Machine Learning is a fragment of Artificial Intelligence
(AI) that allows computers to learn without existence detailed programmed. It’s primarily
emphasis on the development of the computers programs that can be switch when visible
to new data. It provides multiple uses concerning with safety & security for
instance face recognition, face detection, image classification, antivirus,
anti spam, speech recognition, signal diagnosing and genetic. It is can also be defined
by many algorithms such as supervised learning, unsupervised learning,
semi-supervised learning and reinforcement learning. The algorithms use various
methods and techniques such as sparse dictionary learning, feature learning,
anomaly detection and association rules to improve their performance.
According to study, “Global Machine Learning
Market (2018-2023)” some of the major
companies that are currently working in the global machine learning market are Microsoft
Corp., IBM Watson, Facebook, Fair Isaac Corp., SAS Institute Inc., Amazon Web
Services Inc., Hewlett Packard Enterprise Development LP, Pindrop Inc., H2O.ai
Inc., Apple Inc., Bigml Inc., Cisco Inc., TwitterInc, SAP SE, Baidu Inc.,Qubit
Inc., Luminoso, Nuance Communications, Wipro Inc., Google Inc.,Uber, Intel Corp.
On the basis of components, the global machine learning
market is segmented into cloud,software tools, and web-based application
programming interfaces (APIs). Based on the services market is segmented into
professional services & managed services. Based on organization size, the
market is segmented into small & medium enterprises (SMEs) and large
enterprises. Additionally, on the basis of software, the market is segmented
into NeuroSolutions, LIONsolver, Oracle Data Mining, SequenceL, SAP Leonardo
Machine Learning, CNTK, Mallet, Deep learning etc.
On the basis of application market is segmented into banking,
financial services and insurance (BFSI), healthcare& life sciences, retail,
telecommunication, automotive, energy & utilities and government&
defense. BFSI is further classified into digital assistance, sales &
marketing campaign management, customer segmentation, sales & marketing
campaign management, investment prediction and fraud & risk management etc.
Healthcare & life sciences is sub-segmented into image analytics, drug
discovery or manufacturing, disease identification & diagnosis and
personalized treatment. Retail includes upsells & cross channel marketing,
inventory planning, segmentation & targeting and recommendation engines
etc. Telecommunication segment is sub-segmented into network security, customer
analytics and network optimization etc. Energy & utilities includes carbon
emission, power or energy usage analytics, smart grid management and seismic
data processing.
Some of the key benefits are continuous improvements, data
mining, and automation of tasks, competencies to handle multi-dimensional &
multi-variety data and efficient utilization of resources. However market is
also impacted by some of the drawbacks such as acquisition of relevant data and
interpretation of results.
The market of machine learning is generally driven by rising
technological advancements followed by proliferation in data generation, efficient
operations & improves sales revenue, rising demand for superior custom
services and availability of massive amount of data. Apart from advantages,
some of the key challenges are data security, lack of cloud infrastructure,
rising concerns regarding data security & governance, lack of skilled
employees and ethical implication of algorithms deployed etc. In addition, some
of the rising new opportunities are increase in the adoption of modern
applications and increasing demand for intelligent business processes.
It is expected that the global machine learning market to
reach at US$ 23.4 billion, by 2023. In upcoming years, it is predicted that the
market to grow fast pace owing to increasing adoption of robotic process
automation.
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