In this Blog let us understand how Machine Learning is really making impact in today’s world. Cutting across all the sectors Machine Learning finds its application in a wide range of sectors
Machine Learning helps sectors like: healthcare, science, space, economy, finance, agriculture, small enterprises, e-commerce. we shall discuss a few applications of Machine Learning with examples.
1) Biomedicine & Health
Machine Learning is proving a boon to the healthcare sector, it is used in correctly predicting the cancer tumors, diabetes, breast cancer patients. This would enable healthcare workers to target patients effectively and enable targeted drug delivery system. Deep learning is becoming more and more popular in genomic sequence analysis.
2) E-Commerce and Steaming Services
E-Commerce business like Flipkart and Online Streaming services like Netflix are leveraging Machine Learning to boost their revenue and profits. Netflix offers a wide variety of TV shows, movies, documentaries, is a successful model
due to application of machine Learning, it uses recommender system to recommend movies, TV shows etc to the viewers and gain
revenue. Occupying a huge share in customer segment and replacing the dish and cable business share. Its recommendation
system content suggestion is about $1 billion per year. Amazon lifts its sale by 20-35% annually.
3) Social Networking Sites
Social Media site like Twitter, Pinterest, Facebook, Google uses machine learning, Deep Learning for better content delivery,
structured search, notifications,image clustering,classifying tweets according to its tone, called sentiment analysis. Clustering of data makes it possible to group similar content together with the of Machine Learning Algorithms. Constant improvements in search results, greater customer retention is possible due to Machine Learning.
4) Stock Market
Stock Market: Machine Learning is used to predict the stock prices, determine the trend the market is likely to take
this impacts investors confidence and influence the forces of demand and supply around the globe. This also has the potential to shape policy decisions.
5) Banking and Finance
In Banking and Finance : Machine Learning is used to predict the potential customers who can pay back loans , customers who can default in future, decisions for eligibility for a home loan or any other loan, risk analysis and other patterns of customer behavior can be studied from the data. This enables banks to make timely, unbiased decisions.
Machine Learning is even applied to ease the life of Bankers, to be able to quickly go through the documents, scan them and
do a quick check this all is made possible with the help of Machine Learning.
All such predictions will help banking and financial sector to make sound decision. Avoiding problems of a bad bank, decrease non-performing assets (NPA’s) .This saves the economy from low GDP, low investments and promotes growth.
6) Agriculture and Allied Activities
Agriculture and Allied Services- Machine Learning models can help predict the amount of fertilizers needed for different
types of soil, water quantity, amount of manure all in right proportion, help detect underground water availability, detect the presence of any toxic elements underground likely to cause harm to crops, predict the yield, decision to opt for which crops in
which season and the likely profit that can be estimated, crop insurance decisions in case of crop failure , weather forecasting These crucial insights can help farmers, agriculturist to make sound decisions and improve their lives.
7) Disaster Management and Hazard Mapping
Disaster Management- Machine Learning can help in making predictions related to epidemic, crisis, disaster hit zones.
classify zones as per seismic activities, can predict drought hit regions as per data available for water resources.
can channelize resources to deal with such contingencies, make decisions regarding demand and supply match, overcome crisis period with informed decisions.
8) Public Administration
Policy Making/ Governance- government policies has huge impact on the life’s of people ranging from
basic human rights to legal rights.
Impacting Social Life- services like education, health, sanitation, food,safe drinking water availability to all the
citizens. Machine Learning can help the officials to make insightful decisions about these services, where to supply,
what quantities should be supplied,likely shortage, leakage in pipelines can be detected.
All these services will help ensure a seamless service delivery and fuse in professionalism in public life.
9) Research and Academia
Academia- ML helping researchers,scholars, scientific community to come up with advance sophisticated, predictable
systems. Research in area of Quantum Machine Learning. It is an emerging interdisciplinary research area at the
intersection of quantum physics and machine learning. The most common use of the term refers to machine learning algorithms
for the analysis of classical data executed on a quantum computer, i.e. quantum-enhanced machine learning.
Large amount of data is generated by quantum computers, this data is analyzed, patterns are studied, inferences are made,
graphs are plotted with the help of Machine Learning Algorithms. It is an emerging field of interest among the
scientific community.
Taxonomy– the science of naming, describing and classifying organisms and includes all plants, animals and microorganisms of the world. Machine Learning can be deployed to easily classify the
species as per given characteristic and trait.
10) Pharmacy
Pharmacy- how can one forget COVID pandemic, which is a tight slap by nature on the face of humanity, Machine Learning
can help to come up with drugs that can be effective for treating such pandemic, estimating several combinations
of doses and its results will save a lot of time and effort.
Drugs can be worked out quickly not only corona but any other pandemic likely to hit the world sooner or later.
Prevention is better than Cure.
Machines still have to made a lot intelligent with human efforts, so that men and machines can work for the good of all
and putting aside any apprehensions that machines can replace Humans, which is an extreme suggestion of the septics in
personal opinion.
Concluding Thoughts
Machine Learning has huge scope and is gaining popularity due to its potential to solve our real world problems. Machine can help us solve our problems and ease our life. There has to be a fair balance between machine usage and human jobs. Let me know your thoughts on th
Sources:
Wikipedia
https://blogs.oracle.com/datascience/6-common-machine-learning-applications-for-business
