All you data enthusiasts out there, you surely must have heard of this term ‘machine learning’ in the past few years. While not many know what exactly this term refers to, which has been leading to quite some amount of befuddlement. Let’s start small firstly by decoding what is exactly meant by Machine Learning. It refers to a method of data analysis which automates analytical model building. In other words, the process of machine learning assists computers in unearthing hidden insights without the need of having to train or program them to accomplish the same. What this concept means today and what it meant in the past, are entirely different things, courtesy the rapid developments in computing technologies.
Machine Learning emerged from pattern recognition, with generous helpings of a certain theory, which firmly believed that computers were capable of learning to perform certain tasks, without being programmed. Those experts, who were either working with or were highly intrigued by the concept of Artificial Intelligence, believed this to be the next step in the existence of smart machines.
There were various efforts takes, albeit with numerous trials and errors, in order to check whether any computer, could independently learn from data. While the earlier, pre-formed concepts and untested theories, existed for quite some time; but machine learning as we know it today has been quite a recent development.
Whether you belong to the IT field or not, you surely have experienced the marvel, that machine learning is, in your daily life. Don’t think that is possible? Well, machine learning the way it exists today is not really a very complex concept, nor is it made up of the most complicated algorithms. For instance, the new and polished, Google car that is capable of driving itself, online recommendations from your favourite websites, the feedback mechanisms, which almost all businesses depend on nowadays, are all examples of the working of machine learning.
Most industries have already come to the conclusion that Machine Learning is essential for their growth and development. This is the reason why many industries, which work with a large amount of data are looking for ways and means to inculcate machine learning. This would majorly benefit the industries because of the fact that, data can be gleaned most efficiently, without any human intervention. Financial Services which include banks and other related business have begun to use machine learning, in order to accomplish two primary purposes, namely the identification of important insights as well as detecting frauds, if any. Government agencies have also begun to make use of this concept, in order to minimize identity theft, as well as to increase the efficiency of their daily work and saving money. Machine learning is sought after as a growing trend, especially in the healthcare industry, which is a result of the popular usage of wearable devices and sensors. Other fields which are increasingly making use of Machine Learning are Marketing and Sales, Oil and Gas. This is an even more reason for the increasing demand for Data Scientists well versed in machine learning.
Imarticus Learning is hosting a webinar where our industry expert Dr Nisha Arora will discuss Machine Learning: What it is and why it matters. “Machine Learning” is a term trending not only within the IT industry but also in industries such as healthcare, marketing, finance, human resource and education.