorithms. They are the future of the automobile industry and this industry now is opting for systems that are operated via machine learning and deep learning algorithms. They optimize the data collected after analysing trip routes and traffic in real-time.
The Governmental body working for public welfare and safety relies on machine learning to provide them with accurate information and analysis to make decisions and implement further proceedings for the betterment of the state/country. India is second highest in terms of the world population and maintaining the data of such a population can be tedious but getting insights by data mining is bringing efficiency to the government. For example: analysing sensor data can save a lot of time and money and will also boost effectiveness. Also, in terms of road safety, traffic monitoring and management can be done easily.
Machine Learning now has been considered as a backbone that is only making any industrial sector stronger with time. Chatbots for customer service, technical support for data mining and analysis, predictive analytics and many more features have attracted many industrialists to leverage machine learning services to boost their business and present a firm stand of their business in the global market.