Undoubtedly, the past few years have witnessed developments around human-mimicking technologies like machine learning. Gone are the days when businesses relied on door-to-door surveys to understand their market. Gone are the days when paper and television/radio advertising were the only means through which customers would know of a new product or service. So what is the future of machine learning in 2022.
Now, owing to the digital advancements through the power of machine learning, businesses are a click away to gauge the demands of their target customers. Search engines like Google produce numerous options for its users looking around for a particular product.
As the scope of machine learning broadens, businesses are leveraging a wide range of software applications to boost their customer experience, and hence make profits by leaps and bounds. A 2017 Gartner study predicts that more than 2.3 million jobs will be created owing to these machine learning and artificial intelligence advancements by 2022.
What is machine learning and why is it important?
Machine learning, a bifurcation of artificial intelligence, is a data-driven computer-based algorithm that helps the user analyze the data and make decisions out of it. It learns from historic and real-time data and creates/identifies patterns to make logical decisions.
Therefore, the output of machine learning is greatly dependent on the quality of data. The higher the data quality, the higher will be the result accuracy. The algorithm model used also decides the accuracy of the output.
Machine learning is important in the current digital world. The continuously generated data holds tremendous potential in helping businesses grow from strength to strength if utilized properly. Also, businesses now have easy access to high-speed internet and can afford computational requirements.
The right implementation of ML benefits businesses in several ways. Some of them are listed below:
- Predict customer behaviors
- Reduce risks associated with unprecedented failures
- Reduce manual errors
- Easy spam detection
- Use customer’s purchase history and create personalized product recommendations
- Secure cyber networks
Machine learning in 2022
The future scope of machine learning in 2022 expands to various verticals of business. From predictive maintenance in the manufacturing industry to self-driving cars in the automotive industry, ML is all set to become an oil that runs a data-driven business ecosystem.
Companies like Tesla, Google have tremendously advocated and implemented machine learning in their quest to create novel innovations. Amazon warehouses are now being equipped with robots that rely heavily on various machine learning algorithms.
A full spectrum implementation of ML helps organizations to exploit their intellectual property to its maximum ability.
Some of the major trends of ML expected to take off in the upcoming year,2022 are:
- Offers immersive experience for the users
- Virtual AI bots make shopping easy for users
- Assists customers to pick a relevant product/services
- Low code/no code Technologies
- Simple interfaces to create complex AI systems
- Drag/drop AI technology makes website development easy for people not skilled in AI
- Quantum AI
- Fast and accurate data analysis in real-time
- Identifies potential threats and provides viable suggestions to fix/prevent them
- Intellectual Property Ownership
- Build an intellectual property that is business-specific
- Uses training data
The future of machine learning in 2022 surely holds lots of potentials to improve the overall ways businesses work. Owing to this, the growth of the ML/AI industry is anticipated to be around 33% CAGR by 2027.
As different use cases of ML keep unfolding with each technological advancements, companies are always on the lookout for an ML expert. It opens the door to several job vacancies for ML/AI skilled professionals.