Machine Learning is a term coined by artificial intelligence and computer gaming expert Arthur Samuel. As IBM describes it, machine learning is simply a term that means giving computers the ability to learn without being explicitly programmed.

From Facebook using machine learning to scan uploaded photographs to auto suggestions as you type on Google Maps, there is no dearth of examples to establish the widespread adoption of machine learning in our day to day lives.

Some of the important benefits of using machine learning include gaining competitive advantage, improving customer segmentation which can be used for precision marketing, and most importantly making sense of large and unstructured big data to derive actionable insights from it.

These business benefits of machine learning are leading to its widespread adoption all over the world and giving rise to new jobs. In fact, a 60 per cent increase in demand for AI and machine learning jobs in 2018 is expected in India, as per a recent projection made by workforce solutions company Kelly Services.

Let’s explore some of the application areas of machine learning:

  • Insurance Machine Learning in Insurance can help with near accurate predictions of the insurance coverage plans that new customers might be willing to purchase. It can also be used to trigger alerts in real-time to capture fraudulent insurance claims or unusual variations in transactions.
  • Healthcare From standardizing testing protocols to even answering questions like how long patients will be able to survive fatal diseases is now made possible thanks to machine learning.
  • Aviation Machine Learning is being put to good use in the aviation industry, from forecasting flight fares to reducing the average time to attend to customer queries. Banking One of the biggest challenges that banks the world over are grappling with include credit card frauds. By integrating machine learning algorithms into the banking system, such frauds can be detected in a timely manner.

Some of the most important benefits of Artificial Intelligence include:

Today, artificial intelligence is increasingly being used across different industries, from visual perception to voice/speech recognition, decision-making and many other areas. Let’s explore some of these application areas of Artificial Intelligence:

Transportation – Some of the who’s who of the automobile world including the likes of BMW, Audi, GM, Volvo, Ford, and Volkswagen are going all guns blazing on projects involving driverless vehicles. Artificial Intelligence is at the core of the driverless mode of transportation.

Banking – Reliance on AI can help detect in real-time online banking frauds especially the ones related to credit cards which are on the rise. An avalanche of big data can be processed by machines to detect anomalies and prevent fraudulent transactions that have the potential to incur huge costs.

Healthcare – Many repetitive tasks in healthcare involving humans such as CT Scans, X-Rays and many other diagnostic tasks can be handled using Artificial Intelligence and executed much faster and more accurately.

Home Appliances – There is an influx of smart home devices across the world and why not. By setting defaults and preferences, customers can end up saving a lot of money in power costs, all thanks to Artificial Intelligence.

The perceived dangers of AI and how it will potentially replace all human jobs should be left aside for a moment. A strategic vision to harness the complete potential of Artificial Intelligence will go a long way in making developing nations like India, the technology capital of the world.

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