Machine learning is a field of computer science. It allows machines to learn on their own with little to no human intervention. It is one of the most popular branches of artificial intelligence. Since its inception, it has left its mark on various industries. Here are some of the industries which are likely to undergo major transformations soon due to the development occurring in the field.
Take a look at the Machine Learning Industries:
1. Banking and Finance
The finance industry employs machine learning for a variety of purposes. The industry handles a huge repository of data. One example of this would be – In order to mechanize the daily routine and cut down the time needed to analyze the business correspondence, JPMorgan Chase developed an algorithm called Contract Intelligence or COiN. It is now used to analyze the documentation and extract the important information from it.
Machine learning allows the industry to make strides in the domain of customer satisfaction and support services as its programs enable chatbots to communicate with customers. This happens by providing customers with information and addressing their concerns.
Banks can also develop more accurate fraud detection systems using machine learning. This they can do by observing and understanding their users’ daily transactions. The software programs built by machine learning engineers can detect when an unusual transaction is made by a user which he/she is otherwise unlikely to make. The accuracy of such software programs will also help in preventing false alarms raised by present-day software programs. Machine learning algorithms are also used to calculate loan risks with greater accuracy.
The healthcare industry will benefit the most due to the advent of machine learning and artificial intelligence. Machine learning is being used in healthcare for a variety of purposes. Disease detection and antibiotic research are a few purposes. Better management and record-keeping of a patient’s medical and family history helps in disease detection. This is because several diseases pass from one generation to another due to heredity. Machine learning systems can also analyze test reports, X-ray scans and carry out other mundane tasks. Virtual nurses can also track the patient’s medications, doctor’s visits, and other follow-up treatments. The process of drug creation can be like the AI model created by Atomwise. This model is currently responsible for the drug which will be used against the Ebola virus.
Autonomous driving has also progressed thanks to Machine learning. Trucks are a major mode of transportation for industrial goods. There is a constant demand for truck drivers in India. Autonomous trucks will be able to overcome the manpower shortage the transportation industry is currently facing. Autonomous vehicles can detect traffic routes and pick those with lesser commute time. Growth in driverless cars also means no traffic accidents caused due to human errors. Google’s self-driving car, for instance, can successfully identify a bike and understand that if the cyclist extends an arm, they intend to make a maneuver. The car then knows to slow down and give the bike enough space to operate safely.
The entertainment industry, particularly the gaming industry, has undergone major reforms. In most present-day games, machine learning algorithms decide the behavior and actions of non-player characters. If a character needs better reflexes, the different types of reflexes are fed in the system along with which reflex to use in which situation. This also helps in allowing the characters to develop personalities of their own as the game progresses. This will take gaming to a whole new level as characters will soon be able to take actions using their own judgment. Some games which have applied machine learning include Far Cry 2, Star Craft II, FEAR among others.
5. Social Media
Social media has undergone a huge transformation since the implementation of machine learning. Most social media websites use these algorithms to provide their users with a better interface. This way, users have a more personalized experience. Facial recognition, personalized feeds are possible due to the progress made in machine learning. By studying the daily activities of their users – the people and posts they interact with – machine learning algorithms get better at targeting them with content that is relevant to them. This data is also valuable for online businesses and retail stores as it provides them with crucial information about their customers. This data will also be useful for government agencies allowing them to categorize their citizens into various subsets. This will lead to more precise reforms for different sections of the population.
Machine Learning is no longer a sub field of computer science. A career in machine learning will lead to great opportunities in the future. In conclusion, one can say that the future of machine learning is here!
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