February 15, 2024
by Aayushi Sanghavi / February 15, 2024
If machine learning were a kid in school, it would be the most brilliant and coolest student.
We've all heard about how important machine learning has become, but what do we really know about its impact on how we make decisions daily?
Machine learning (ML) has transformed how we as humans interact with machines, technologies, and data. But it wasn't always so popular; what started out as a niche industry has grown into a billion-dollar market.
Today, machine learning is part of every industry you could think of: healthcare, finance, entertainment, retail, and manufacturing. It has become essential for businesses to adopt ML to boost revenue, cut costs, and automate operations.
In a world that thrives on disruptive technologies, these machine-learning statistics will help you navigate your way through this cryptic field.
Machine learning is defined as the way in which machines learn from identifiable patterns to automate processes. It is a branch of artificial intelligence (AI) and aims to improve and automate data with little scope for human intervention.
Here are some fascinating ML statistics highlighting its vital role in our lives.
ML is being adopted by businesses, small and large, on a massive scale. With several tools flooding the AI market, companies run neck to neck to identify, analyze, and leverage data insights. ML adoption is higher than ever, with product/service development, operations, and sales and marketing witnessing the highest increases in ML use cases.
If you've been around in the business world for a while now, you know that ML is the future. The rapid pace of changing technologies opens more opportunities for ML to drive innovation in conventional business processes. Investing in ML will become imperative for any business to survive in the digital age.
Sales reps are often on the fence about adapting to new selling methods, or are they? As recent statistics show, more sales departments are taking to ML to help move customers quicker through the sales funnel. It is gradually becoming one of the most valuable sales enablement tools for better conversions.
of companies worldwide will be using AI in at least one of their sales processes.
Source: Venture Harbour
Customers have changed, and so have their expectations. To market your product effectively, you will need access to highly personalized content and user experience along with intelligent campaigns. Machine learning will give you exactly that.
of oorganizations use ML to gain insights into their prospects and consumers.
Source: Harvard Business Review
As the need for ML continues to grow across industries, there is a growing demand for data scientists, machine learning engineers, ML scientists, AI application engineers, data analysts, and more. This is quite literally the best time to make a career in the field; here's why.
increase has been seen in the number of jobs listed for data science on LinkedIn.
Source: KDnuggets
Sources:
Machine learning is a fundamental part of artificial intelligence; it quite literally will teach itself and your business processes to get smarter. Adapting to and investing in machine learning is bound to reap valuable insights for your business and for the next online parcel you are waiting on. ML is changing a lot about our lives. The least we can do is give it more collective thought.
Want to delve deeper into the world of artificial intelligence? Read up on deep learning, the subset of machine learning that mimics the human brain’s functioning.
Aayushi Sanghavi is a Campaign Coordinator at G2 for the Content and SEO teams at G2 and is exploring her interests in project management and process optimization. Previously, she has written for the Customer Service and Tech Verticals space. In her free time, she volunteers at animal shelters, dances, or attempts to learn a new language.
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