Machine learning: computers that learn by experience

Machine Learning: Computers that Learn by Experience

by | May 24, 2022 | EdTech, self-study

What is machine learning?

It can be said that all Machine learning systems are a variant of Artificial Intelligence. However, the same cannot be said about artificial intelligence. In fact, the primary distinguishing feature of machine learning is that it is a dynamic system that is capable of improving itself without human interference.

Some experts have even compared machine learning to a child who learns the world and its rules by experience, and it can change and modify the data set given according to the results it gets from experience. Therefore, like AI, machine learning is based on algorithms, but it is not constrained by them.

What are the main applications of machine learning?

Smart assistants

These assistants come in three forms: mobile apps, smart speakers, and smartphones. These assistants have the ability to answer questions asked over voice. Therefore, these systems’ voice and speech recognition abilities need to be adjusted to the users’ dialects and accents.

Predictions

Have you ever noticed how accurately navigation systems predict the time it takes to reach the destination? These systems take into account traffic, police interference, accidents on the road, and many other factors to make their prediction.

But that is not all. Investment prediction is also a huge part of machine learning’s capabilities. When deciding to make an investment, it’s prudent to see all the analyses and predictions before deciding. These analyses are created by machine learning systems that consider hundreds of factors in the world of politics, economics, and daily news.

Social media services

Social media have played a significant role in the world for the last few years. How did this progress come to be? By making suggestions about the topics that would be most interesting to you, suggesting the people you might know and want to follow, and by the pictures and videos similar to the ones you have already seen.

Instagram’s Explore is one of the most exciting examples of machine learning in social media. This system allows users to see an extensive list of all the images and videos they might like using what they have seen before and what their friends and followers have seen.

Customer support

Most of the chat boxes you talk to while on a website are actually ML systems. These chatbots are, in fact, algorithms that learn to adapt themselves to the questions you ask and the answers you expect. The primary function of chatbots is to extract information from the website or the database at their disposal and present it to the customer.

What are some of the leading companies offering machine learning services?

Amazon Web Services, Inc. (AMZN)

Amazon is one of the few companies in the world that offers a series of services to perfection. This company’s ML services are the best in the market and enable web developers, data scientists, and practitioners to embed an ML system in their work.

Amazon’s ML services include solutions for businesses, industries, healthcare, applications, customer services, document processing, fraud detection, and many other areas. Right now, more than 100 thousand people and services use Amazon’s services on their platforms to streamline their processes.

In 2021, Amazon is reported to have 476.32 billion dollars of revenue. This amount is predicted to reach 563.95 billion dollars in the following year, 2022. The stock for Amazon is currently traded for 3,475.79 dollars per share. This stock is forecasted to grow by 35.77% per year in the next five years.

Baidu, Inc. (BIDU)

Baidu is one of the few companies globally, mainly located in China, but it also has a location in Silicon Valley in the United States. This company specializes in developing algorithms for machine learning solutions across several industries. Baidu Feed, Baidu Search, Haokan Short video app, and many other services are among this company’s services.

Baidu was founded in 2000 and has reported a revenue of 19.62 billion dollars in 2021. This company’s revenue is expected to reach 22.59 billion dollars in the following year. The stock for Baidu is currently traded for 161.73 per share, and it is predicted to grow by 1.64% per year in the next five years.

Domino Data Lab, Inc.

Domino Data Lab was founded in 2013 and has offices in England, the United States, and India. This company specializes in making self-serve access systems that enable data scientists to deliver all kinds of services. These services include pharmaceutical research, financial predictions, agriculture, automotive, and purchase recommendation.

This company has 250 employees in its three offices and has 14 investors. The latest investment made in this company was a Series E investment with the amount of 43 million dollars. 20% of the Fortune 100 companies have trusted Domino Data Lab to address their challenges.

Microsoft Corporation (MSFT)

Microsoft’s cloud platform, The Azure, has over 200 solutions to help companies and businesses build, run, and manage applications. Some of these solutions are Azure Virtual Desktop, Azure SQL, Azure Cosmos DB, Azure Kubernetes Service, Azure Cognitive Services, Azure Quantum, and Azure Arc.

These solutions create accurate models highly customizable, increase productivity using deep neural networks, build ML solutions, and accurately forecast future business outcomes with popular time series models and deep learning.

According to analysis, Microsoft is forecasted to have 191.9 billion dollars of revenue in 2022. This revenue is expected to reach 216.79 billion dollars by the end of 2023. The stock for Microsoft is traded for 304.82 dollars per share. Analysts believe that this stock will grow by 15.25% per year in the next five years.

How large is the market size for machine learning?

The market for machine learning is driven by the growing demand for this market. More and more businesses are thinking of using ML systems to streamline their processes and increase their efficiency. In 2021, the market for ML was estimated to be $15.50 billion. This market is predicted to grow by 38.6% in the next seven years and reach $152.24 billion. It’s interesting to know that all these analyses and predictions about stock and market changes are made by ML systems. Therefore, it’s safe to assume that ML is not going anywhere any time soon.

Elham Naseri

Elham Naseri

Senior Content Writer

Experienced in the fields of content development and management, as well as digital marketing.

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