Ivy Feb 25, 2020 No Comments
Machine Learning is rapidly changing the world. Whether it’s healthcare, finance, or transportation, machine learning is transforming industries and becoming an essential part of our lives.
Global Machine Learning market size is expected to reach USD 528.10 billion by 2030. And according to McKinsey, 70% of companies will have adopted at least one type of AI technology by 2030. You can clearly see the trend.
No wonder ML is currently one of the hottest topics in technology. This is the reason why Machine Learning engineers are in high demand. If you have this skill, not only will you be a part of this tech revolution, but you will also have a bright future.
So, in this post, we will tell you how you can learn ML. But let’s first understand what ML is, what its applications are, and what are advantages and disadvantages of Machine Learning.
Machine Learning is a subfield of Artificial Intelligence (AI) that focuses on developing algorithms that can learn from data and perform specific tasks without being directly programmed.
Unlike traditional programming, we don’t have to give any set of instructions to the computer. Instead, we only have to provide the system with data and frameworks. It will learn and uncover patterns in that data to make accurate decisions and predictions on its own.
ML is shaping the way we live and work. Here are some significant applications of Machine Learning:
These are just the beginning. Machine Learning continues to expand into new and exciting areas.
From automating tasks to analyzing huge amounts of data, this technology can do things that are far beyond human capabilities. Here are some big advantages of ML:
Unlike traditional algorithms that require direct instructions, Machine Learning algorithms learn from the data we provide. This means the more data sets, the better the model will become over time.
So, the model’s accuracy and efficiency in making predictions and decisions keep improving without the need for constant reprogramming. This continuous learning makes ML solutions incredibly powerful and versatile.
Companies like Amazon and Walmart constantly collect massive amounts of data on customer purchases or browsing behavior. ML algorithms analyze this data to find hidden patterns and associations between products. This way, they recommend products a customer might like and purchase.
One of the most significant advantages of Machine Learning is its power to automate repetitive, time-consuming tasks. This improves productivity, cuts costs, and reduces the chances of errors in organizations. Besides, it lets humans focus on innovation and problem-solving at a higher level.
ML-powered chatbots in customer service are a great example. They provide 24/7 customer support by answering FAQs, recommending products, or comparing prices. This reduces the waiting time and makes customers more satisfied with the brand. Moreover, the chatbot frees up human agents to handle complex and creative issues that require them, increasing business efficiency.
ML excels at finding trends and patterns in complex datasets. And this is transforming several industries.
For instance, in healthcare, ML algorithms can analyze medical images, patient records, and genomic data to aid in early disease diagnosis and personalized treatment plans.
In finance, ML models can detect unusual market behavior, helping predict financial risks and opportunities.
Similarly, companies like Amazon use ML to analyze customer behavior, making accurate predictions about what you might want to buy next.
Versatility is a big advantage of Machine Learning. This technology has found its way into nearly every industry and aspect of our lives.
In finance, it’s used for risk assessment and fraud detection. Healthcare utilizes ML for diagnosis, drug discovery, and personalized medicine. In manufacturing, it helps in quality control and supply chain optimization.
Even creative fields see the impact. ML algorithms can now generate text, music, and videos. And the things we take for granted – GPS navigation, spam filters, even the autocomplete on your phone – are often powered by machine learning.
We are so deeply surrounded by ML applications that we don’t even realize it.
While ML offers impressive benefits, it has significant drawbacks. Here are some of the key disadvantages of machine learning:
You saw that Machine Learning algorithms learn from the data they are fed. So, the performance of those algorithms depends heavily on the quality of the data. If you feed incorrect, incomplete, or unreliable data, it will lead to flawed results.
Acquiring high-quality data is a challenge. This process is often expensive and time-consuming. If you are dealing with sensitive medical or financial data, data acquisition becomes even more difficult due to privacy and ethical concerns. Besides, collecting data from surveys is often faulty and unreliable, leading to poor accuracy of models.
Even with careful planning, ML systems can make errors. If the training data is flawed or biased, the model’s predictions will likely be inaccurate. “Garbage In, Garbage Out” is the defining principle here.
In sensitive areas like healthcare or finance, this disadvantage of Machine Learning can have serious consequences. For example, a medical diagnosis algorithm trained on a biased dataset might lead to misdiagnosis.
That’s why it’s crucial to constantly monitor ML systems, detect errors, and have systems to deal with such situations.
You saw that Machine Learning models can deal with large datasets to find patterns and make predictions. But there is a disadvantage: The more data you have, the longer it takes to process and train models.
Data preparation, model selection, and training iterations can take days, weeks, or even months, depending on the project’s complexity. Also, massive datasets can require significant computational power, sometimes even specialized hardware, leading to longer development cycles and increased costs.
Implementing Machine Learning solutions is expensive. First, acquiring, cleaning, and labeling large-scale, high-quality datasets is a costly process.
Training complex models, especially on large datasets, often requires specialized hardware like GPUs. These resources can be expensive to purchase or rent on cloud platforms.
Besides, they require ongoing monitoring, updates, and retraining as data and conditions change. This adds to the long-term costs.
While this technology does have disadvantages, they are outweighed by the incredible advantages of Machine Learning.
The field is rapidly evolving, with organizations constantly developing solutions to address these disadvantages. As a result, skilled ML engineers are in high demand.
If you want to learn Machine Learning and unlock career opportunities, you can attend the Ivy Pro School’s Data Science with Machine Learning and AI certification course.
This NASSCOM-certified course covers in-demand tools like SQL, R, Python, Tableau, and Adv. Excel. The 225 hours of this live online program will transform you into an industry-ready data scientist with machine-learning expertise.
The top-ranked faculty of this course have already helped thousands land high-paying jobs at companies like PWC, J.P. Morgan, Accenture, Honeywell, etc. Now it’s your turn. Visit this page to learn more about the course.
